Welcome to this fantastic investment opportunity in a prime location! This 2-story 3 unit building features two spacious apartments upstairs, each 938 sqft with 2 bedrooms and 1 bath. The lower level is 1876 sqft currently being used as living quarters but can be reverted back to business use as store, retail, office and more, offering endless possibilities for additional income streams. Each unit provides a private entrance. Located in an area with high traffic counts and high visibility. This property is perfect for entrepreneurs looking to establish a business in a prime community. The apartments provide a steady rental income, making this property a lucrative investment for any savvy investor. CAP RATE 8% or more (current rent is well below area average). Land contract available. We will consider all reasonable offers. Huge lot would allow plenty of space for expansion. Tenant pays all utilities.
Ray is located in Michigan. Ray, Michigan has a population of 3,791. Ray is more family-centric than the surrounding county with 30.54% of the households containing married families with children. The county average for households married with children is 28.44%.
The median household income in Ray, Michigan is $109,250. The median household income for the surrounding county is $67,828 compared to the national median of $69,021. The median age of people living in Ray is 49.5 years.
The average high temperature in July is 82.3 degrees, with an average low temperature in January of 16.7 degrees. The average rainfall is approximately 33.6 inches per year, with 32.1 inches of snow per year.
