120 N Farmer Street
Otsego, MI 49078

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Description

Turnkey investment opportunity in the heart of downtown Otsego! This 5-unit mixed-use building offers strong, consistent cash flow with a current gross income of $4,030/month and an impressively low expense ratio. A major bonus for investors--city-owned parking means reduced maintenance responsibilities and costs, as the municipality handles parking areas and sidewalks. The property features a versatile unit mix, including two approximately 950 sq ft main-floor commercial suites with excellent street presence, plus three residential units: a well-appointed 1-bedroom/1-bath apartment, a spacious 2-bedroom/1-bath unit, and a studio apartment. All units have seen significant updates, providing a clean, modern feel that attracts and retains quality tenants. Whether you're looking to expand your portfolio or secure a stable, income-producing asset, this property checks all the boxes. Fully occupied, professionally positioned, and truly turnkey--this is a rare opportunity to own a low-maintenance, passive income generator in a growing downtown market.

Features

• Property Type: Multi Family Home
• Sub Type: Multi Family
• Listing Status: Active
• County/Area: Allegan County
• Zip Code: 49078
• Year Built: 1870
• School District: Otsego
• Units: 5 units
• Basement: Full, Yes, Yes
• # of Parking Spaces: 10
• Lot Size: 3049 sq ft lot
• Construction Materials: Vinyl Siding
• Cross Street: Court and M89
• Directions: N on S Farmer, past E Allegan St. Building is on the right.
• Financial Available: Yes
• Heat Source: Natural Gas
• Heat Type: Forced Air
• Heating: Forced Air
• Lot Description: Sidewalk
• Lot Features: Sidewalk
• Lot Size Area: 0.07
• Lot Size Square Feet: 3049
• Lot Size Units: Acres
• Main Type: Multi Family
• Number Of Buildings: 1
• Number Of Diff Unit Floor Plans: 5
• Parcel Number: 54-100-120-70
• Possession: Subject To Tenant Rights
• Road Frontage: 30.64
• Road Surface Type: Paved
• Roof: Composition
• SEV: 68100
• Sewer: Public Sewer
• SourceMLSURL: https://sourcemls.org/api/v1/eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJTb3VyY2VTeXN0ZW1JRCI6IlQwMDAwMDAwNiIsIkxpc3RpbmdJRCI6IjI2MDE2MTQ3IiwiU3RhbmRhcmRTdGF0dXMiOiJBY3RpdmUiLCJNb2RpZmljYXRpb25UaW1lc3RhbXAiOiIyMDI2LTA0LTE3VDEzOjM2OjI5LjAwMFoiLCJMaWNlbnNlZUlEIjoib2F1dGgyXzE1NjM0IiwiTGljZW5zZWVOYW1lIjoiaUhPVVNFd2ViLCBJbmMuIn0.oicT1-Yo7_UOehnboJzrBhPyKifsnyXZs2cm1NM1yCc/badge
• Spec Assessment Ty: none known
• Street Type: Paved, Public
• Tax Annual Amount: 3989.77
• Tax Legal Description: SLY 34.64 FT OF LOT 120 O. P. SEC 22 & 23. TAX MAP: 0.07 AC
• Tax Year: 2025
• Tenant Pays: Electricity, Gas, Sewer, Trash Collection, Water
• Terms Available: Cash, Conventional
• Total Approx Sq Ft All Bldgs: 3944
• Township: Otsego City
• Util Availat Street: High Speed Internet
• Utilities: Cable Connected, Natural Gas Connected, Electricity Connected
• Water Source: Public Water
• Zoning Description: Commercial