Closed

$300,000

523 NW 7th Ave, Grand Rapids, MN 55744

6beds

3,720sqft

Multi Family

Built in 1950

-- sqft lot

$287,400 Zestimate^®

$81/sqft

$1,449 Estimated rent

Home value

$287,400

$247,000 - $331,000

$1,449/mo

Zestimate^® history

Owner options

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$1,449/mo

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$1,449/mo

Rent Zestimate^®

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$1,822/mo

Est. payment

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$1,822/mo

Est. payment

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What's special

Variance Approved for 7 more units , total of 9 possible units! Great potential in this multifamily apartment building. 17,800 total square feet. Great GR location close to parks, shopping, and amenities. With some sweat equity and vision, this can be a tremendous investment opportunity. 2 units are finished and have been rented for years at $2,750 total per month. Remaining build-out could potentially have 7 more units. View supplement info for renderings on the potential layout. Much of the infrastructure has been completed water/sewer/electric is set up in the building. Zoned LB so some possible commercial applications also.

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 6
Bathrooms: 4
Full bathrooms: 1
3/4 bathrooms: 1
1/2 bathrooms: 2

Heating

Baseboard

Features

Basement: Block,Concrete,Partially Finished,Unfinished
Has fireplace: No

Interior area

Total structure area: 3,720
Total interior livable area: 3,720 sqft
Finished area above ground: 3,720
Finished area below ground: 0

Property

Parking

Parking features: On Street, Paved Lot
Has uncovered spaces: Yes

Accessibility

Accessibility features: Doors 36"+

Features

Levels: One and One Half

Lot

Size: 0.41 Acres
Dimensions: 10725
Features: Corner Lot
Topography: Level

Details

Foundation area: 6056
Additional parcels included: 914201250
Parcel number: 914201205
Lease amount: $0
Zoning description: Residential-Multi-Family,Other

Construction

Type & style

Home type: MultiFamily
Property subtype: Multi Family

Materials

Concrete, Frame
Roof: Asphalt

Condition

New construction: No
Year built: 1950

Utilities & green energy

Electric: 200+ Amp Service, Power Company: Grand Rapids Public Utilities
Gas: Electric
Sewer: City Sewer/Connected
Water: City Water/Connected, City Water - In Street

Community & HOA

Community

Subdivision: Grand Rapids Second Div

Location

Region: Grand Rapids

Financial & listing details

Price per square foot: $81/sqft
Annual tax amount: $5,370
Date on market: 11/24/2021
Cumulative days on market: 672 days
Tenant pays: Electricity, Water/Sewer

Price history

Date	Event	Price
10/13/2023	Sold	$300,000-14.3%$81/sqft
Source: NorthstarMLS as distributed by MLS GRID #6130442 Report a problem
9/27/2023	Pending sale	$349,900$94/sqft
Source: NorthstarMLS as distributed by MLS GRID #6130442 Report a problem
5/2/2023	Price change	$349,900-7.7%$94/sqft
Source: NorthstarMLS as distributed by MLS GRID #6130442 Report a problem
4/7/2022	Price change	$379,000-5.2%$102/sqft
Source: NorthstarMLS as distributed by MLS GRID #6130442 Report a problem
11/25/2021	Listed for sale	$399,900$108/sqft
Source: NorthstarMLS as distributed by MLS GRID #6130442 Report a problem