Mixed-Use Building with Street-Level
For Sale
$649,900
1205 Bridge Street NW, Grand Rapids, MI 49504
COMMERCIAL - Grand Rapids, MI
Property Size2,789 SF
Lot Size0.11 Acres
Price / SF$233.02
Days on Market41
Property Features for 1205 Bridge Street NW
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
201 COMMERCIAL
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Basement, Bathroom 2
Parking
4
Interior features
Broadband
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Standard status
Active
APN
41-13-23-384-002
Size
2,789 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 10 BLK 5 & E 15 FT OF LOT 11 BLK 5 * H G STONE'S ADDITION
Tax Annual Amount
7953
Legal Description
LOT 10 BLK 5 & E 15 FT OF LOT 11 BLK 5 * H G STONE'S ADDITION
Utilities
Utilities
Cable Available
Heating system
Forced Air, Hot Water(Heating), Baseboard, Radiant
Cooling system
Central Air
Building Details
Year built
1946
Number of units
3
Listing Agency:
Kilner Group Realty
(616) 498-8251
Listed By:
John McMahon · License #6501437598
(616) 802-7889
Added: Jul 21
Changed: Aug 4
Last Checked: Aug 30 at 10:06PM
MLS# 26037728
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully renovated mixed-use property includes three separate units. Unit A is a street-level space suitable for retail or office use. Unit B is a 1 bed/1 bath apartment, and Unit C is a 3 bed/1 bath apartment, with all spaces updated with fresh finishes.
The property is located at 1205 Bridge Street NW in Grand Rapids, Kent County, MI 49504, and includes four off-street parking spots.
The layout provides a combination of street-level commercial space and residential income units within a single building configuration.
The property is located at 1205 Bridge Street NW in Grand Rapids, Kent County, MI 49504, and includes four off-street parking spots.
The layout provides a combination of street-level commercial space and residential income units within a single building configuration.
Key Highlights
- Fully renovated mixed‑use property with 3 separate units: Unit A (street‑level retail/office), Unit B (1 bed/1 bath), and Unit C (3 bed/1 bath).
- Four off‑street parking spots included.
- Central air cooling plus multiple heating types listed: baseboard, hot water (heating), forced air, and radiant heat.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,791
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$615,820
$615.8K
Cap Rate 7%
$439,871
$439.9K
Cap Rate 9%
$342,122
$342.1K
Market Conditions
NOI Build-Up for 2,789 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.5K $19.20/SF
− Vacancy
−$4.3K −$1.54/SF
EGI
$49.3K $17.66/SF
− OpEx
−$18.5K −$6.62/SF
NOI
$30.8K $11.04/SF
Area
Grand Rapids, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$615,820
Cap Rate 7%
$439,871
Cap Rate 9%
$342,122
Alternative Uses
Best Use
Mixed Use
$439.9K
$384.9K – $513.2K
NOI $30,791 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$378.2K
$330.9K – $441.2K
NOI $26,474 @ 7.0% cap · market cap 4.07%
Theoretical Best
Specialty Retail
$647.2K
$566.3K – $755.1K
NOI $45,307 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Fully renovated mixed-use building with a street-level unit plus two apartments and four off-street parking spaces.
Where is this live-work space located?
The property is located at 1205 Bridge Street NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Fully renovated mixed‑use property with 3 separate units: Unit A (street‑level retail/office), Unit B (1 bed/1 bath), and Unit C (3 bed/1 bath).; Four off‑street parking spots included.; Central air cooling plus multiple heating types listed: baseboard, hot water (heating), forced air, and radiant heat.
