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For sale
  • Price cut: $100.1K (10/6)
    $999,900

    710 Water St, East Jordan, MI 49727

    11beds
    12baths
    5,360sqft
    : 
    $7,820/mo
    Get pre-qualified
    Apartment, Quadruplex
    Built in 2023
    -- sqft lot
    $982,000 Zestimate®
    $187/sqft
    $-- HOA

    What's special

    Positioned in East Jordan, this turn-key 4-unit townhouse complex (built in 2023) offers a high-yield investment with strong in-place cash flow, verified operating history, and long-term development upside. Generates $8,800/month ($105,600/year) in gross scheduled rent across four fully leased units. Offered at $1,100,000, the property delivers an attractive 10.4x Gross Rent Multiplier and a 6.11% in-place Cap Rate ($67,161 actual leased NOI before vacancy). Even with a conservative 5% vacancy/credit loss reserve, the property yields a stabilized $61,881 NOI (5.63% Cap Rate) based on verified annual property taxes of $15,193.70. Owner-paid expenses are minimized as Units 1, 3, and 4 are tenant-responsible for primary utilities (owner covers trash & internet only). Each unit features high-end finishes, natural gas forced-air heat, central air conditioning, dedicated carports, private rear decks, full 2023 appliance packages, and independent utility metering. Layouts include three 3-bedroom/2.5-bath townhomes with private ensuite bedrooms, and one 2-bedroom/2.5-bath dual-ensuite unit. Proven Stability & Inclusions: Units 3 and 4 feature reliable long-term tenants of three years. Turn-key inventory inclusion: Units 1 and 4 convey fully furnished. Development Upside: Engineered with a 2-hour fire-rated separation wall between units to facilitate future condo conversion, offering a clear exit strategy to sell off individual townhomes for maximum capital realization. Site plan available upon request. Low-maintenance exterior connected to municipal water and sewer. Seller is a licensed Realtor in the State of Michigan.
    33 days
    451
    27

    Zillow last checked:

    Listing updated:

    Listed by:

    Brienna Roberts,

    Berkshire Hathaway HomeServices Real Estate - BC 231-216-1000

    Source: Northern Michigan MLS,MLS#: 480728MLS Logo

      Facts & features

      Interior

      Bedrooms & bathrooms
      • Bedrooms: 11
      • Bathrooms: 12
      Heating
      • Natural Gas, Forced Air
      Cooling
      • Ceiling Fan(s), Central Air
      Appliances
      • Included: Microwave, Dishwasher, Dryer, Range, Refrigerator, Washer
      Features
      • Windows: Mini Blinds
      • Common walls with other units/homes: 1+ Common Wall(s)
      Interior area
      • Total structure area: 5,360
      • Total interior livable area: 5,360 sqft

      Property

      Features
      • Patio & porch: Deck
      Lot
      • Features: Paved

      Construction

      Type & style
      • Home type: MultiFamily
      • Property subtype: Apartment, Quadruplex
      Condition
      • Year built: 2023

      Utilities & green energy

      • Sewer: City
      • Water: City

      Community & HOA

      HOA
      • Has HOA: No
      Location
      • Region: East Jordan

      Financial & listing details

      • Price per square foot: $187/sqft
      • Date on market: 9/7/2026
      • Total actual rent: 8700
      • Road surface type: Paved

        Estimated market value

        $982,000

        $933,000 - $1.03M

        $1,666/mo

        Price history

        DateEventPrice
        10/6/2026Price change$999,900-9.1%$187/sqft
        Source: Northern Michigan MLS #480728 Report a problem
        9/15/2026Price change$1,100,000-7.6%$205/sqft
        Source: Northern Michigan MLS #480728 Report a problem
        9/7/2026Listed for sale$1,190,000+2544.4%$222/sqft
        Source: Northern Michigan MLS #480728 Report a problem
        2/7/2018Listing removed$45,000$8/sqft
        Source: Real Estate One #444580 Report a problem
        6/27/2017Listed for sale$45,000-60.8%$8/sqft
        Source: Real Estate One #444580 Report a problem
        9/11/2012Listing removed$114,900$21/sqft
        Source: The Real Estate Book #421789 Report a problem
        9/9/2012Price change$114,900+17.2%$21/sqft
        Source: The Real Estate Book #421789 Report a problem
        5/15/2012Listed for sale$98,000-14.7%$18/sqft
        Source: Real Estate One - Charlevoix #421789 Report a problem
        3/6/2010Listed for sale$114,900$21/sqft
        Source: Real Estate One - East Jordan #421789 Report a problem

        Public tax history

        Tax history is unavailable.

        Monthly payment

        Est. payment

        Payment breakdown

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        All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
        HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
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        Climate risks

        Neighborhood: 49727

        Getting around

        46 / 100
        Car-Dependent
        46 / 100
        Somewhat Bikeable

        Nearby schools

        GreatSchools rating
        Schools provided by the listing agent
        • District: East Jordan

        Source: Northern Michigan MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.

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