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About This Home
This 5-bedroom, 0-bathroom residential multi family at 501 3 Mile Road NE in Grand Rapids, MI is listed for $349,900. Built in 1900, on a 0.23 acres lot.
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!
Key Features
- Built in 1900
- 0.23 acre lot
- 5 parking spaces
Property Details
Amenities
Monthly Cost Estimate
$1,871/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
501 3 Mile Road NE
Grand Rapids, MI 49505
Riverside Gardens
Property Details
Construction
Parking
Heating
Cooling
Questions & Answers
This 5-bedroom, 0-bathroom residential multi family at 501 3 Mile Road NE is listed at $349,900. The estimated monthly payment is $1,516 based on 20% down at 6.5% interest.
Key features include: Built in 1900, 0.23 acre lot, 5 parking spaces.
This property is listed by Justin W Moorehead and can be reached at 6164058429 or justin@soldbymoorehead.com.