All brick 2 family home close to downtown New Baltimore. Excellent shape with separate gas and electric. Long term tenants, 2 car garage. This is a real moneymaker with no headaches. Do not disturb the tenants.
As for the property itself, Margo Manor is comprised of two ranch style buildings with 24 spacious two bedroom apartments. The property is outfitted with a tenant-paid, gas forced air heating system and the units are separately metered for electricity. The property was built in 1978; however, in early 2005 the previous owner replaced gutters and windows at the property. The commercial space has 4-1200 square foot units at the front of the property. Margo Manor is currently 100% occupied and management has indicated that they expect to increase rents by the end of the year as a result of an aggressive leasing campaign. Currently the street rents being charged are $500; however, it is IPO' s professional opinion that if a purchaser were to implement a unit upgrade program they would realize substantial gains through rental rate increases.