116 and146 Coleman Street SE, Grand Rapids, MI 49548

$1,825,000 - Sold

Listed By:
Dwight J Berens
616-540-7646

RE/MAX of Grand Rapids (Stndl)
616-791-0110

http://www.remax-grandrapidsmi.com/

Water Features: None
Utilities Attached: Cable Connected,Electricity Connected,Natural Gas Connected,Phone Connected
Utilities Available at Street: None19
Extras: Carports,Laundry Facility,Sep Electric Meter,Sep Gas Meter
Lot Description: Level
Frontage/Type: 435 / Street, 0 / Water
Terms: Cash, Conventional
Original Price: $1,999,900
Complex Name:
Association Amenities:
Association Includes:
Directions: East off 7400 Block of S. Division

Property Description: This is a rare opportunity for the smaller investor or investment group to own a solid 16-unit (2 building) apartment complex in desirable Gaines Township (lower millage rates than Kentwood or Wyoming). Units include five-1 bedroom units and eleven 2-bedroom units, a laundry room in each building, plus two 8-car carports and 12 more open air parking spaces. This is a one owner (seller bought from builder in 1985) - seller have enjoyed this investment for 40 years but ready to turn it over to younger buyers and then go sit in the sun. Rent has been kept below market for many long-term tenants. All units have separate heat and electric, owner pays for gas and electric in laundry room. Units are in a variety of updated conditions; some units have been recently updated while a few could use frdescription. All units are between 600 and 650 square feet of living space. See attached documents for descriptions of all 16 units. Check and compare, nothing like it in Western Michigan.