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LJM Properties 3 Multifamily Properties Offered at $2,500,000 in Petoskey, MI
INVESTMENT HIGHLIGHTS
- Portfolio sale only – three infill multifamily assets within City of Petoskey (no individual sales)
- Walkable, high-demand neighborhoods near downtown, employment, and waterfront
- T12 NOI (Aug ’24–Jul ’25) ~$185,806
- 16 total units: 524 State (6), 624 Michigan (5), 138 E Sheridan (5)
- In-place income ~$23,750/month (~$285k/yr) across the portfolio
- Significant capex completed: Over $500,000 pre-sale across the three assets + over $100,000 by LJM (2024–25)
EXECUTIVE SUMMARY
Portfolio sale of three multifamily assets within the City of Petoskey - 524 State (6 units), 624 Michigan (5), and 138 E Sheridan (5) - 16 units total. Walkable, high-demand neighborhoods close to downtown, employment, and waterfront. Current income approx $23,750/mo (~$285k/yr) with T12 NOI ~ $185,806 (Aug '24-Jul '25). Extensive capital improvements completed: More than $500,000 pre-sale across the portfolio plus more than $100,000 by current owner (LJM) in 2024-25, including AC systems, windows, foundation and interior upgrades. Offered as a portfolio only; properties will not be sold individually. Financials, rent roll, and improvement summaries available; showings by appointment with proof of funds. Do not disturb tenants.
PROPERTY FACTS
| Price | $2,500,000 | Status | Active |
| Price / SF | $179.71 / SF | Number of Properties | 3 |
| Sale Condition | Bulk/Portfolio Sale | Individually For Sale | 0 |
| Cap Rate | 7.50% | Total Building Size | 13,911 SF |
| Sale Type | Investment | Total Land Area | 0.66 AC |
| Price | $2,500,000 |
| Price / SF | $179.71 / SF |
| Sale Condition | Bulk/Portfolio Sale |
| Cap Rate | 7.50% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 13,911 SF |
| Total Land Area | 0.66 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 138 E Sheridan St, Petoskey, MI 49770 | Multifamily | 5,695 SF | 1900 | - |
| 624 Michigan St, Petoskey, MI 49770 | Multifamily | 4,716 SF | 1900 | - |
| 524 State St, Petoskey, MI 49770 | Multifamily | 3,500 SF | 1900 | - |
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