Loren Gardner
REALTOR®
BEDS0
BATHS
MLS#26015647
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONRiverside Gardens
SCHOOLGrand Rapids
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!
Property Features
Property Type: Multi Unit - Multiple
Basement: Full
Cooling: Window Unit(s)
Heating: Forced Air, Wall Furnace
Lot Size: 0.23 Acres
Roof Type: Composition
Taxes: $3,898
Year Built: 1900
Feature Descriptions
Days on Site: 3
Exterior: Vinyl Siding
Lot: Corner Lot
Lot Dimensions: IRR
Owner Pays: None
Parcel Number: 41-14-06-457-018
Parking: Asphalt, Driveway, Concrete
Parking Total: 5
Road Surface: Paved
Sewer: Public Sewer
Sub Type: 2 to 4 Units
Tenant Pays: None
Units: 4
Utilities: Phone Available, Natural Gas Available, Electricity Available, Cable Available, Phone Connected, Natural Gas Connected, Electricity Connected, Cable Connected, Storm Sewer
Water: Private Water
Local Schools
School District: Grand Rapids
Listed By / Shown By
Listed By
Agency Name: Five Star Real Estate (Eastown)
Agency Phone: 616-608-0600
Agent Name: Justin W Moorehead
Shown By
Agent Name: Loren Gardner
Agent Phone: (231) 714-8411
Agency Title: Key Realty
 | The property comes from the Member MLS's of the Michigan Regional Information Center, LLC (MichRIC). Copyright 2026 Michigan Regional Information Center, LLC (MichRIC). All rights reserved. Information deemed reliable, but not guaranteed. Data Last Updated 04/18/2026. |
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Estimated Payment
$ 2,384.13 per month $1,957.24 Principal & Interest $324.83 Property Tax $102.05 Homeowner's InsuranceChange Payment Information
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501 3 Mile Road Ne | MLS# 26015647
This multi-family property located at 501 3 Mile Road Ne, Grand Rapids, MI 49505 is currently listed for sale with an asking price of $349,900. 3 Mile Road Ne is located within the Grand Rapids school district. Search Grand Rapids real estate on lorengardner.ikeyrealty.com today.