Historic Mixed-Use Property | Retail/Airbnbs 323 W Wright Ave 7 Unit Apartment Building $489,000 ($69,857/Unit) 5.52% Cap Rate Shepherd, MI 48883

Rare Historic Multifamily Opportunity Main Street Location – This well-maintained historic building offers excellent income potential in one of Central Michigan’s most desirable areas. Currently configured as a successful mixed-use property with cash flow from both commercial and short-term rental use.
Multifamily unit breakdown includes: (Note: has potential for 5th Unit conversion)
Unit 1: 2 bedroom, 1 full bath - 1,016 SF
Unit 2: 1 bedroom, 1 full bath - 920 SF
Unit 3: 3 bedroom, 3/4 bath - 1,150 SF
Unit 4: 1 bedroom, 1 full bath - 400 SF
Flexible History:
Previously used as four separate apartment rentals, providing multiple options to convert back to traditional multifamily, student housing, or expanded commercial space. Prime Location Advantages: Adjacent to a family-friendly park directly across from popular restaurants and thriving businesses within 10 minutes of Central Michigan University (CMU), less than 10 minutes from Soaring Eagle Casino & Resort, convenient access to Alma College, easy on and off access to Hwy 127,
Site Features: Large dedicated paved parking lot with an additional expansive open lot on the west side (perfect for extra parking, events, or future expansion). Limited owner financing and creative purchase options may be available for qualified buyers.
This property benefits from multiple demand drivers, including university students, casino tourism, local residents, and visitors. The combination of historic charm, versatile layout, abundant parking, and high-visibility location makes it a standout investment or owner-user opportunity in Mid Michigan. Ideal for investors seeking immediate returns through the existing retail tenant and Airbnbs, or for those looking to maximize returns through reconfiguration. Contact the owner today for more information or to schedule a private showing..
Listed on local MLS with an agent as well.