446 & 448 Pine Street, Calumet MI 49913 – (MLS #50129060)

Description

Village of Calumet – Multifamily building located on M203/Pine Street with 2 units on the main level and 2 units upstairs. The sandstone exterior is beautiful and last tuckpointed about 3+/- years ago, some original woodwork and character! Located near the corner of 5th and Pine Street it is in close proximity to the downtown Calumet activity including the Farmer’s Market area and shopping. Just a short drive to the Swedetown Trails and Lion’s Park at Calumet Lake. The main floor has one unit with 1 to 2 bedrooms, kitchen, living room, bathroom and laundry (446 Pine: leased through 12/17/2028). The other main floor unit has 1 bedroom, living room, kitchen, bathroom and laundry (448 Pine: leased through 12/17/2028). At the back of the main floor units there is a storage area. One upper unit has 2 bedrooms, kitchen, living room, bathroom. The other upper unit has 1 bedroom, kitchen, living room and bathroom. The upper units are contractor ready and need to be remodeled prior to occupancy. Sale is contingent upon the municipality land division approval and separation of utilities from 444 Pine St. (Note: Property has its own gas meter as of 5/2024. Separation of water meters in in process.) 444 Pine Street (home and garages) are NOT available for purchase. Property has been surveyed. NOTICE: All information believed accurate but not warranted. Buyer recommended to inspect all aspects of the property, verify all information & bears all risks for any inaccuracies. Tax information is subject to change (possibly significant) and property will be reassessed by the municipality after sale is completed. Taxes are not zero and are part of a parent parcel. All measurements (acres, lot size, square footage etc) are estimated. Buyer to verify utilities, including availability & costs associated. Sellers may have audio/video recording devices present on property and buyers and agents consent to being recorded by entering property. OFFERS: Seller requests 72 hours response time on offers. Seller, at seller’s sole discretion, with or without notice, reserves the right to set and/or modify deadlines for receipt of and seller’s response to offers. Leases: Leases for both units are through December 17th, 2028 with rent amount not being adjusted more than 5% per calendar year and a possible increase for extraordinary increase in taxes, utilities and insurance only with a minimum of 30 day’s notice to tenants. Financing: Likely need a commercial or construction loan until updates completed or cash. ATTENTION DEVELOPERS – There may be possible MEDC or MSHDA grants and other financial tools available for developers looking to rehabilitate or redevelop the property. (Note: Grants and tools do not apply to curing basic deferred maintenance.) Contact the Keweenaw Economic Development Alliance for possible options, https://kedabiz.com/.