Seller's Agent in 2022
Michael MacCarthy
Gaslight Group Properties
(231) 838-7700
67 in this area
192 Total Sales
524 State St Petoskey, MI 49770
Estimated Value: $918,274
--
Bed
--
Bath
2,533
Sq Ft
$363/Sq Ft
Est. Value
Highlights
- Deck
- Forced Air Heating System
- 2-minute walk to St Francis Xavier Playground
About This Home
As of January 2022A six plex this close to downtown Petoskey is extremely rare and this one is an easy "no hills" walk to downtown. Currently 100% rented and all leases are month to month. Property has been a great rental owned by the same family for many years and is ready for a new investor. Property requires TLC but currently has a substantial gross income and low carry cost. Financials available upon request. Great location 2 blocks from the remarkable restaurants and shops of Petoskey's Gaslight District.
Last Buyer's Agent
Abby Badgley
Gaslight Group Properties
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $3,385
Year Built
- Built in 1900
Lot Details
- 7,100
Home Design
- Wood Frame Construction
- Asphalt Shingled Roof
Interior Spaces
- 2,533 Sq Ft Home
- Michigan Basement
- Range
Outdoor Features
- Deck
Utilities
- Forced Air Heating System
- Heating System Uses Natural Gas
- Cable TV Available
Listing and Financial Details
- Assessor Parcel Number 52-19-05-100-090
Community Details
Overview
- 6 Units
Building Details
- Electric Expense $3,758
- Fuel Expense $2,340
- Insurance Expense $1,743
- Gross Income $38
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Apr 23, 2024
Sold by
Rock Investment Company Llc
Bought by
Ljm Land Company Llc
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$625,000
Outstanding Balance
$616,792
Interest Rate
6.87%
Mortgage Type
New Conventional
Purchase Details
Closed on
Apr 19, 2024
Sold by
Rock Investments Company Llc
Bought by
Ljm Land Company Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$625,000
Outstanding Balance
$616,792
Interest Rate
6.87%
Mortgage Type
New Conventional
Purchase Details
Listed on
Jun 25, 2021
Closed on
Dec 31, 2021
Sold by
Manker Charles L Trust
Bought by
Rock Investments Company Llc
Seller's Agent
Michael MacCarthy
Gaslight Group Properties
Buyer's Agent
Abby Badgley
Gaslight Group Properties
List Price
$329,000
Sold Price
$250,000
Premium/Discount to List
-$79,000
-24.01%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$400,000
Interest Rate
3.05%
Mortgage Type
Cash
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Ljm Land Company Llc | -- | -- | |
| Ljm Land Company Llc | -- | -- | |
| Rock Investments Company Llc | $500,000 | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Ljm Land Company Llc | $625,000 | |
| Closed | Ljm Land Company Llc | -- | |
| Open | Ljm Land Company Llc | $1,875,000 | |
| Previous Owner | Rock Investments Company Llc | $400,000 | |
| Closed | Ljm Land Company Llc | -- |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 01/03/2022 01/03/22 | Sold | $250,000 | -19.1% | $99 / Sq Ft |
| 09/20/2021 09/20/21 | Price Changed | $309,000 | -6.1% | $122 / Sq Ft |
| 06/25/2021 06/25/21 | For Sale | $329,000 | -- | $130 / Sq Ft |
Source: Northern Michigan MLS
Tax History Compared to Growth
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 | $7,411 | $167,100 | $167,100 | $0 |
| 2024 | $7,411 | $146,300 | $146,300 | $0 |
| 2023 | $3,475 | $134,000 | $134,000 | $0 |
| 2022 | $3,475 | $126,000 | $126,000 | $0 |
| 2021 | $3,376 | $112,900 | $112,900 | $0 |
| 2020 | $3,385 | $112,700 | $112,700 | $0 |
| 2019 | -- | $110,200 | $110,200 | $0 |
| 2018 | -- | $96,500 | $96,500 | $0 |
| 2017 | -- | $92,500 | $92,500 | $0 |
| 2016 | -- | $92,000 | $92,000 | $0 |
| 2015 | -- | $79,500 | $0 | $0 |
| 2014 | -- | $79,500 | $0 | $0 |
Source: Public Records
Agents Affiliated with this Home
-
Michael MacCarthy
-
Cam Braddock
Seller Co-Listing Agent in 2022
Cam Braddock
Gaslight Group Properties
(231) 330-9819
23 in this area
68 Total Sales
-
A
Buyer's Agent in 2022
Abby Badgley
Gaslight Group Properties
Map
Source: Northern Michigan MLS
MLS Number: 465569
APN: 52-19-05-100-090
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