138 E Sheridan Street, Petoskey, MI 49770 (MLS# 26003305)

138 E Sheridan Street, Petoskey, MI 49770

$875,000

Property Type: Multi Family Lot Size (sq. ft.): 149,411 Status: Active

Current Price: $875,000 List Date: 1/28/2026 Last Modified: 1/28/2026

Overview

Description

Well-located 5-unit close to downtown and services. Four units renovated (new electric, drywall, flooring); two new water-heater pumps; parking lot sealed/striped; roof ~5 years old. In-place rent ~$8,100/mo with a mix of renovated and durable finishes. City utilities. Large lot with on-site parking and green space. Attractive cash flow today with upside on future turns and light exterior enhancements.

Listing Details MLS# 26003305

Location Property Info

County: Emmet
Street #: 138
Street Direction: E
Street Name: Sheridan
Suffix: Street
State: MI
Zip Code: 49770
Zip (4): 2962

General Property Info

Lot Measurement: Acres
Lot Square Footage: 149411
Lot Acres: 3.43
Lot Dimensions: 153x82.5
Year Built: 1900
New Construction: No
Road Frontage: 153
Total # Units: 5
# of Diff Unit Floor Plans: 5
Total # Bldgs: Yes
Total Parking Spaces: 8
Waterfront: No
School District: Petoskey
Basement: Yes

Tax Info

Tax ID #: 52-19-06-477-001
Taxable Value: 101220
SEV: 150000
For Tax Year: 2024
Seller's Annual Property Tax: 12200
Tax Year: 2024
Homestead %: 0
Spec Assessment & Ty: No

Access Feat

Accessibility Features: No

Income and Expenses

Annual Insurance: 5312
Annual Mgmt. Fees: 5859.36
Annual Utilities: 7320.96
Gross Op. Inc.: 97200
Net Operating Income: 52231.08
Operating Expense: 44968.92

More Information

Unit 1

Unit #: Yes
Unit Description: 2 bed lower
Bathrooms: Yes
Full Baths: Yes

Unit 2

Unit #: 2
Unit Description: 2 bed lower w/ loft
Bathrooms: Yes
Full Baths: Yes

Unit 3

Unit #: 3
Unit Description: studio
Bathrooms: Yes
Full Baths: Yes

Unit 4

Unit #: 4
Unit Description: 2 bed lower
Bathrooms: Yes
Full Baths: Yes

Unit 5

Unit #: 5
Unit Description: 2 bed upper
Bathrooms: Yes
Full Baths: Yes

Location & Property Info

Cross Streets: Emmet & Sheridan
Property Sub-Type: 5+ Units
Municipality: Petoskey City

Office/Contract Info

Auction or For Sale: For Sale

Remarks & Misc

Public Remarks: Well-located 5-unit close to downtown and services. Four units renovated (new electric, drywall, flooring); two new water-heater pumps; parking lot sealed/striped; roof ~5 years old. In-place rent ~$8,100/mo with a mix of renovated and durable finishes. City utilities. Large lot with on-site parking and green space. Attractive cash flow today with upside on future turns and light exterior enhancements.
Legal: MARTIN KIRWAN'S ADD. LOT 3 BLK 2, ALSO E 44 FT OF LOT 5 BLK 2 ALSO W 15 FT OF LOT 10 BLK 2. SECTION 6, T34N, R5W.

Street Type

Paved: Yes

Util Avail at Street

Electricity Available: Yes
High Speed Internet: Yes
Natural Gas Available: Yes
Public Sewer: Yes
Public Water: Yes

Utilities Attached

Electricity Connected: Yes
Natural Gas Connected: Yes

Sewer

Public Sewer: Yes

Water

Public Water: Yes

Terms Available

Cash: Yes
Conventional: Yes
FHA: Yes

Laundry Features

Common Area: Yes
Laundry Closet: Yes

Exterior Material

Vinyl Siding: Yes

Roofing

Composition: Yes

Heat Source

Natural Gas: Yes

Sale Conditions

None: Yes

Heat Type

Forced Air: Yes

Air Conditioning

None: Yes

Tenant Pays

None: Yes

Driveway

Shared Paved: Yes

Substructure

Michigan Basement: Yes

Owner Pays

Electricity: Yes
Gas: Yes
Sewer: Yes
Trash Collection: Yes
Water: Yes

Property Features

Laundry Features: Common Area; Laundry Closet Exterior Material: Vinyl Siding Roofing: Composition Substructure: Michigan Basement Sewer: Public Sewer Water: Public Water Utilities Attached: Electricity Connected; Natural Gas Connected Util Avail at Street: Electricity Available; High Speed Internet; Natural Gas Available; Public Sewer; Public Water Owner Pays: Electricity; Gas; Sewer; Trash Collection; Water Tenant Pays: None Heat Source: Natural Gas Heat Type: Forced Air Air Conditioning: None Driveway: Shared Paved Street Type: Paved Terms Available: Cash; Conventional; FHA Sale Conditions: None

Listing Office: Van Treese Management LLC

Listing Agent: Christopher Skrobeck

Last Updated: January - 28 - 2026

The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of MICHRIC , and site contains live data. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.