5645 E Grand River Avenue
Howell, MI 48843
Multi Family · MLS # 71026057768 · Listing courtesy of United Realty Services
About this home
NEW ROOF + TANKLESS WATER HEATER: Turnkey 10-unit multifamily investment property -- fully occupied, cash-flowing, and priced to move at an 11.68% cap rate. This stabilized apartment building in Howell, MI delivers $136,392 in gross scheduled rental income ($11,366/month) and $103,897 in net operating income (NOI), making it an exceptional value-add alternative for the 1031 exchange buyer or passive income investor seeking a low-maintenance, income-producing asset. Unit mix: 3 studio units + 7 one-bedroom/one-bath units -- a diversified, in-demand mix that appeals to a broad tenant base and supports strong occupancy. 100% occupied with a stable, diversified rent roll: a mix of Section 8 / state-paid housing assistance tenants and conventional month-to-month tenants, providing reliable, partially government-backed cash flow with built-in rent stability.Efficiently managed, turnkey operation ??? a new roof and new tankless water heater mean major capex is already handled, minimizing deferred maintenance and near-term capital expenditures for the next owner. Coin-operated laundry adds approximately $30/month in supplemental ancillary income, with room to expand this revenue stream. Month-to-month leases offer the incoming owner flexibility to reposition rents or hold for steady in-place cash flow. Ideal for the buy-and-hold investor, apartment investor, or multifamily portfolio builder looking for immediate returns with minimal management burden. Financials, rent roll, and unit-by-unit breakdown available to qualified buyers upon request. Schedule your showing today!
Interior
Systems and utilities
Exterior and lot
Taxes, HOA and more
Schools
How it compares in Howell
Over the last 90 days, 259 homes sold in Howell for a median of $386,950, about $184 per square foot, and the typical one went under contract in 11 days. This home is listed at $889,900, and has been on the market 0 days. Size, condition, updates and the exact street all move the number, so treat this as context. See recent Howell sales or ask us for the comparable sales on this one.
Property taxes for a new owner
The current owner pays about $7,061 a year. A buyer who lives here would pay about $4,049 to $10,362 a year once the taxable value resets after the sale, at the 2025 homestead rate of 23.06 mills for Genoa Twp and Howell schools, plus the 1% administration fee. Michigan resets a home's taxable value the year after it sells, so the seller's bill isn't a good number to budget with. See the math.
Monthly payment estimate
Estimate only, 30 year fixed, includes taxes at a new owner's rate when listed. Ask us for a lender quote.
Location
Similar homes in Howell
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