Excellent opportunity to own an updated triplex just two blocks from downtown Cheboygan. Two units are currently leased with a combined rent of $1,955/month (Apt. 1: $980; Apt. 3: $975), while the renovated 1BR/1BA Apt. 2 is vacant with projected market rent of $925/month. At full occupancy, projected gross rent is $2,880/month or $34,560/year. Based on T12 operating expenses of $10,332, pro forma NOI is approximately $24,228, representing a 10.1% pro forma cap rate at the $239,900 list price. The vacant unit also creates an excellent opportunity for an owner-occupant looking to ''house hack'' and use rental income from the other two apartments to help offset housing costs. The property consists of two 1-bedroom/1-bath units and one 2-bedro om/1-bath unit. Apartment 2 was extensively renovated in 2025 and features all-new LVP flooring, kitchen cabinets, appliances, bathroom, fixtures, paint, and windows, along with a laundry hookup. Apartments 1 and 3 have also been updated with LVP flooring and fresh paint, and both include in-unit washers and dryers. Additional improvements include a newer roof and new front and side porches. Apartments 1 and 2 share a new deck/porch, while Apartment 3 features a large rear deck and its own yard space. Three off-street parking spaces provide convenient parking. Electric is separately metered for each apartment, while the landlord currently pays gas and water/sewer. Heating is provided by a forced-air furnace. Situated on a quiet residential street with downtown shops, restaurants, and amenities just a short walk away, this property benefits from strong local rental demand and limited apartment supply. With two established tenants, a beautifully renovated vacant unit, numerous recent improvements, and strong income potential, 321 Dresser St. is an attractive opportunity for an investor or owner-occupant.
Investment opportunity with this 6 unit apartment complex with attached garage, storage area, and partial basement.Nice office area that could be converted to an efficiency apartment. Ample paved parking in rear of building.
Cheboygan is located in Michigan. Cheboygan, Michigan has a population of 4,797. Cheboygan is more family-centric than the surrounding county with 31.14% of the households containing married families with children. The county average for households married with children is 23.09%.
The median household income in Cheboygan, Michigan is $38,750. The median household income for the surrounding county is $53,482 compared to the national median of $69,021. The median age of people living in Cheboygan is 41 years.
The average high temperature in July is 78.1 degrees, with an average low temperature in January of 8.5 degrees. The average rainfall is approximately 31.1 inches per year, with 93.8 inches of snow per year.
