Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    203 S 3Rd Ave Big Rapids, MI 49307

    Sponsored
    For Sale
    $475,000

    MULTI_FAMILY - Big Rapids, MI

    Lot size:
    0.87 Acres
    Days on Market:
    133
    Last Refresh:
    Jan 19 at 10:06 am

    Property Features for 203 S 3Rd Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 4, Bedroom 1, Bathroom 5, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 7, Bedroom 6, Bedroom 12, Bedroom 9, Bathroom 1, Bathroom 3, Bedroom 8, Bathroom 6, Bedroom 10, Bedroom 11
    Bedrooms
    12
    APN
    5417-11-458-007
    Parking
    30
    Parking features
    Driveway
    Lot size
    0.87 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1980
    Number of units
    6
    Building materials
    Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    Joseph McNally

    RE/MAX TOGETHER (231) 629-4100

    Listing agent Joseph McNally (616) 307-3026

    Listing date Sep 9, 2025

    MLS# 25038962 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Residential Development Opportunity, Big Rapids

    This property, located in Big Rapids, MI, has been approved for development by the city for up to 6 residential units. The 0.87-acre lot offers a location and existing building layout that is conducive to arrangement into residential space, with ample parking available. This property presents a development opportunity for residential units.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Western Michigan Legal ... Attorney Adrianne L. Prentiss, ... Doctor Heartland Christian Family ... Counselor

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Big Rapids
    County
    Mecosta
    State
    Michigan
    Longitude
    -85.471729
    Latitude
    43.699312

    Nearby Similar for Sale

    • $1,199,000
      6,075 SF

      Downtown Big Rapids Restaurant Opportunity

      Fully operational restaurant with rental apartments and retail space.
      119 N Michigan Ave, Big Rapids, MI 49307
      View Details
    • $1,200,000
      7,340 SF

      Big Rapids Medical Office Building

      Leased through August 2025, potential for various uses.
      15044 220Th Ave, Big Rapids, MI 49307
      View Details
    • $271,900
      0.17 Acres

      Big Rapids Multifamily Investment Property

      Three-unit building near Ferris State University with potential for expansion.
      117 S Warren Ave, Big Rapids, MI 49307
      View Details
    • $279,000
      1.30 Acres

      Big Rapids Duplex Investment Opportunity

      Duplex near Ferris State University with income potential.
      10765 Northland Dr, Big Rapids, MI 49307
      View Details
    • $339,900
      Pending

      Remodeled Office Building with Workshop

      Remodeled office building featuring a workshop, storage, and ample parking.
      110 N Bronson Ave, Big Rapids, MI 49307
      View Details
    • $392,900
      7,000 SF

      Versatile Commercial Building Near Big Rapids

      Spacious 7000+ sq ft building on main traffic corridor.
      19925 12 Mile Rd, Big Rapids, MI 49307
      View Details
    • $319,000
      3,500 SF

      Remodeled Retail Building on M-20

      Turnkey retail building with high visibility on M-20 corridor.
      805 Maple St, Big Rapids, MI 49307
      View Details
    • $189,900
      Pending

      Big Rapids Two-Family Home

      Two-unit home near Ferris State University with rental history.
      409 Marion Ave, Big Rapids, MI 49307
      View Details
    • $250,000
      1,763 SF

      Commercial Building in Big Rapids

      Commercial building suitable for office, assisted living, or daycare.
      10255 Northland Dr, Big Rapids, MI 49307
      View Details
    • New
      $169,500
      2,200 SF

      Renovated Commercial Building in Big Rapids

      Renovated 2200 sq ft commercial building with parking.
      605 N State St, Big Rapids, MI 49307
      View Details
    • $175,000
      1,208 SF

      Commercial Property in Big Rapids

      Commercial property in high-traffic area, suitable for various businesses.
      1129 N State St, Big Rapids, MI 49307
      View Details
    • New
      $89,500
      2,800 SF

      Two-Story Building in Big Rapids

      Two-story building on a large corner lot, ready to develop.
      603 N State St, Big Rapids, MI 49307
      View Details

    FAQs

    What type of property is this?
    Apartment building - Approved development site for up to 6 residential units.
    Where is this apartment building located?
    The property is located at 203 S 3Rd Ave Big Rapids, MI.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: - Approved for development of up to 6 residential units.; - Fantastic location within Big Rapids.; - Building layout already conducive to residential arrangement.
    (616) 307-3026
    Request Owner's contact information
    203 S 3Rd Ave Big Rapids, MI 49307
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    203 S 3Rd Ave
    Big Rapids, MI 49307
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    203 S 3Rd Ave Big Rapids, MI 49307
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Joseph McNally
    (616) 307-3026
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.