NOT LISTED FOR SALE

361 Richard Terrace SE Unit 2 Grand Rapids, MI 49506

Eastown Neighborhood

Estimated Value: $439,994 - $459,000

-- Bed
-- Bath
-- Sq Ft
3,920 Sq Ft Lot

Last Sold October 03, 2016

Last sale price $316,000

Est. 42% increase in value since last sale

Current estimated payment $2,846/month

7 Days on Market

Highlights

  • Brick or Stone Mason
  • Laundry Facilities
  • 5-minute walk to Sigsbee Park
  • Forced Air Heating System

About This Home

As of October 2016

Great 2 unit listing in Eastown where your investment dollars are well spent! This property currently operates with a $40,020 gross income $30,168 net, rent is $1650 per unit and is selling at a 10% cap rate with a 8% management fee included. It gets even better with both units rented until summer 2017 with GR cert. of compliance until June 2022. Property has been through recent extensive update. See attached list. Units are 4 bedroom, 1.5 bath with close to 2000 square feet of living space including laundry facilities for each unit. Nice stone front porch and updated front and back landscaping give house great curb appeal. Tenants love the new cement patios out back. Renters are just steps away from restaurants, shops and the great living downtown GR has to off

Last Agent to Sell the Property

Kirsten Nairy

ERA Reardon Realty Great Lakes License #6501358824 Listed on: 08/12/2016

Last Buyer's Agent

Christian Huyge

Polaris Real Estate LLC License #6501379474

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $3,465

Year Built

  • Built in 1900

Lot Details

  • 3,920 Sq Ft Lot
  • Lot Dimensions are 45 x 90

Home Design

  • Brick or Stone Mason
  • Composition Roof
  • Vinyl Siding
  • Stone

Basement

  • Basement Fills Entire Space Under The House

Utilities

  • No Cooling
  • Forced Air Heating System
  • Heating System Uses Natural Gas

Listing and Financial Details

  • Tenant pays for gas
  • The owner pays for water, sewer

Community Details

Building Details

  • Insurance Expense $1,254
  • Manager Expense $3,202
  • Utility Expense $662
  • Gross Income $40,020
  • Net Operating Income $30,168

Additional Features

  • 2 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$3,465

Year Built

Built in 1900

Lot Details

0

Listing Details

  • Property Sub-Type: 2 to 4 Units
  • Property Type: Multi-Family
  • New Construction: No
  • Year Built: 1900
  • Location Property Info:Property Sub-Type: 2 to 4 Units
  • General Property Info:New Construction2: No
  • General Property Info:Lot Dimensions: 45 x 90
  • General Property Info:Waterfront3: No
  • General Property Info:Basement: Yes
  • Tax Info:Annual Property Tax: 3465.0
  • Tax Info:Zoning3: Res
  • General Property Info:Total _pound_ Units: 2
  • General Property Info:Total _pound_ Bldgs: 1.0
  • Roofing:Composition: Yes
  • Heat Type:Forced Air: Yes
  • Substructure:Full: Yes
  • Utilities Attached:Electric4: Yes
  • Heat Source:Natural Gas3: Yes
  • Util Avail at Street:Electric: Yes
  • Util Avail at Street:Natural Gas2: Yes
  • Util Avail at Street:Public Sewer: Yes
  • Util Avail at Street:Public Water: Yes
  • Utilities Attached:Natural Gas: Yes
  • Sewer:Public: Yes
  • Water:Public2: Yes
  • Extras:Laundry Facility: Yes
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Basement

Exterior Features

  • Construction Materials: Stone
  • List Price: 310000.0
  • Lot Features: Sidewalk
  • Number of Buildings: 1
  • Road Surface Type: Paved
  • Roof: Composition
  • Waterfront: No
  • Exterior Material:Vinyl Siding: Yes
  • Access Feat:Accessibility Features2: No
  • Exterior Material:Stone: Yes

Utilities

  • Cooling: None
  • Cooling: No
  • Heating: Forced Air, Natural Gas
  • Heating: Yes
  • Utilities: Natural Gas Connected, Public Water, Public Sewer

Lot Info

  • Lot Size Acres: 0.09
  • Lot Size Area: 0.09
  • Lot Size Sq Ft: 3920.0
  • Zoning Description: Res
  • ResoLotSizeUnits: Acres

Rental Info

  • Owner Pays: Water, Sewer
  • Tenant Pays: Gas

Multi Family

  • Gross Income: 40020.0
  • Insurance Expense: 1254.0
  • Manager Expense: 3202.0
  • Net Operating Income: 30168.0
  • Number of Units Total: 2

Tax Info

  • Tax Annual Amount: 3465.0
  • Tax Year: 2015

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Apr 1, 2025
Sold by
36 Richard Terrace Llc
Bought by
White Devin E
Current Estimated Value
$449,999

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$422,750
Outstanding Balance
$422,021
Interest Rate
6.76%
Mortgage Type
New Conventional
Estimated Equity
$24,380

Purchase Details

Listed on
Aug 12, 2016
Closed on
Oct 3, 2016
Sold by
361 Richard Terrace Llc
Bought by
Richard Terrace Llc
Seller's Agent
Kirsten Nairy
ERA Reardon Realty Great Lakes
Buyer's Agent
Christian Huyge
Polaris Real Estate LLC
List Price
$310,000
Sold Price
$316,000
Premium/Discount to List
$6,000
1.94%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
3.92%

Purchase Details

Closed on
Aug 5, 2014
Sold by
Turner John
Bought by
361 Richard Terrace Llc

Purchase Details

Closed on
Mar 29, 2013
Sold by
361 Richard Terrace Se Llc
Bought by
Turner John

Purchase Details

Closed on
Jun 5, 2007
Sold by
Wickering Gloria M
Bought by
361 Richard Terrace Se Llc

Purchase Details

Closed on
Jul 15, 2003
Sold by
Wickering Jack and Wickering Gloria M
Bought by
Wickering Jack D
Source: Public Records

Range of Values:

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Average Value
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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
White Devin E $445,000 Sun Title
Richard Terrace Llc -- None Available
361 Richard Terrace Llc -- None Available
Turner John $115,000 Chicago Title
361 Richard Terrace Se Llc -- None Available
Wickering Jack D -- --
361 Richard Terrace Se Llc -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open White Devin E $422,750
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
10/03/2016 10/03/16 Sold $316,000 +1.9% --
08/19/2016 08/19/16 Pending -- -- --
08/12/2016 08/12/16 For Sale $310,000 -- --
Source: Southwestern Michigan Association of REALTORS®

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 $5,530 $211,900 $0 $0
2024 $5,530 $193,500 $0 $0
2023 $5,485 $162,100 $0 $0
2022 $5,213 $148,600 $0 $0
2021 $5,080 $140,400 $0 $0
2020 $4,910 $133,800 $0 $0
2019 $5,027 $119,700 $0 $0
2018 $4,873 $109,900 $0 $0
2017 $4,754 $79,400 $0 $0
2016 $3,826 $71,300 $0 $0
2015 $3,645 $71,300 $0 $0
2013 -- $58,800 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • K

    Seller's Agent in 2016

    Kirsten Nairy

    ERA Reardon Realty Great Lakes

    Section Image
  • Christian Huyge

    Buyer's Agent in 2016

    Christian Huyge

    Polaris Real Estate LLC

    (616) 889-8800

    3 in this area

    187 Total Sales

    Christian Huyge
    Section Image
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Map

Source: Southwestern Michigan Association of REALTORS®

MLS Number: 16041976

Southwestern Michigan Association of REALTORS®

APN: 41-14-29-457-026

Michigan Kent County Grand Rapids 49506 Eastown

361 Richard Terrace SE Unit 2, Grand Rapids, MI

This home is located at 361 Richard Terrace SE Unit 2, Grand Rapids, MI 49506 since 12 August 2016 and is currently estimated at $449,999. This property was built in 1900. 361 Richard Terrace SE Unit 2 is a home located in Kent County with nearby schools including Congress Elementary, Alger Middle School, and Ottawa Hills High 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.

Southwestern Michigan Association of REALTORS® Information is deemed reliable but not guaranteed.
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