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Owosso, MI | 24-Unit Multifamily Conversion | Off-Market

$550,000

501 South Shiawassee Street, Owosso, MI 48867

Active
Last Updated: 02/13/2026

18,000 sqft

Building Size

2 acres

Lot Area

Details:
Building Size:    18,000 sqft
Lot Area:    2 acres
Units:    24
Floors:    4
Opportunity Zone:    Yes
Construction Status:    Existing / Conversion
Investment Strategy:    Value Add
Highlights:
  • Off-market, multifamily conversion opportunity
  • Four-story vertical building in downtown Owosso, MI
  • Planned 24-unit multifamily redevelopment
  • Additional on-site storage income potential
  • Executive Summary available upon CA/NDA
  • Grant-assist guidance available for qualified buyers
  • Experienced developers/operators only
Description:

24-Unit Adaptive Reuse Redevelopment Opportunity | Owosso, MI
501 S. Shiawassee Street is a four-story commercial building located within Owosso’s designated revitalization corridor, positioned for conversion into a 24-unit multifamily redevelopment with additional on-site storage income.
The proposed redevelopment includes:
• 24 loft-style residential units
• 35 basement mini-storage units
• Elevator-ready redevelopment concept
• Approx. 18,000 SF existing structure
• Urban vertical asset (not garden-style)
Projected stabilized NOI: ~$409,008
Projected stabilized value (7% cap): ~$5.84M
Total estimated project cost (including acquisition at offering price): ~$2.55M
The project has been structured to align with MEDC Blue Zone Redevelopment criteria. Grant funding is currently in process.
This opportunity is offered for direct acquisition.
Offering Price: $550,000
Financials and due diligence materials available upon execution of confidentiality agreement.

Map:
Documents:
Title
501_Shiawasee_Preliminary_Floor_Plans.pdf
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Location
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