351 W Portage AVE, Sault Ste Marie, MI 49783 (MLS# 20-786)

$419,900
351 W Portage AVE
Sault Ste Marie, MI 49783
MLS# 20-786
Status: Sold
13358 sqft
22 unit apartment building with 3 commercial/retail rentals. Excellent opportunity!
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22 unit apartment building with 3 commercial/retail rentals. Excellent opportunity! Great exposure along retail corridor with direct views of the Soo Locks. 3 retail rental spaces with individual secure entrances, bathrooms and storage areas. Store windows face Portage Avenue with individual entrances for each store. Rooftop view of the Soo Locks Park. Rooftop view - winter 2019. Entrance area for retail shop #2. Completely remodeled retail space with accent lighting, slat walls and new carpet. Retail fixtures. 351 W Portage AVE, Sault Ste Marie, MI 49783 Private office space with bathroom and storage. 351 W Portage AVE, Sault Ste Marie, MI 49783 Wall can be removed to combine rental #1 and #2, if desired. Retail space #3 with serving areas. Currently utilized as a bakery. All new lighting, flooring and wainscoting. Views of Portage Avenue (winter). Retail space #1. Currently utilized as a retail/gift shop. Slot walls installed to display gifts. Plenty of room to store overstock or display items. Retail space #1 - toy area. Slat walls can be used for hanging t's, shirts, etc. Floor displays convey. Main entrance from Portage Avenue. Mail boxes located at bottom of steps. Main entrance and emergency/fire exit at rear. Hallway to second floor units. Rear exit with electrical meters. Exit door with access to rooftop. Hallway to second floor units (#2). Second floor unit. 1 bedroom. All new flooring and fresh paint. Second floor living room. Great views of the Locks. Second floor unit living room (2). Second floor unit. 1 bedroom. 351 W Portage AVE, Sault Ste Marie, MI 49783 Second floor unit. 1 bedroom. Second floor unit. Completely remodeled with updated flooring. 351 W Portage AVE, Sault Ste Marie, MI 49783 Second floor unit. Also has been updated with new flooring. Second floor unit. Example bathroom with shower/tub combo. Second floor unit. Updated fixtures and lighting. Second floor bedroom - all have closets. First floor unit - 1 bedroom example. New carpet and fresh paint. First floor one bedroom. 351 W Portage AVE, Sault Ste Marie, MI 49783 First floor one bedroom living room example. First floor one bedroom kitchen example with attached bath. 351 W Portage AVE, Sault Ste Marie, MI 49783 351 W Portage AVE, Sault Ste Marie, MI 49783 First floor one bedroom bath example has updates and tub/shower combo. First floor one bedroom - living area with new carpet and fresh paint. 351 W Portage AVE, Sault Ste Marie, MI 49783 First floor one bedroom - updated kitchen flooring, lighting and paint. 351 W Portage AVE, Sault Ste Marie, MI 49783 351 W Portage AVE, Sault Ste Marie, MI 49783 First floor one bedroom - new carpet in bedroom. All have closets. 351 W Portage AVE, Sault Ste Marie, MI 49783 First floor one bedroom bath example. First floor efficiency. Small living area. New ceiling, lighting, flooring and fresh paint. First floor efficiency kitchenette. First floor efficiency bathroom with shower only. Efficiency example #2. 351 W Portage AVE, Sault Ste Marie, MI 49783 Efficiency example #3. 351 W Portage AVE, Sault Ste Marie, MI 49783 Efficiency example #4. Efficiency example #4 kitchenette. 351 W Portage AVE, Sault Ste Marie, MI 49783 Efficiency example #5, corner unit. 351 W Portage AVE, Sault Ste Marie, MI 49783 351 W Portage AVE, Sault Ste Marie, MI 49783 Efficiency example #6 - new CVT flooring, fresh paint. Efficiency example #6 kitchenette. 351 W Portage AVE, Sault Ste Marie, MI 49783 Efficiency example #6 bathroom. Laundry room - 2 coin op washers and dryers. Laundry room bill changer for tenants. Soap dispenser. Secure storage area behind laundry room. Basement. 351 W Portage AVE, Sault Ste Marie, MI 49783 Basement storage area. Main boiler. (Steam - permits on site) Commercial water heater and storage tanks for tenants and retail shops. New roof installed 2020 by Kaysner on entire building. Membrane roof with warranty. Parcel sketch from survey.

Property Description
Opportunity knocks! This multi-use building has positive cash flow and is ideally situated across from the Soo Locks. There are 22 total rental units in the building(s) with 3 commercial/retail spaces (all rented) facing Portage Avenue. Excellent exposure and foot traffic along this retail corridor. The building has a new membrane roof, updated apartments and retail areas, security system and large parking lot. There is on-site laundry for tenant use, storage area and work shop as well as a full basement for additional storage. If you are looking for an investment property with excellent rental history and loads of potential, this is it! Call for details. (Seller is a licensed real estate broker in the State of Michigan.)

Details
Documents
Contract Information
Current Price: $419,900
List Date: 2020-08-14
List Price: $419,900
Status: Sold
For Sale or Rent: Sale
Property Information
Type: Business Opportunity
Realtor.com Type: Commercial
Present Use: Mixed Use
Possible Use: Mixed Use
Building SqFt: 7501 & Up
Age: 50+
Waterfront: No
User Defined 15: No
# Parking Spaces: 10+
Total SqFt.: 13358
Lot Size: Irregular
Lot Dimensions: 89x134 and 52x92 M/L
What's Included: Real estate
Duplicate: No
Location, Tax and Legal
Area: 11 - Sault Ste. Marie (West)
Unit #/St #/Space #: 351
Street Direction Pfx: W
Street Name: Portage
Street Suffix: AVE
State: MI
Zip Code: 49783
County: CHIPPEWA
Zoning: Commercial
School District: Sault Ste Marie
Tax ID: 051-351-001-00
Special Assessment: Unknown
Homestead Y/N: No
Taxes: 10700
SEV: 189600
Tax Year: 2019
Directions and Remarks
Directions: Corner of Ferris and West Portage Avenue. Former Seven Seas building and attached efficiency units facing south.
Hot Sheet Comment: price
Book Msg 2: *** PRICE REDUCED ***
Sold Info
Contingent: Active w/Contingencies
Sold Date: 2021-04-15
Currently Not Used
Amount of Frontage: 89
Property Features
Basement: Partial Basement; Stone Foundation
Construction: Masonry; Mixed
Exterior Finish: Brick; Mixed
Cooling: None
Documents on File: Leases; Online
Drive: Black Top
Extras: High Traffic Locatn; Laundry; Security System; Storage; View
Heating: Natural Gas; Steam
Parking: 1 - 10 Spaces; Parking Lot
Possession: Negotiable
Road Surface: Black Top
Roof: Flat; Rubber
Showing Instructions: Appt. Only; See Private Remarks
Terms: Cash; Conventional

Listing Office: Key Realty One

Listing Agent: Ryan Bennett

Last Updated: August - 14 - 2023

Information deemed reliable but not guaranteed.

Saturday 30th of September 2023 04:47 PM