Property Description

Excellent opportunity to own an updated triplex just two blocks from downtown Cheboygan. Two units are currently leased with a combined rent of $1,955/month (Apt. 1: $980; Apt. 3: $975), while the renovated 1BR/1BA Apt. 2 is vacant with projected market rent of $925/month. At full occupancy, projected gross rent is $2,880/month or $34,560/year. Based on T12 operating expenses of $10,332, pro forma NOI is approximately $24,228, representing a 10.1% pro forma cap rate at the $239,900 list price.The vacant unit also creates an excellent opportunity for an owner-occupant looking to house hack and use rental income from the other two apartments to help offset housing costs.The property consists of two 1-bedroom/1-bath units and one 2-bedro om/1-bath unit. Apartment 2 was extensively renovated in 2025 and features all-new LVP flooring, kitchen cabinets, appliances, bathroom, fixtures, paint, and windows, along with a laundry hookup. Apartments 1 and 3 have also been updated with LVP flooring and fresh paint, and both include in-unit washers and dryers.Additional improvements include a newer roof and new front and side porches. Apartments 1 and 2 share a new deck/porch, while Apartment 3 features a large rear deck and its own yard space. Three off-street parking spaces provide convenient parking.Electric is separately metered for each apartment, while the landlord currently pays gas and water/sewer. Heating is provided by a forced-air furnace.Situated on a quiet residential street with downtown shops, restaurants, and amenities just a short walk away, this property benefits from strong local rental demand and limited apartment supply. With two established tenants, a beautifully renovated vacant unit, numerous recent improvements, and strong income potential, 321 Dresser St. is an attractive opportunity for an investor or owner-occupant.

Property Features

Units

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