FOR SALE

$800,000

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1164 Terrace Street
Muskegon, MI 49442

Multi-Family

Residence

0.4

Courtesy: Five Star Real Estate (Grandv)

Description for 1164 Terrace Street Muskegon, MI 49442

This beautiful historic flagship home has been renovated from the studs in to create a wonderful 5 unit investment property that is turn key and ready to produce income! This property has a short term rental certificate from the City. No expense was spared in turning this property into what it is today. From the moment you pull up charm and historical beauty abound. The exterior is beautifully landscaped and is also equipped with in-ground sprinkling for the yard and plant beds. Additional exterior notes are new roof, new windows (other than a few windows in unit 2), and professionally restored and painted siding. The charm continues when walking up the stairs to the large wrap around front porch.Head inside and you are greeted with a beautiful common space with original hard wood floors as well as the stairway with original stair post with wonderful detail. Each unit has all new vinyl plank flooring, quartz counter tops, tile back splash, plenty of lighting, and stainless steal appliances. Units 1 and 2 have their own in unit laundry. Units 3,4,and 5 share the laundry on the second level common space. Units are heated and cooled using mini split systems that control the temperature in each room using only electricity. All units have also been furnished and stocked with everything needed to operate as a short term rental. This property would make a wonderful short term rental or high end rental property. Other notable details are that the floors have been leveled using gypcrete which makes sure there is zero sloping but also improves fire rating as well as reduces floor noise. All new electrical, plumbing, insulation and HVAC. There is a fire suppression system as well. Also ring flood light cameras cover all 4 corners of the house giving 360 degree sight and sound 24/7. The exterior also has new concrete with plenty of parking. Projections on short term rental are an average of $150 per night with and occupancy of 60% or 220 nights per unit. resulting in a projected income of $165,000 per year. This is a great o

Property Details

MLS#

65024015581

Property Type

Multi-Family, Other

Bedrooms

County

Muskegon

Year Built

1906

Lot Size

0.4 Acres

Construction

Wood

Available Utilities

Cable Available

New Construction / Resale

School Information

District

Muskegon

Interior Features

Cooling: Central Air

Heating: Electric Heating. Floor Furnace.

Exterior / Lot Features

Parking: 5 Parking Spaces.

Exterior: Wood

Dimensions: Front - 264

Zoning: Residential

Financial Considerations

In Foreclosure

Bank Owned (REO)

Tax/Property ID

24205230000300

Tax Amount

$3,480

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Price History for 1164 Terrace Street

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Kathy Wilson

(248) 646-6203

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