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Niles 49120
1502 Lake Street
$80,000
● House - Off Market

1502 Lake Street

Niles, MI 49120
bedrooms
2 Beds
bathrooms
1 Bath
square feet
800 Ft²
$115,785
RealtyHop Estimate
46.56%
Since Oct 1, 2019
National-US
Primary Model

About This Property

Incredible deal! Own your own home for cheaper than rent! Charming 2 bedroom home with main level laundry, mudroom and detached garage. Tall than normal ceilings, open concept kitchen/dining/living. Full basement that could be transformed into a family room! Home sits on a double lot! Perfect location close to schools.
Unit Size
800 Ft²
Days on Market
41 days
Land Size
0.54 acres
Price per sqft
$99
Property Type
House
Property Taxes
$65
HOA Dues
-
Year Built
1920

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Cap Rate Calculator

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Cap Rate 100% Occupancy
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What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 9 months ago (MichRIC MLS #19034697)

Price History

Date / Event Date Event Price
Jul 21, 2023 Sold
Premium
Sold
May 14, 2023 Listed by RE/MAX Harbor Country @ New Buffalo $125,000
Listed by RE/MAX Harbor Country @ New Buffalo
Sep 9, 2019 Sold
Premium
Sold
Jul 23, 2019 Listed by RE/MAX Harbor Country @ New Buffalo $79,000
Listed by RE/MAX Harbor Country @ New Buffalo
Sep 7, 2017 Sold
Premium
Sold
Show More

Property Highlights

Air Conditioning
Garage

Building Info

Overview

    General

  • Year Built: 1920
  • Effective Year Built: 1920
  • Building Count: 1
  • Bedroom Count: 2
  • Bathroom Count: 1
  • Full Bathrooms: 1
  • Partial Bathrooms: 1
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 0
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Count: 100
  • Floor Cover: 0
  • Basement Type: 9
  • Basement Area: 681
  • Garage Type: 7
  • Garage Square Area: 441
  • Parking Space Count: 2
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 7,492
  • Lot Size Depth Feet: 1,500
  • Lot Size Frontage Feet: 500
  • Total Building Area: 835
  • Building Area: 835
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 4
  • Heated Square Feet: 835
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: EASTLAKE TERR ADD
  • Land Acres: 0000000172
  • Standard Land Use Code: 1001
  • County Land Use Code: 401
  • Legal Description 1: LOT 194 EASTLAKE TERR ADD TO CITY OF NILES

Neighborhood

  • School District Name: Niles Community School District
  • School Tax School District: NILES
  • Census Tract: 020900

Zoning

  • Zoning: LDR

Geography

  • Assessors Map Reference: 025-1
  • District: 71
  • Parcel: 71-2100-0194-00-2
  • Lot: 194
  • Municipality: NILES CITY
  • Latitude: 41.8411
  • Longitude: -86.2384

    Address

  • Full Address: 1502 Lake St
  • Legal Unit: 194
  • Address - House Number: 1502
  • Address - Street Name: Lake
  • Address - Suffix Type: St
  • State: MI
  • City Name: Niles
  • Carrier Code: C018
  • 4-Digit Zip Code: 1237
  • Zip Code: 49120

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $102,189

    Appraisal Valuation

  • Standard Deviation: 0.3113
  • Valuation Date: Nov 03, 2023
  • Confidence Score: 37
  • Final Value: 27,658
  • High Value: 36,270
  • Low Value: 19,045

    Market Valuation

  • Market Total Value: $94,600

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $47,300

    Exemptions

  • Homeowner Exemption: Yes

    Sales

  • Current Sale Contract Date: Jul 21, 2023
  • Current Sale Recording Date: Jul 21, 2023
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 385109
  • Previous Sale Recording Date: Sep 09, 2019
  • Previous Sale Contract Date: Aug 30, 2019
  • Previous Sale Amount: $80,000
  • Previous Sale Document Type: 71
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Niles

Stats & Trends

Median Asking:

$185,000

Sale Price/ft²

$137

Below Asking

0.02%

Average Days on Market

52

Average Home Size

1540 ft²

Average Home Age

78.4 years

Currently For Sale

30 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Rentals Near You

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MichRIC

Listed by: Leah Hudson, RE/MAX Harbor Country @ New Buffalo
Last Updated: 9 months ago
Data Source: MichRIC, MLS# 19034697
Information is deemed reliable but not guaranteed. Copyright 2026 MichRIC, LLC. All rights reserved. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

Frequently Asked Questions

When was property at 1502 Lake Street built and last sold?
The property at 1502 Lake Street was built in 1920 and last sold on Jul 21, 2023 for $135,000.
How much is this home worth?
The estimated value of the home located at 1502 Lake Street is $0.
What are some comparable homes to 1502 Lake Street?
There are currently no comparable homes to 1502 Lake Street.
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