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Kristine Ludy

kristine@realtorsinmichigan.com +1(248) 704-9922

$349,900

Est. payment - /mo

10,019 Sqft Lot

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type 2 to 4 Units

Listing Status Pending

Purchase Type For Sale

Municipality City of Grand Rapids

Subdivision Riverside Gardens

MLS Listing ID 26015647

Year Built 1900

Annual Tax Amount $3,898

Tax Year 2025

Lot Size 10,019 Sqft

Acres 0.23

Lot Dimensions IRR

Property Sub-Type 2 to 4 Units

Source Michigan Regional Information Center (MichRIC)

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 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

State MI

County Kent

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

Rooms

Basement Full

Interior

Heating Forced Air, Wall Furnace

Cooling Window Unit(s)

Exterior

Parking Features Asphalt, Driveway, Concrete

Utilities Available Phone Available, Natural Gas Available, Electricity Available, Cable Available, Phone Connected, Natural Gas Connected, Electricity Connected, Cable Connected, Storm Sewer

View Y/N No

Roof Type Composition

Street Surface Paved

Total Parking Spaces 5

Building

Lot Description Corner Lot

Sewer Public Sewer

Water Private Water

Structure Type Vinyl Siding

New Construction No

Schools

School District Grand Rapids

Others

Tax ID 41-14-06-457-018

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

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Listed by Five Star Real Estate (Eastown)

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Kristine Ludy

+1(248) 704-9922

Agent | License ID: 6501431660

Agent License ID: 6501431660

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501 3 Mile NE Road Grand Rapids, MI 49505

Kristine Ludy

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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501 3 Mile NE Road