Welcome to 9317 Main Street, located in the heart of downtown Whitmore Lake. This fully renovated multifamily property presents an outstanding investment opportunity. The property consists of four one-bedroom, one-bathroom units, three of which are already operating as highly profitable Airbnb rentals. The fourth unit is leased long-term but is set to transition to a short-term rental after the lease expires in May, bringing the projected annual gross income to over $101,000. This investment offers a strong current cap rate of 9.6%, which will increase to 12.1% once all units are fully utilized as short-term rentals. The property�s prime location provides guests with easy deeded across the road to Whitmore Lake, an all-sports lake spanning 667 acres. The lake is a major draw for Airbnb guests, ensuring near 100% occupancy on summer weekends with an average nightly rental rate of $117. The property has undergone extensive renovations the past few years, including new roofs, windows, doors, electrical systems, and plumbing, along with updated heating and cooling systems. All four units have been fully remodeled with modern interiors, including new drywall, flooring, kitchens, and bathrooms, ensuring a turnkey investment for the new owner. The units are fully furnished, with the option to purchase the furnishings with the sale. With 12 parking spaces, tenants have ample convenience, and the property is within walking distance of local shops, restaurants, and a marina where boat rentals are available. Currently self-managed via Airbnb, the property allows flexibility for investors to continue with this model. Zoned for multifamily residential use with potential for commercial applications, this property offers both a stable income stream and future growth opportunities.
Great opportunity to own a Multi-Family property located in downtown Whitmore Lake! Built in 1850, this 2 story home was converted into a 5 unit income property with 2 - One Bedroom Units, 1 - Two Bedroom Units and a large studio/efficiency unit. Across the street, property has 10' deeded access to lake (separate tax ID#). For extra income there is a traditional 484 SF 2 car detached garage and a newer 1344 SF 4 car detached garage with 9' doors. Each unit has its own heat/gas and electric meter. Property is zoned WLD-D (Whitmore Lake Downtown Development). Property is vacant and needs to be completed. It is a conforming 5 unit multifamily. However with the zoning, the municipality would allow someone to have retail on the first floor and apartments upstairs.
Whitmore Lake is located in Michigan. Whitmore Lake, Michigan has a population of 6,876. Whitmore Lake is less family-centric than the surrounding county with 26.33% of the households containing married families with children. The county average for households married with children is 33.1%.
The median household income in Whitmore Lake, Michigan is $51,301. The median household income for the surrounding county is $65,618 compared to the national median of $57,652. The median age of people living in Whitmore Lake is 35.9 years.
The average high temperature in July is 81.1 degrees, with an average low temperature in January of 14.8 degrees. The average rainfall is approximately 34 inches per year, with 57.3 inches of snow per year.