NOT LISTED FOR SALE

402 E Ludington Ave Ludington, MI 49431

Estimated Value: $776,081

-- Bed
-- Bath
-- Sq Ft
0.3 Acres

Last Sold August 31, 2016

Last sale price $380,000

Est. 104% increase in value since last sale

Current estimated payment $4,742/month

546 Days on Market

Highlights

  • Corner Lot: Yes
  • Lakeview Elementary School Rated A-
  • Baseboard Heating

About This Home

As of August 2016

HUGE transformation in the last 3 years. Seven 2 bedroom/1 bath units and three 1 bedroom/1 bath units. Tenants pay their own utilities except water. Improvements include new kitchens with custom cabinetry, new counter tops, new flooring. Entire building has new plumbing, new electric, insulation, partial roof replaced, most windows are new. All the decks are new, as is the water line from the street, and most of the appliances. Current owners are skilled workers and have meticulously made improvements and have raised rents as each unit was updated. The quality is refreshing and tenants are happy. Owners will supply financials with a reasonable offer, ask agent for details.

Last Agent to Sell the Property

Mary Jo Pung

CENTURY 21 Bayshore Listed on: 01/15/2015

Last Buyer's Agent

Adam Sheren

Adley Group Realty License #6502395416

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $5,013

Year Built

  • Built in 1890

Lot Details

  • 0.3 Acre Lot
  • Lot Dimensions are 92x140
  • Corner Lot: Yes

Parking

  • 10 Parking Spaces

Home Design

  • Composition Roof
  • Vinyl Siding

Utilities

  • No Cooling
  • Baseboard Heating

Additional Features

  • Partial Basement
  • Mineral Rights Excluded

Community Details

  • 10 Units
  • Insurance Expense $4,000

Listing and Financial Details

  • The owner pays for water

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,013

Year Built

Built in 1890

Lot Details

0

Listing Details

  • Property Sub-Type: 5+ Units
  • Property Type: Multi-Family
  • New Construction: No
  • Year Built: 1890
  • Location Property Info:Property Sub-Type: 5+ Units
  • General Property Info:New Construction2: No
  • General Property Info:Lot Dimensions: 92x140
  • General Property Info:Waterfront3: No
  • General Property Info:Basement: Yes
  • Tax Info:Annual Property Tax: 5013.0
  • Tax Info:Zoning3: R3A
  • General Property Info:Total _pound_ Units: 10
  • General Property Info:Total _pound_ Bldgs: 1.0
  • Roofing:Composition: Yes
  • Utilities Attached:Electric4: Yes
  • Substructure:Partial: Yes
  • Util Avail at Street:Public Sewer: Yes
  • Util Avail at Street:Public Water: Yes
  • Sewer:Public: Yes
  • Water:Public2: Yes
  • Lot Description:Corner Lot: Yes
  • Mineral Rights:No: Yes
  • Heat Type:Baseboard: Yes
  • Special Features: VirtualTour
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Basement

Exterior Features

  • List Price: 450000.0
  • 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

Garage/Parking

  • Total Parking Spaces: 10.0
  • General Property Info:Total Parking Spaces: 10.0

Utilities

  • Cooling: None
  • Cooling: No
  • Heating: Baseboard, Electric
  • Heating: Yes
  • Utilities: Public Water, Public Sewer
  • Water Source: Public
  • Heat Source:Electric2: Yes

Lot Info

  • Lot Size Acres: 0.3
  • Lot Size Area: 0.3
  • Lot Size Sq Ft: 13068.0
  • Zoning Description: R3A
  • ResoLotSizeUnits: Acres

Rental Info

  • Owner Pays: Water

Multi Family

  • Insurance Expense: 4000.0
  • Number of Units Total: 10

Tax Info

  • Tax Annual Amount: 5013.0
  • Tax Year: 2015

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jan 15, 2015
Closed on
Aug 31, 2016
Sold by
Historic Buildings Llc
Bought by
Adley Properties Llc
Seller's Agent
Mary Jo Pung
CENTURY 21 Bayshore
Buyer's Agent
Adam Sheren
Adley Group Realty
List Price
$825,000
Sold Price
$380,000
Premium/Discount to List
-$445,000
-53.94%
Current Estimated Value
$776,081

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$396,081
Avg. Annual Appreciation
8.11%
Original Mortgage
$500,000
Outstanding Balance
$399,381
Interest Rate
3.43%
Estimated Equity
$376,700

Purchase Details

Closed on
Mar 30, 2011
Sold by
Draghi Thomas and Draghi Diana L
Bought by
Historic Buildings

Purchase Details

Closed on
Jul 1, 1997
Source: Public Records

Range of Values:

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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
Adley Properties Llc -- Lighthouse Title
Historic Buildings -- --
-- $160,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Adley Properties Llc $500,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/31/2016 08/31/16 Sold $380,000 -53.9% --
07/14/2016 07/14/16 Pending -- -- --
01/15/2015 01/15/15 For Sale $825,000 -- --
Source: MichRIC

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 $8,055 $169,100 $169,100 $0
2024 -- $150,600 $150,600 $0
2023 -- $130,600 $130,600 $0
2022 -- $134,200 $0 $0
2021 $5,750 $119,800 $0 $0
2020 $5,750 $119,600 $0 $0
2019 -- -- $0 $0
2018 -- -- $0 $0
2017 -- -- $0 $0
2016 -- -- $0 $0
2015 -- -- $0 $0
2013 -- -- $0 $0
Source: Public Records

Agents Affiliated with this Home

  • M

    Seller's Agent in 2016

    Mary Jo Pung

    CENTURY 21 Bayshore

  • A

    Buyer's Agent in 2016

    Adam Sheren

    Adley Group Realty

    (231) 794-7658

    1 in this area

    1 Total Sale

    Adam Sheren
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Map

Source: MichRIC

MLS Number: 15001854

MichRIC

APN: 051-222-005-00

Michigan Mason County Ludington 49431

402 E Ludington Ave, Ludington, MI

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MichRIC Information is deemed reliable but not guaranteed.
Copyright 2025 MichRIC, LLC. All rights reserved.

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