Properties for sale in Michigan

Overview

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 secured 6yr rental certification. Detached garage needs re-work but good potential for covered tenant parking and storage. Strong fit for value add, long term investors. Top notch location!

Location Property Info

County: Kent
Street #: 501
Street Name: 3 Mile
Suffix: Road
Post Direction: NE
State: MI
Zip Code: 49505

General Property Info

Lot Measurement: Acres
Lot Square Footage: 10019
Lot Acres: 0.23
Lot Dimensions: IRR
Year Built: 1900
New Construction: No
Cert of Compliance: Yes
Cert. of Compliance Exp Date: 2032-03-14
Road Frontage: 220
Total # Units: 4
# of Diff Unit Floor Plans: 4
Total # Bldgs: 2
Total Parking Spaces: 5
Waterfront: No
School District: Grand Rapids
Basement: Yes

Tax Info

Tax ID #: 41-14-06-457-018
Taxable Value: 75510
SEV: 193100
For Tax Year: 2025
Seller's Annual Property Tax: 3898.92
Tax Year: 2025
Spec Assessment & Ty: NA
Zoning: Residential
Homestead %: 0

Remarks Misc

Directions: Head north on Coit ave until you get to 3 Mile Rd. Property is on the right corner.

Access Feat

Accessibility Features: No

More Information

Unit 1

Unit #: Yes
Unit Description: Unit 1
SqFt: 1100
Occupied: No
Monthly Rent: 1100
Bathrooms: Yes
Full Baths: Yes

Unit 2

Unit #: 2
Unit Description: Unit 2
SqFt: 350
Occupied: Yes
Monthly Rent: 800
Bathrooms: Yes
Full Baths: Yes

Unit 3

Unit #: 3
Unit Description: Unit 3
SqFt: 825
Occupied: No
Monthly Rent: 1000
Bathrooms: Yes
Full Baths: Yes

Unit 4

Unit #: 4
Unit Description: Unit 4
SqFt: 575
Occupied: Yes
Monthly Rent: 1000
Bathrooms: Yes
Full Baths: Yes

Location & Property Info

Cross Streets: 3 mile and coit
Property Sub-Type: 2 to 4 Units
Municipality: City of Grand Rapids
Subdivision: Riverside Gardens
Ownership Type: Private Owned

Office/Contract Info

Auction or For Sale: For Sale

Remarks & Misc

Public Remarks: 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 secured 6yr rental certification. Detached garage needs re-work but good potential for covered tenant parking and storage. Strong fit for value add, long term investors. Top notch location!
Legal: PT SE1/4 COM AT NE COR COIT AVE & 3 MILE RD TH NLY ON E LINE COIT AVE 110 FT TH E PARL 3 MILE RD 84 FT TH SLY 104.23 FT TO A PT ON N LINE OF 3 MILE RD 110 FT E OF BEG TH W TO BEG* SEC 6 T7N R11W* 0.23 A

Lot Description

Corner Lot: Yes

Street Type

Paved: Yes
Public: Yes

Util Avail at Street

Cable Available: Yes
Electricity Available: Yes
High Speed Internet: Yes
Natural Gas Available: Yes
Phone Available: Yes
Public Sewer: Yes
Public Water: Yes
Storm Sewer: Yes

Utilities Attached

Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes
Phone Connected: Yes

Sewer

Public Sewer: Yes

Water

Private Water: Yes

Terms Available

Cash: Yes
Conventional: Yes

Mineral Rights

Unknown: Yes

Exterior Material

Vinyl Siding: Yes

Roofing

Composition: Yes

Heat Source

Natural Gas: Yes

Sale Conditions

None: Yes

Heat Type

Forced Air: Yes
Wall Furnace: Yes

Air Conditioning

Window Unit(s): Yes

Tenant Pays

None: Yes

Driveway

Asphalt: Yes
Concrete: Yes

Substructure

Full: Yes

Extras

Garages: Yes

Owner Pays

None: Yes

Possession

Close Of Escrow: Yes
Subject To Tenant Rights: Yes

Property Features

Exterior Material: Vinyl Siding Roofing: Composition Substructure: Full Lot Description: Corner Lot Sewer: Public Sewer Water: Private Water Utilities Attached: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected Util Avail at Street: Cable Available; Electricity Available; High Speed Internet; Natural Gas Available; Phone Available; Public Sewer; Public Water; Storm Sewer Extras: Garages Owner Pays: None Tenant Pays: None Heat Source: Natural Gas Heat Type: Forced Air; Wall Furnace Air Conditioning: Window Unit(s) Driveway: Asphalt; Concrete Street Type: Paved; Public Mineral Rights: Unknown Terms Available: Cash; Conventional Possession: Close Of Escrow; Subject To Tenant Rights Sale Conditions: None

501 3 Mile Road NE, Grand Rapids, MI 49505