NOT LISTED FOR SALE

621 Oak St Paw Paw, MI 49079

Estimated Value: $202,000 - $239,008

-- Bed
-- Bath
-- Sq Ft
1,320 Sq Ft Lot

Last Sold January 08, 2015

Last sale price $79,000

Est. 187% increase in value since last sale

Current estimated payment $1,350/month

414 Days on Market

About This Home

As of January 2015

Investment property with strong long term profitability and outstanding location. One owner for 25+ years, with long-term property manager in place. Land contract available for qualified buyers. This large 6-unit rental property is located in downtown Paw Paw, minutes from I-94. Strong rental history with several long term tenants. Currently 100% occupied. Heating unit (steam boiler) less than 10 years old. Recent improvements include new windows on front of building, flooring in all units, exterior paint of trim/soffits/fascia, and new shutters. This is an outstanding investment opportunity. Seller is a licensed Michigan real estate agent.

Last Agent to Sell the Property

David Kreager

Michigan Lifestyle Properties License #6502357393 Listed on: 11/07/2013

Last Buyer's Agent

Steve Sprengel

Michigan Lifestyle Properties / Gull Lake Realty License #6501351526

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1909

Lot Details

  • 1,320 Sq Ft Lot

Parking

  • 6 Parking Spaces

Home Design

  • Metal Roof

Utilities

  • No Cooling
  • Heating System Uses Steam
  • Natural Gas Connected
  • Cable TV Available

Listing and Financial Details

  • The owner pays for water, sewer, gas

Community Details

Overview

  • 6 Units

Building Details

  • Insurance Expense $883
  • Operating Expense $14,013
  • Gross Income $34,200
  • Net Operating Income $20,186

Property Details

Home Type

Apartment

Year Built

Built in 1909

Lot Details

0

Listing Details

  • Property Sub-Type: 5+ Units
  • Property Type: Multi-Family
  • Year Built: 1909
  • Special Features: None
  • Property Sub Type: MultiFamily

Exterior Features

  • List Price: 79000.0
  • Number of Buildings: 1
  • Road Surface Type: Paved
  • Roof: Metal
  • Topography: {"Level":true}

Garage/Parking

  • Total Parking Spaces: 6.0

Utilities

  • Cooling: None
  • Cooling: No
  • Heating: Steam
  • Heating: Yes
  • Utilities: Telephone Line, Natural Gas Connected, Cable Connected, Public Water, Public Sewer
  • Water Source: Public

Lot Info

  • Lot Size Acres: 0.03
  • Lot Size Area: 0.03
  • Lot Size Sq Ft: 1320.0
  • Zoning Description: Multi Family
  • ResoLotSizeUnits: Acres

Rental Info

  • Owner Pays: Water, Sewer, Gas

Multi Family

  • Gross Income: 34200.0
  • Insurance Expense: 883.0
  • Net Operating Income: 20186.0
  • Number of Units Total: 6
  • Operating Expense: 14013.0

Tax Info

  • Tax Annual Amount: 2831.0
  • Tax Year: 2013

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Feb 16, 2017
Sold by
Lakeside Properties Series Llc
Bought by
Cornerstone Afc Land Group Llc
Current Estimated Value
$226,502

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$331,000
Interest Rate
4.16%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Listed on
Nov 7, 2013
Closed on
Jan 7, 2015
Sold by
Lakeside Properties Series Llc Series 21
Bought by
Cornerstone Land Group
Seller's Agent
David Kreager
Michigan Lifestyle Properties
Buyer's Agent
Steve Sprengel
Michigan Lifestyle Properties / Gull Lake Realty
List Price
$94,900
Sold Price
$79,000
Premium/Discount to List
-$15,900
-16.75%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
10.08%

Purchase Details

Closed on
Feb 15, 2013
Sold by
Lukeman Joseph A
Bought by
Lakeside Properties Series Llc

Purchase Details

Closed on
Feb 10, 1998
Sold by
Lukeman Albert L
Bought by
Lukeman Albert L and Albert L Lukeman Revocable Trust
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
Cornerstone Afc Land Group Llc $79,000 A S K Services Inc
Cornerstone Land Group -- None Available
Lakeside Properties Series Llc $65,000 None Available
Lukeman Albert L -- None Available
Lukeman Albert L Trust -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Cornerstone Afc Land Group Llc $331,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
01/08/2015 01/08/15 Sold $79,000 -16.8% --
12/26/2014 12/26/14 Pending -- -- --
11/07/2013 11/07/13 For Sale $94,900 -- --
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 $1,782 $125,600 $0 $0
2024 $1,782 $106,600 $0 $0
2023 $1,619 $94,100 $0 $0
2022 $3,896 $83,700 $0 $0
2021 $3,724 $88,800 $11,400 $77,400
2020 $3,509 $58,000 $11,400 $46,600
2019 $3,326 $54,300 $54,300 $0
2018 $3,322 $49,000 $49,000 $0
2017 $3,551 $52,100 $0 $0
2016 $3,445 $52,700 $0 $0
2015 $1,357 $52,700 $0 $0
2014 $1,312 $45,942 $0 $0
2013 -- $43,300 $43,300 $0
Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2015

    David Kreager

    Michigan Lifestyle Properties

    (269) 352-1381

    32 Total Sales

    David Kreager
    Section Image

  • S

    Buyer's Agent in 2015

    Steve Sprengel

    Michigan Lifestyle Properties / Gull Lake Realty

    Section Image
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Map

Source: Southwestern Michigan Association of REALTORS®

MLS Number: 13064031

Southwestern Michigan Association of REALTORS®

APN: 80-47-252-001-00

Michigan Van Buren County Paw Paw 49079

621 Oak St, Paw Paw, MI

This home is located at 621 Oak St, Paw Paw, MI 49079 since 07 November 2013 and is currently estimated at $226,502. This property was built in 1909. 621 Oak St is a home located in Van Buren County with nearby schools including Paw Paw Early Elementary School, Paw Paw Later Elementary School, and Paw Paw Middle 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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