501 3 Mile Road NE, Grand Rapids, MI 49505
$360,000 - Sold
- MLS#: 26015647
- Number of Units: 4
- Type: 2 to 4 Units
- School District: Grand Rapids
- County: Kent
- Taxing Authority: City of Grand Rapids
- Year Built: 1900
- Basement: Yes
- Air: Window Unit(s)
- Lot Size: IRR
- Square Footage: 0
- Exterior: Vinyl Siding
- Water: Private Water
- Acreage: .23
- Heat: Forced Air,Wall Furnace/Natural Gas
- PPN: 41-14-06-457-018
- Sewer: Public Sewer5
- Water Body: None
- Water Features: None
- Utilities Attached: Cable Connected,Electricity Connected,Natural Gas Connected,Phone Connected
- Utilities Available at Street: Cable Available,Electricity Available,High Speed Internet,Natural Gas Available,Phone Available,Public Sewer,Public Water,Storm Sewer
- Extras: Garages
- Lot Description: Corner Lot
- Frontage/Type: 220 / Street, 0 / Water
- Terms: Cash, Conventional
- Original Price: $349,900
- Complex Name:
- Association Amenities:
- Association Includes:
- Directions: Head north on Coit ave until you get to 3 Mile Rd. Property is on the right corner.
- Property Description: 4-unit value-add opportunity in Riverside Gardens with immediate upside for the next owner. Strong rental location, long-term ownership, and flexible unit mix including (2) 2-bedroom units, (1) 1-bedroom unit, and (1) studio, all with 1 bath. Two units currently occupied, all month-to-month. Largest 2-bedroom unit is vacant with new carpet, creating an immediate opportunity for lease-up, owner occupancy, or renovation. Current rents have been conservatively managed at approximately $800-$1,100/month, previously totally $4,000/month,, while leaving room for increased income through improved management and updates. Property includes 1 forced air furnace, 3 wall furnaces, 4 gas meters, 4 water heaters, and 2 electrical panels. Primary roof replaced approximately 7-8 years ago. Seller recently secu
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