413 Madison Street
Chelsea, MI 48118
- – beds
- – baths
- 2,309 sqft
- ~1/2 acre lot
- $238 per sqft
- 1920 build
- – on site
OFFER DEADLINE @ 6 PM MONDAY, MAY 5TH. RARE opportunity to own one of Downtown Chelsea's multi-family homes! This 1920 Dutch Colonial 4-plex just steps away from shops, restaurants, and amenities yields about $66,000 a year in gross income, an impressive 82% growth in revenue over the past 6 years with potential to grow even more as the rental rates are below market rate. The property hosts 4 units. Unit 1 (main floor front): 2 bed, 1 bath; Unit 2 (main floor back): 1 bed, 1 bath; Unit 3 (upper): 1 bed, 1 bath; Unit 4 (basement): 1 bed, 1 bath. Leases expire May 1, 2026. There are 8 parking spots, a 2-car garage, and a spacious green backyard. Tenants share driveway, laundry, and on-site storage in basement. Roof was replaced in 2024. Less than 20 minutes to Ann Arbor and 30 to Jackson.turnkey passive income on this charming FULLY OCCUPIED property! These don't come around often, so schedule your showing today.
Last checked:
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Last updated May 6, 2025
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MLS# 81025017653 —
The Building
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Year Built:1920
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Construction Materials:AluminumSiding
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Roof:Composition
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Basement:Full
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Basement:true
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Building Area Total:2309.0
Interior
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Interior Features:Storage
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Laundry Features:CommonArea, InBasement
Location
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Directions:E of Main Street, South of Dexter-Chelsea
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Cross Street:Madison & Dexter-Chelsea
The Property
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Parcel Number:060707330004
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Property Type:ResidentialIncome
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Property Subtype:MultiFamily
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Lot Size Acres:0.4
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Lot Size Area:17315.0
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Lot Size Dimensions:66x265
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Lot Size Units:SquareFeet
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Zoning Description:Other
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Road Frontage Feet:66
Listing Agent
- Contact info:
- Agent phone:
- (586) 859-9365
- Office phone:
- (734) 237-6901
Taxes
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Tax Legal Description:*OLD SID - GC 07-570-033-00 C.V. 1L-19 COM AT NW COR OF LUCY E. GATES 2ND ADDITION TO THE VILLAGE OF CHELSEA, A RECORDED PLAT, TH S 81 DEG E25.06 FT IN N LINE OF SAID PLAT, TH N 533.24 FT IN THE E LINE OF MADISON STREET FORA PL OF BEG, TH S 84 DEG E 4 CHS, TH N 1 CH, TH N 84 DEG W 4 CHS TH S 1 CH, TO PLOF BEG BEING A PART OF SW FRL 1/4 SEC. 7 T2S R4E.
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Tax Assessed Value:111321
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Tax Annual Amount:7205.91
Heating & Cooling
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Heating:ForcedAir, NaturalGas
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Heating:true
Utilities
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Utilities:ElectricityConnected, NaturalGasConnected
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Sewer:PublicSewer, StormDrain
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Water Source:Public
Schools
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High School District:Chelsea
The Community
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Community Features:Sidewalks
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Waterfront:false
Parking
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Parking Total:8.0
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Parking Features:Concrete, Garage, Paved
IDX provided courtesy of Realcomp II Ltd., via Estately and Greater Metropolitan Association of REALTORS, © 2025 Realcomp II Ltd. Shareholders
Estately Inc. is a Michigan licensed brokerage #6505374810, managed by Michigan licensed REALTOR® broker Darren Yearsley #6505374810.
IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
IDX provided courtesy of Realcomp II Ltd. via Estately Inc. and REALCOMP. ©2025 Realcomp II Ltd. Shareholders.
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
5/6/25
May 6, 2025
|
Sold Subject To Contingencies | REALCOMP | $550,000 | |
|
5/2/25
May 2, 2025
|
Listed / Active | REALCOMP | $550,000 | |
|
4/25/25
Apr 25, 2025
|
Delisted / Withdrawn | REALCOMP | $550,000 | 69.2% (11.5% / YR) |
