Active

1164 Terrace Street

Muskegon MI, 49442

$900,000


$51.65 per sqft

Active

17,424 sqft

Multi-family

Built in 1906

Courtesy of Andrew J Straub, Five Star Real Estate (Grandv)

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! 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 opportunity to own a beautiful landmark property in the growing Muskegon market. Listing agent is the owner. Please call with any questions.

23141678

MLS ID

November 9, 2023

Listed

February 20, 2024

Updated

Map

1164 Terrace Street
Muskegon MI, 49442

Interior Features

Laundry Description

Common Area, In Unit


Fireplace

Yes


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Wall Furnace, Electric

Exterior/Building Features

Lot Size

0.4 Acres


Lot Features

Flag Lot, Corner Lot


Roof

Composition


Sewer

Public Sewer

School Information

School District

Muskegon

Other Property Details

Area Name

Muskegon County - M


Taxes

$3,480


Tax Frequency

Annually


Days on Market

103


Garage

No


Parking

Concrete, Driveway


Parking Total

5


View

No


County

Muskegon


Pool

No

Listing History

Date

Event

Price

2/19/2024

Price Change

$900,000

-10%

12/5/2023

Price Change

$1,000,000

-17%

12/4/2023

Price Change

$1,200,000

20%

11/27/2023

Price Change

$1,000,000

-17%

Courtesy of Five Star Real Estate (Grandv)

The IDX display contains information sourced from the MichRIC® as of 2/20/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

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Data last updated 2/20/2024

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