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Buy a multi-family propertyat 1816 Horton Avenue SE, Grand Rapids, MI 49507

$349,900

$0/mo

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Multifamily

5,280 Sq. Ft. lot

687 Days on market

23021400 MLS ID

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About 1816 Horton Avenue SE multi-family property

This is a rare 3 unit opportunity with a return that exceeds ''the 1% rule.'' Gross rents are $3,745.00, with potential to increase. Vouchers are now worth $1,985.00 for 3bedrooms in Grand Rapids making it possible to increase the gross rents to $5,495.00 These properties are hard to find in Grand Rapids. The property is fully occupied and the tenants are in good standing with professional management in place. One 3 bedroom unit will be opening up in the next couple of weeks. Separate utilities. The roof was just replaced this year creating a low maintenance property. City Certified until 11/25. Don't miss this opportunity to jump into immediate cash flow.
This is a rare 3 unit opportunity with a return that exceeds ''the 1% rule.'' Gross rents are $3,745.00, with potential to increase. Vouchers are now worth $1,985.00 for 3bedrooms in Grand Rapids making it possible to increase the gross rents to $5,495.00 These properties are hard to find in Grand Rapids. The property is fully occupied and the tenants are in good standing with professional management in place. One 3 bedroom unit will be opening up in the next couple of weeks. Separate utilities. The roof was just replaced this year creating a low maintenance property. City Certified until 11/25. Don't miss this opportunity to jump into immediate cash flow.

Property details

Basement

Basement: "Michigan Basement"

House

Construction Materials: "Vinyl Siding"

Number Of Buildings: 2

Number Of Units Total: 3

Year Built: 1898

Cooling

Cooling Included

Cooling: "Central Air"

Fireplaces

2 total fireplaces

Heating

Heating: "Forced Air", "Natural Gas"

Heating Included

Listing

Listing Contract Date: 2023-06-21

Listing Id: 23021400

Listing Terms: "Cash", "Conventional"

Mls Status: Pending

Modification Timestamp: 2023-07-16 22:19:30

Off Market Date: 2023-07-16

On Market Date: 2023-07-11

Purchase Contract Date: 2023-07-16

Standard Status: Pending

Status Change Timestamp: 2023-07-16 22:18:56

Location

City: Grand Rapids

State Or Province: MI

County Or Parish: Kent

Postal Code: 49507

MLS Area Major: Grand Rapids - G

MLS Area Minor: Grand Rapids - G

Lot

0.12 acres

Area: 0.12

Dimensions: 40*132

5,280 square feet

Owner Pays

Owner Pays: "Water", "Sewer"

Parking

Parking Total: 8

Property

Parcel Number: 41-18-06-352-005

Property Sub Type: 2 to 4 Units

Schools

Middle Or Junior School District: Grand Rapids

Sewer

Sewer: "Public Sewer"

Taxes

Annual Amount: $2,800

Tax Year: 2023

Tenant Pays

Tenant Pays: "Gas"

Utilities

Water Source: "Public"

Monthly cost

Estimated monthly cost

$2,457/mo

All calculations are estimates and provided by Unreal Estate, Inc. for informational purposes only. Actual amounts may vary.

Seller fees & commissions

Home sale price

$

Outstanding mortgage

$

Selling with traditional agent

Selling with Unreal Estate agent

Your total sale proceeds$328,906

+$10,497

$339,403

Seller agent commission$10,497 (3%)*

$0 (0%)

Buyer agent commission$10,497 (3%)*

$10,497 (3%)*

*Commissions are based on national averages and not intended to represent actual commissions of this property All calculations are estimates and provided by Unreal Estate, Inc. for informational purposes only. Actual amounts may vary.

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Unreal Estate checked: Sep 10, 2024 at 1:34 p.m.

Data updated: Jul 17, 2023 at 5:07 a.m.

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