902 S Putnam Street, Williamston, MI 48895

Property Description

This Sale will be used in a 1031 Tax Deferred Exchange. Prime Income opportunity, 2 Rental Units Williamston, MI Currently Leased Month to Month. Walk to town amenities! Live Theater, Movie Theater, Trendy eateries, Parks & Shopping, Church & Williamston Community Center. Great Location Only 1/4 Mile to I-96. 7 Miles to East Lansing. The upper level is a 4 bedroom, 1.5 bath, and laundry unit with approximately 1,400 square feet of living space when removing the common escape stairwell out of the calculations. The lower level is a 2 bedroom, 1 bath, with a laundry room unit with approximately 1,250 square feet of living space when removing the common utility room and the same stairwell from the square footage. When the building was converted to the duplex new windows were installed for egress purposes on the top floor and for the bedrooms on the lower level. The remaining windows for the lower level that face the parking lot are bullet proof one way glass which provides privacy during the daytime hours and a sense of security. The building has a common furnace/AC that serves both units and is dampered as necessary by the indiviidual tenants. A second furnace for the lower level was also installed approximately 4 years ago to remove any winter time challenges with one tenant preference over the other for the level of heating in the building. Each unit has their own electrical panel and is billed separately from a house meter. Each unit has their own hot water heater and we have a separate water meter in the building to split the water bill between each unit depending on monthly usage. The natural gas to the building is only used for the furnace and that utlility along with the house electrical meter are currently paid for by the owner. The house electrical has the exterior safety lighting on that meter. Both bills are extremely low year round for such a large heating envelope of 3,000 square feet. There is a newer rubber membrane roof on the building and two roof drains that are tied directly into the city storm sewer system. When the parking lot was built, they constructed a drain that was sized to the same size as the city storm to avoid any water issues with such a vast expanse of pavement (12 space parking lot). A 10x20 garage was added with a divided and separate entrance storage shed so each tenant has a storage area for their needs. Current Rents Upper level $1,300/month - tenant has been here for 6 years. Lower level $950/month - tenant has been here for 9 years. In anticipation of possibly selling the building tenants rent month to month.