38
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$499,000
Est. payment /mo
3,082 SqFt
New
27 Colfax ST NE City Of Grand Rapids, MI 49505
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Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 3,082 sqft
Price per Sqft $161
MLS Listing ID 65026049304
Year Built 1875
Lot Size 6,969 Sqft
Acres 0.16
Property Sub-Type MultiFamily
Property Description
Excellent investment opportunity in growing NE Grand Rapids! This City-certified 4-unit multifamily property is 100% occupied with great tenants and all leases secured through July 2027, providing immediate cash flow and a smooth transition for the next owner. Current gross rents total $5,005/month ($60,060 annually), putting the property right around the desirable 1% rent-to-price benchmark. Many updates have been completed throughout the units, making this a strong addition to an investor's portfolio. The property also features a large backyard, alley access, and street frontage. With established tenants, strong current rents, City certification until 09/08/2029, and long-term leases already in place, this is an attractive opportunity to acquire a stabilized income-producing property in NE Grand Rapids with future upside. Professional Property Management available making this an easy all around acquisition. 24 hr notice required- Submit pre-approval to listing agent prior to showing
Location
State MI
County Kent
Area Area41142Grandrapids
Interior
Heating Forced Air, Natural Gas
Fireplace No
Laundry CommonArea, LaundryRoom
Exterior
Community Features Sidewalks
Utilities Available ElectricityConnected, NaturalGasConnected, SewerConnected
View Y/N No
Roof Type Composition
Building
Sewer Public Sewer, Sewer At Street
Water Public
New Construction No
Schools
School District Grand Rapids
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by Timothy J VandenToorn of United Realty Services LLC
NEARBY SCHOOL & BUSINESS
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