501 3 Mile Rd NE Grand Rapids, MI 49505
New
Four-unit property in Riverside Gardens with immediate rental upside.
Type:Investment
- Added:
- Apr 24, 2026
- Days on Market:
- 7
- Last Refresh:
- Apr 24 at 4:31 pm
Property Features for 501 3 Mile Rd NE
General Information
- Standard status
- Active
- Property subtype
- Investment
Building Details
- Year Built
- 1900
Listing agent Justin W Moorehead (616) 405-8429
Listing office (616) 405-8429
Listing date Apr 24, 2026
Source Elliman
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Justin W Moorehead
Overview
Riverside Gardens Value-Add Quadplex
This four-unit property in Riverside Gardens presents a value-add opportunity. The unit mix includes two 2-bedroom units, one 1-bedroom unit, and one studio, each with one bath. Two units are currently occupied on a month-to-month basis. The largest 2-bedroom unit is vacant and features new carpet, offering immediate potential for lease-up, owner occupancy, or renovation. Current rents have been conservatively managed, ranging from approximately $800 to $1,100 per month, previously totaling $4,000 per month, suggesting potential for increased income through improved management and updates. The property includes one forced air furnace, three wall furnaces, four gas meters, four water heaters, and two electrical panels. The primary roof was replaced approximately 7-8 years ago. The seller recently secured a 6-year rental certification. A detached garage requires rework but offers potential for covered tenant parking and storage. This property is suitable for value-add, long-term investors. The location has a bike score of 53, indicating it is bikeable, a walk score of 27, indicating car-dependent, and a transit score of 28, indicating some transit options.
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Grand Rapids
- County
- Kent
- State
- Michigan
- Longitude
- -85.656383
- Latitude
- 43.013773
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four-unit property in Riverside Gardens with immediate rental upside.
Where is this quadplex located?
The property is located at 501 3 Mile Rd NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Value‑add opportunity with immediate upside potential.; Prime rental location in Riverside Gardens.; Flexible unit mix: featuring (2) 2‑bedroom, (1) 1‑bedroom, and (1) studio.
