45 Fountain W Street

Attention investors — this is the cash-flowing, value-add opportunity you've been waiting for. This fully occupied 4-unit apartment complex sits on two parcels (43 & 45 E Fountain) totaling approximately 4,300 sq ft and includes a bonus extra lot plus a 4-car garage with its own electric service. Owned by the same family for 16 years, this property has a proven rental history and long-term tenants — including one resident of 30+ years. The unit mix includes three 2-bedroom/1-bath units and one 1-bedroom/1-bath unit, all currently leased month-to-month — giving your next buyer immediate flexibility to adjust rents, restructure leases, or reposition the asset. Current gross rents are $3,750/month ($45,000/year) and are already below market, with rents moving to $900–$1,150 per unit — meaning day-one upside is already built in. Each unit is separately heated with its own furnace. Tenants pay gas and electric; owner covers water only — keeping expenses lean. Annual property taxes are just $2,900. Estimated annual expenses including taxes, water, vacancy allowance (5%), and maintenance come in around $9,950, producing an estimated Net Operating Income (NOI) of $35,050 per year. At the $210,000 asking price, that's a cap rate of approximately 16.7% — exceptional for this market. a cash-on-cash return of nearly 50%. The property features a Michigan basement on one side and a walkable basement on the other, providing excellent utility access and storage. Each of the four units has its own furnace. The 4-car garage with separate electric service adds rental income potential or owner utility. One tax bill covers both parcels — keeping management simple.