NOT LISTED FOR SALE

7976 Central Ave Coloma, MI 49038

Paw Paw Lake Neighborhood

Estimated Value: $428,500

11 Beds
5 Baths
-- Sq Ft
1.31 Acres

Last Sold September 11, 2023

Last sale price $399,900

Est. 7% increase in value since last sale

Current estimated payment $2,483/month

34 Days on Market

Highlights

  • Deeded Waterfront Access Rights
  • 1.31 Acre Lot
  • 4 Fireplaces
  • 40 Feet of Waterfront
  • Community Lake
  • Corner Lot: Yes

About This Home

As of September 2023

Excellent investment opportunity, endless possibilities & deeded Paw Paw Lake access just steps away! Short term rentals (VRBO) are allowed, no permit needed but inspection is required every 3 years. Great beach town! Previously a hotel, this property currently rents as 5 units, all month to month. The main house has 2 rented units with an additional 5 bed/1bath (all on the 2nd floor) unutilized. Imagine how much more income potential there is! It could also be converted back to a single family home and you would still have 3 extra cottages to generate revenue. The 3 cottages can be parceled off with the addition of a well. There is also a buildable wooded parcel of land adjacent to the main house that could be sold. Close to restaurants, wineries and only 90 minutes to Chicago!

Last Listed By

Alison Plaisier

Cressy & Everett Real Estate License #6506047750 Listed on: 06/29/2023

Cressy & Everett Real Estate

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,839

Year Built

  • Built in 1920

Lot Details

  • 1.31 Acre Lot
  • 40 Feet of Waterfront
  • Corner Lot: Yes

Parking

  • 10 Parking Spaces

Home Design

  • Composition Roof
  • Aluminum Siding
  • Vinyl Siding

Interior Spaces

  • 4 Fireplaces
  • Water Views
  • Basement
  • Michigan Basement

Outdoor Features

  • Deeded Waterfront Access Rights
  • Shared Waterfront

Utilities

  • Heating System Uses Natural Gas
  • Radiant Heating System
  • Wall Furnace
  • Baseboard Heating
  • Well
  • Cable TV Available

Listing and Financial Details

  • The owner pays for water, sewer, gas

Community Details

Overview

  • 4 Buildings
  • 5 Units
  • Community Lake

Building Details

  • Insurance Expense $2,418
  • Utility Expense $5,148
  • Operating Expense $13,579

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,839

Year Built

Built in 1920

Lot Details

0

Listing Details

  • Property Sub-Type: 5+ Units
  • Property Type: Multi-Family
  • New Construction: No
  • Year Built: 1920
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplaces: 4
  • Basement: Michigan Basement

Exterior Features

  • Construction Materials: Aluminum Siding, Other, Vinyl Siding
  • List Price: 399900.0
  • Lot Features: Corner Lot
  • Number of Buildings: 4
  • Roof: Composition
  • Water Body Name: Paw Paw Lake
  • Waterfront: No
  • Access Feat:Accessibility Features2: No

Garage/Parking

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

Utilities

  • Heating: Wall Furnace, Radiant, Baseboard, Natural Gas
  • Heating: Yes
  • Sewer: Public Sewer
  • Water Source: Well, Public
  • Water Well: Yes

Condo/Co-op/Association

  • Community Features: Lake

Association/Amenities

  • Water Fea Amenities:All Sports: Yes
  • Water Fea Amenities:Deeded Access: Yes
  • Water Fea Amenities:Public Access 1 Mile or Less: Yes
  • Water Fea Amenities:View: Yes
  • Water Fea Amenities:Shared Frontage: Yes

Lot Info

  • Lot Size Acres: 1.31
  • Lot Size Area: 1.31
  • Lot Dimensions: irr
  • Lot Size Sq Ft: 57064.0
  • ResoLotSizeUnits: Acres

Rental Info

  • Owner Pays: Water, Sewer, Gas

Multi Family

  • Insurance Expense: 2418.0
  • Number of Units Total: 5
  • Operating Expense: 13579.0

Tax Info

  • Tax Annual Amount: 4839.0
  • Tax Year: 2022

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jun 29, 2023
Closed on
Sep 12, 2023
Sold by
Hotel Central Llc
Bought by
Snr Property Management Llc
Seller's Agent
Alison Plaisier
Cressy & Everett Real Estate
Buyer's Agent
Alison Plaisier
Cressy & Everett Real Estate
List Price
$399,900
Sold Price
$399,900
Total Days on Market
34
Views
80
Current Estimated Value
$428,500

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$28,600

Purchase Details

Closed on
Jan 2, 2014
Sold by
Pater Parent Llc
Bought by
Hotel Central Llc

Purchase Details

Closed on
Jan 1, 2014
Sold by
Pater Charles L and Pater Linda J
Bought by
Hotel Central Llc

Purchase Details

Closed on
Jun 2, 2004
Sold by
Pater Charles L and Pater Linda J
Bought by
Krieger Rodney S and Krieger Sharron

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
Snr Property Management Llc -- None Listed On Document
Hotel Central Llc -- None Available
Hotel Central Llc -- None Available
Hotel Central Llc -- None Available
Pater Parent Llc -- None Available
Krieger Rodney S $25,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Hotel Central Llc $100,000
Previous Owner Pater Charles L $100,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/11/2023 09/11/23 Sold $399,900 0.0% --
06/29/2023 06/29/23 For Sale $399,900 -- --
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
2023 $1,011 $135,300 $0 $0
2022 $4,858 $123,500 $0 $0
2021 $4,823 $118,000 $39,300 $78,700
2020 $4,824 $107,900 $0 $0
2019 $4,806 $92,700 $39,300 $53,400
2018 $4,398 $92,700 $0 $0
2017 $4,377 $92,700 $0 $0
2016 $4,271 $92,700 $0 $0
2015 $4,257 $89,500 $0 $0
2014 $974 $89,500 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • Alison Plaisier

    Seller's Agent in 2023

    Alison Plaisier

    Cressy & Everett Real Estate

    (269) 999-0070

    5 in this area

    139 Total Sales

    Alison Plaisier
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Map

Source: Southwestern Michigan Association of REALTORS®

MLS Number: 23022740

Southwestern Michigan Association of REALTORS®

APN: 11-08-4600-0167-02-1

Michigan Berrien County Coloma 49038 Paw Paw Lake

7976 Central Ave, Coloma, MI

Homes for Sale in Coloma, MI

This home is located at 7976 Central Ave, Coloma, MI 49038 since 29 June 2023 and is currently priced at $428,500. This property was built in 1920. 7976 Central Ave is a home located in Berrien County with nearby schools including Coloma Elementary School, Coloma Intermediate School, and Coloma Junior 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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