NOT LISTED FOR SALE

624 Michigan St Petoskey, MI 49770

Estimated Value: $401,000 - $756,000

-- Bed
-- Bath
2,363 Sq Ft
$243/Sq Ft Est. Value

Last Sold January 03, 2022

Last sale price $250,000 $106 Per Sq Ft

Est. 130% increase in value since last sale

Current estimated payment $3,675/month

152 Days on Market

About This Home

As of January 2022

Just a three blocks from Petoskey's Gaslight District is this fabulous rental property featuring 5 individual units and a gross annual income of $36,500. This property is in an area where the need for rental properties is extremely important to the health of downtown Petoskey's workforce and is ready for a new owner to spruce up as a long term investment asset or maybe even live in one or two units and rent out the others. More detailed rental data available upon request.

Last Agent to Sell the Property

Michael MacCarthy

Gaslight Group Properties Listed on: 06/25/2021

Co-Listed By

Cam Braddock

Gaslight Group Properties

Last Buyer's Agent

Abby Badgley

Gaslight Group Properties

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $7,527

Lot Details

  • Lot Dimensions are 50 x 145

Home Design

  • Wood Frame Construction
  • Asphalt Shingled Roof

Interior Spaces

  • 2,363 Sq Ft Home
  • Michigan Basement
  • Range

Utilities

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

Listing and Financial Details

  • Assessor Parcel Number 52-19-05-179-001

Community Details

Overview

  • 5 Units

Building Details

  • Electric Expense $2,749
  • Fuel Expense $1,957
  • Insurance Expense $1,807
  • Gross Income $36,500

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$7,527

Lot Details

0

Listing Details

  • Class: MULTI-FAMILY
  • Type: Multifamily
  • Lvt Date: 06/27/2021
  • Measurement Source: Assessor
  • Section: 5
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Features: Cable, Range, Refrigerator
  • Basement: Michigan
  • Total Sq Ft: 2363
  • Above Grade Finished Sq Ft: 2363

Exterior Features

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

Utilities

  • Heat Type: Natural Gas, Forced Air
  • Sewer: City
  • Water: City
  • Annual Electric: $2749
  • Annual Fuel Expense: $1957

Schools

  • School District: Petoskey

Lot Info

  • Estimated Lot Dimensions: 50 x 145
  • Zoning: COP R-2

Tax Info

  • Annual Taxes: $2,850
  • Assessor Parcel Number: 52-19-05-179-001

Multi Family

  • Number Of Units: 5
  • Annual Insurance Exp: $1807

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
$574,303

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
Estimated Equity
-$42,489

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
Estimated Equity
-$42,489

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
$369,000
Sold Price
$250,000
Premium/Discount to List
-$119,000
-32.25%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
25.83%

Purchase Details

Listed on
Jun 25, 2021
Closed on
Dec 30, 2021
Sold by
Marker Martin D Trust
Bought by
Manker Charles L Trust
Seller's Agent
Michael MacCarthy
Gaslight Group Properties
Buyer's Agent
Abby Badgley
Gaslight Group Properties
List Price
$369,000
Sold Price
$250,000
Premium/Discount to List
-$119,000
-32.25%
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 -- --
Ljm Land Company Llc -- --
Rock Investments Company Llc $500,000 --
Manker Charles L Trust -- --
Manker Charles L Trust -- --
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 Manker Charles L Trust $400,000
Previous Owner Manker Charles L Trust $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 -28.4% $106 / Sq Ft
09/20/2021 09/20/21 Price Changed $349,000 -5.4% $148 / Sq Ft
06/25/2021 06/25/21 For Sale $369,000 -- $156 / 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 $7,527 $186,800 $186,800 $0
2024 $7,527 $162,600 $162,600 $0
2023 $2,927 $136,100 $136,100 $0
2022 $2,927 $108,100 $108,100 $0
2021 $2,843 $96,200 $96,200 $0
2020 $2,850 $85,600 $85,600 $0
2019 -- $83,800 $83,800 $0
2018 -- $86,200 $86,200 $0
2017 -- $49,600 $49,600 $0
2016 -- $51,300 $51,300 $0
2015 -- $52,000 $0 $0
2014 -- $61,700 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • Michael MacCarthy

    Seller's Agent in 2022

    Michael MacCarthy

    Gaslight Group Properties

    (231) 838-7700

    69 in this area

    192 Total Sales

    Section Image
  • Cam Braddock

    Seller Co-Listing Agent in 2022

    Cam Braddock

    Gaslight Group Properties

    (231) 330-9819

    24 in this area

    70 Total Sales

    Section Image

  • A

    Buyer's Agent in 2022

    Abby Badgley

    Gaslight Group Properties

    Section Image
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Map

Source: Northern Michigan MLS

MLS Number: 465568

Northern Michigan MLS

APN: 52-19-05-179-001

Michigan Emmet County Petoskey 49770

624 Michigan St, Petoskey, MI

This home is located at 624 Michigan St, Petoskey, MI 49770 since 25 June 2021 and is currently estimated at $574,303, approximately $243 per square foot. 624 Michigan St is a home located in Emmet County with nearby schools including Petoskey High School, St. Francis Xavier School, and Petoskey Montessori Children's.

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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