624 Michigan Street, Petoskey, MI 49770 (MLS# 26003263)
624 Michigan Street, Petoskey, MI 49770
$850,000
Property Type:
Multi Family
Lot Size (sq. ft.):
7,439
Status:
Active
Current Price:
$850,000
List Date:
1/28/2026
Last Modified:
1/28/2026
Overview
Description
Victorian-style 5-unit in the heart of Petoskey with excellent walkability. Extensive recent work: new roof/fascia, two-coat exterior paint, remodeled breezeways, upgraded electrical/plumbing in select units, full unit renovations with updated kitchens/baths, and a new laundry room build-out. In-place rent ~$7,500/mo with proven demand. City utilities. Appealing curb presence with bay windows and tasteful landscaping. Solid in-place operations with value in continued unit optimization and amenity enhancements.
Listing Details MLS# 26003263
Location Property Info
- County
- Emmet
- Street #
- 624
- Street Name
- Michigan
- Suffix
- Street
- State
- MI
- Zip Code
- 49770
- Zip (4)
- 4610
General Property Info
- Lot Measurement
- Acres
- Lot Square Footage
- 7439
- Lot Acres
- 0.17
- Lot Dimensions
- 50x145
- Year Built
- 1900
- New Construction
- No
- Road Frontage
- 50
- Total # Units
- 5
- # of Diff Unit Floor Plans
- 5
- Total # Bldgs
- Yes
- Waterfront
- No
- School District
- Petoskey
- Basement
- Yes
- Total Parking Spaces
- 0
Tax Info
- Tax ID #
- 52-19-05-179-001
- Taxable Value
- 142905
- SEV
- 162600
- For Tax Year
- 2024
- Seller's Annual Property Tax
- 10400
- Tax Year
- 2024
- Spec Assessment & Ty
- none
- Homestead %
- 0
Access Feat
- Accessibility Features
- No
Income and Expenses
- Annual Insurance
- 5312
- Annual Mgmt. Fees
- 6484.89
- Annual Utilities
- 6197.47
- Gross Op. Inc.
- 90000
- Net Operating Income
- 47819.93
- Operating Expense
- 39932.48
More Information
Unit 1
- Unit Description
- One bedroom unit
- Bathrooms
- Yes
- Full Baths
- Yes
Unit 2
- Unit Description
- 2 bedroom unit
- Bathrooms
- Yes
- Full Baths
- Yes
Unit 3
- Unit #
- 3
- Unit Description
- one bedroom effic
- Bathrooms
- Yes
- Full Baths
- Yes
Unit 4
- Unit #
- 4
- Unit Description
- 1 bedroom
- Bathrooms
- Yes
- Full Baths
- Yes
Unit 5
- Unit #
- 5
- Unit Description
- one bedroom unit
- Bathrooms
- Yes
- Full Baths
- Yes
Location & Property Info
- Cross Streets
- Harvey & Woodland
- Property Sub-Type
- 5+ Units
- Municipality
- Petoskey City
Office/Contract Info
- Auction or For Sale
- For Sale
Remarks & Misc
- Public Remarks
- Victorian-style 5-unit in the heart of Petoskey with excellent walkability. Extensive recent work: new roof/fascia, two-coat exterior paint, remodeled breezeways, upgraded electrical/plumbing in select units, full unit renovations with updated kitchens/baths, and a new laundry room build-out. In-place rent ~$7,500/mo with proven demand. City utilities. Appealing curb presence with bay windows and tasteful landscaping. Solid in-place operations with value in continued unit optimization and amenity enhancements.
- Legal
- CHARLES CARMICHAEL'S ADD. LOT 4 BLK 3 ALSO .5 FT OF W SIDE OF W SIDE OF N 87' OF LOT 3 BLK 3. SECTION 5, T34N, R5W.
Lot Description
- Sidewalk
- Yes
Street Type
- Paved
- Yes
- Public
- 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
- Lower Level
- Yes
Exterior Material
- Wood Siding
- Yes
Roofing
- Composition
- Yes
Heat Source
- Electric
- Yes
- Natural Gas
- Yes
Sale Conditions
- None
- Yes
Heat Type
- Forced Air
- Yes
- Mini-Split
- Yes
- Wall Furnace
- Yes
Air Conditioning
- Mini-Split
- Yes
- None
- Yes
Tenant Pays
- None
- Yes
Driveway
- None
- Yes
Substructure
- Michigan Basement
- Yes
Extras
- Laundry Facility
- Yes
Owner Pays
- Electricity
- Yes
- Gas
- Yes
- Sewer
- Yes
- Trash Collection
- Yes
- Water
- Yes
Possession
- Close Of Escrow
- Yes
- Subject To Tenant Rights
- Yes
Property Features
Laundry Features:
Common Area; Laundry Closet; Lower Level
Exterior Material:
Wood Siding
Roofing:
Composition
Substructure:
Michigan Basement
Lot Description:
Sidewalk
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
Extras:
Laundry Facility
Owner Pays:
Electricity; Gas; Sewer; Trash Collection; Water
Tenant Pays:
None
Heat Source:
Electric; Natural Gas
Heat Type:
Forced Air; Mini-Split; Wall Furnace
Air Conditioning:
Mini-Split; None
Driveway:
None
Street Type:
Paved; Public
Terms Available:
Cash; Conventional; FHA
Possession:
Close Of Escrow; Subject To Tenant Rights
Sale Conditions:
None
Listing Office:
Van Treese Management LLC
Listing Agent:
Christopher Skrobeck
Last Updated: January - 28 - 2026
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