NOT LISTED FOR SALE

138 E Sheridan St Petoskey, MI 49770

Estimated Value: $367,901 - $520,000

9 Beds
6 Baths
3,600 Sq Ft
$126/Sq Ft Est. Value

Last Sold September 04, 2019

Last sale price $275,000 $76 Per Sq Ft

Est. 64% increase in value since last sale

Current estimated payment $2,852/month

392 Days on Market

Highlights

  • Forced Air Heating System
  • Ceiling Fan
  • 4-minute walk to Washington Park

About This Home

As of September 2019

Here is a stellar opportunity to acquire that highly coveted income property you've been seeking. Rental demand is at an all time high and this in-town Petoskey location only increases the demand / value. This property features 5 units, all with private entries and bathrooms. Many recent updates / maintenance including a new roof in 2017. This is a turn-key opportunity to take over a fully occupied rental property. As one of two properties offering multi-family zoning designation in-town Petoskey, this one won't last long. Set up a private tour and see for yourself.

Last Agent to Sell the Property

Cam Braddock

Gaslight Group Properties Listed on: 05/24/2018

Last Buyer's Agent

Carol Sullivan

Pat O'Brien & Associates - Charlevoix License #6501406040

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,332

Lot Details

  • 3.43

Home Design

  • Wood Frame Construction
  • Asphalt Shingled Roof

Interior Spaces

  • 3,600 Sq Ft Home
  • Ceiling Fan
  • Partial Basement
  • Range
  • Washer

Utilities

  • Forced Air Heating System
  • Heating System Uses Natural Gas
  • Cable TV Available

Listing and Financial Details

  • Assessor Parcel Number 52-19-06-477-001

Community Details

Overview

  • 5 Units

Building Details

  • 5 Separate Electric Meters
  • Gross Income $47

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,332

Lot Details

0

Listing Details

  • Class: MULTI-FAMILY
  • Type: Multifamily
  • Type 2: Apartments
  • Lvt Date: 05/24/2018
  • Section: 6
  • Mult Un Res Condo: Y
  • Second Address Number: 138
  • Directions: South side of Sheridan Street between Buckley and Emmet. Driveway is accessed from Emmet St. (second driveway on the right as you travel south on Emmet through Sheridan intersection).
  • Price per Sq Ft: 76.39
  • OFFICELIST_STATE: MI
  • Street Designation: Street
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Features: Cable, Ceiling Fans, Range, Refrigerator, Washer
  • Basement: Partial
  • Total Sq Ft: 3600
  • Above Grade Finished Sq Ft: 3600

Exterior Features

  • Construction: Wood Frame
  • Roof: Asphalt Shingles
  • Waterfront Water Access: Neither

Utilities

  • Heat Type: Natural Gas, Forced Air
  • Sewer: City
  • Water: City
  • Number Electric Meters: 5

Schools

  • School District: Petoskey
  • School District: Petoskey

Lot Info

  • Zoning: RM-2

Tax Info

  • Assessor Parcel Number: 52-19-06-477-001

Multi Family

  • Number Of Units: 5

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Apr 19, 2024
Sold by
Rock Investment Company Llc
Bought by
Ljm Land Company Llc
Current Estimated Value
$451,975

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,875,000
Outstanding Balance
$1,850,377
Interest Rate
6.87%
Mortgage Type
New Conventional
Estimated Equity
-$1,398,402

Purchase Details

Listed on
May 24, 2018
Closed on
Sep 4, 2019
Sold by
Bear River Rentals Llc
Bought by
Drost Travis
Seller's Agent
Cam Braddock
Gaslight Group Properties
Buyer's Agent
Carol Sullivan
Pat O'Brien & Associates - Charlevoix
List Price
$379,900
Sold Price
$275,000
Premium/Discount to List
-$104,900
-27.61%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
8.59%
Original Mortgage
$1
Interest Rate
3.6%
Mortgage Type
Stand Alone Refi Refinance Of Original Loan

Purchase Details

Listed on
Feb 7, 2014
Closed on
Apr 29, 2014
Sold by
Lee A Lee A
Bought by
Bear River Rentals Llc
Seller's Agent
Roxanne Beach
Berkshire Hathaway HomeServices Michigan Real Estate - HS
Buyer's Agent
Phyllis Burkee
Jack Van Treese & Assoc..
List Price
$150,000
Sold Price
$160,000
Premium/Discount to List
$10,000
6.67%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
10.65%
Original Mortgage
$15,000
Interest Rate
6%
Mortgage Type
Commercial

Purchase Details

Closed on
Jun 8, 2001
Sold by
Vanslembrouck Lee A and Vanslembrouck Christine
Bought by
Turk John H and Houlmont Bruce

Purchase Details

Closed on
Jun 30, 2000
Bought by
Vanslembrouck Lee A and Vanslembrouck Christine

Purchase Details

Closed on
Jun 1, 1994
Bought by
Homestead
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Ljm Land Company Llc -- Cislo Title Company
Rock Investments Company Llc -- --
Drost Travis $275,000 Attorneys Title
Bear River Rentals Llc $160,000 Ppr Title Agency
Turk John H $310,000 --
Vanslembrouck Lee A $195,000 --
Homestead $128,400 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Rock Investments Company Llc $1,875,000
Closed Ljm Land Company Llc $625,000
Previous Owner Drost Travis $1
Previous Owner Bear River Rentals Llc $0
Previous Owner Bear River Rentals Llc $15,000
Previous Owner Bear River Rentals Llc $256,000
Previous Owner Vanslembrouck Lee A $25,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/04/2019 09/04/19 Sold $275,000 -7.7% $76 / Sq Ft
05/23/2019 05/23/19 Price Changed $298,000 -8.3% $83 / Sq Ft
04/11/2019 04/11/19 Price Changed $324,900 -14.5% $90 / Sq Ft
05/24/2018 05/24/18 For Sale $379,900 +137.4% $106 / Sq Ft
04/29/2014 04/29/14 Sold $160,000 +6.7% $44 / Sq Ft
02/14/2014 02/14/14 Pending -- -- --
02/07/2014 02/07/14 For Sale $150,000 -- $42 / Sq Ft
Source: Northern Michigan MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $5,332 $263,200 $25,700 $237,500
2024 $5,332 $150,000 $25,700 $124,300
2023 $5,097 $96,400 $16,300 $80,100
2022 $5,097 $96,400 $17,200 $79,200
2021 $5,115 $96,400 $7,900 $88,500
2020 $5,200 $96,400 $7,900 $88,500
2019 -- $96,400 $7,900 $88,500
2018 -- $96,400 $7,900 $88,500
2017 -- $96,400 $7,900 $88,500
2016 -- $77,500 $7,900 $69,600
2015 -- $105,500 $0 $0
2014 -- $105,500 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • Cam Braddock

    Seller's Agent in 2019

    Cam Braddock

    Gaslight Group Properties

    (231) 330-9819

    23 in this area

    68 Total Sales

    Cam Braddock
    Section Image
  • Carol Sullivan

    Buyer's Agent in 2019

    Carol Sullivan

    Pat O'Brien & Associates - Charlevoix

    (231) 675-9571

    2 in this area

    91 Total Sales

    Carol Sullivan
    Section Image
  • Roxanne Beach

    Seller's Agent in 2014

    Roxanne Beach

    Berkshire Hathaway HomeServices Michigan Real Estate - HS

    (231) 526-9800

    3 in this area

    109 Total Sales

    Roxanne Beach
    Section Image

  • D

    Seller Co-Listing Agent in 2014

    Deborah Graham

    Berkshire Hathaway HomeServices Michigan Real Estate - Petoskey

    Section Image
  • Phyllis Burkee

    Buyer's Agent in 2014

    Phyllis Burkee

    Jack Van Treese & Assoc..

    (231) 838-5307

    4 in this area

    14 Total Sales

    Phyllis Burkee
    Section Image
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Map

Source: Northern Michigan MLS

MLS Number: 455286

Northern Michigan MLS

APN: 52-19-06-477-001

Michigan Emmet County Petoskey 49770

138 E Sheridan St, Petoskey, MI

This home is located at 138 E Sheridan St, Petoskey, MI 49770 since 24 May 2018 and is currently estimated at $451,975, approximately $125 per square foot. 138 E Sheridan St is a home located in Emmet County with nearby schools including Petoskey High School, St. Francis Xavier School, and Petoskey Sda Elementary School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Northern Michigan MLS IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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