501 3 Mile Road NE, Grand Rapids, MI 49505
- $360,000
- Sold Price
- $360,000
- List Price
- $349,900
- Closing Date
- May 14, 2026
- Days on Market
- 5
- MLS#
- 26015647
- Status
- SOLD
- Type
- Multifamily
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!
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Additional Information
- Owner Pays
- None
- Taxes
- $3,898
- Acres
- 0.23
- Basement
- Full
- Heating
- Forced Air, Wall Furnace
- Roofing
- Composition
- School District
- Grand Rapids
- Sewer
- Public Sewer
- Tenant Pays
- None
- Total Parking Spaces
- 5
- Utilities
- Cable Connected, Natural Gas Connected, Phone Connected, Electricity Connected, Cable Available, Electricity Available, Natural Gas Available, Storm Sewer, Phone Available
- Water
- Private
Mortgage Calculator
Listing courtesy of Listing Agent: Justin W Moorehead from Listing Office: Five Star Real Estate (Eastown).
Selling Agent: Selling Office: .
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