Multifamily Rental
For Sale
$309,000
727 NW 6TH STREET NW, Grand Rapids, MI 49504
GRAND RAPIDS, MI
Property Size2,412 SF
Lot Size0.13 Acres
Price / SF$128.11
Days on Market9
Property Features for 727 NW 6TH STREET NW
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Standard status
Active
Lot size
0.13 Acres
Building Details
Year built
1918
Listing Agency:
Holland · Coldwell Banker Real Estate
(616) 396-5221
Listed By:
Yarith Lozano
(616) 422-3077
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 22 at 7:06PM
MLS# 26042665
Copyright © 2026 Coldwell Banker Schmidt REALTORS. 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.
Built in 1918, this multifamily property contains approximately 2,412 square feet and two bathrooms on a 0.13-acre lot. It is currently operated as a rental and is offered as-is, with no recent updates reported. Tenant and rental history are available upon request, while buyers are advised to verify current rents, occupancy, condition, and compliance with local rental licensing requirements.
The property is in Grand Rapids’ West Grand neighborhood, near downtown, Bridge Street shops and restaurants, Grand Rapids Community College, John Ball Zoo, and major highway corridors. The offering may suit an investor seeking an existing rental asset or a property requiring repositioning, subject to independent review of its condition and operating details.
The property is in Grand Rapids’ West Grand neighborhood, near downtown, Bridge Street shops and restaurants, Grand Rapids Community College, John Ball Zoo, and major highway corridors. The offering may suit an investor seeking an existing rental asset or a property requiring repositioning, subject to independent review of its condition and operating details.
Key Highlights
- Approximately 2,412 sq. ft. multifamily property on a 0.13‑acre lot
- Built in 1918 with 2 bathrooms
- Currently operating as a rental
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
$22,895
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
7.41%
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%
$457,900
$457.9K
Cap Rate 7%
$327,071
$327.1K
Cap Rate 9%
$254,389
$254.4K
Market Conditions
NOI Build-Up for 2,412 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
$44.3K $18.36/SF
− Vacancy
−$2.7K −$1.10/SF
EGI
$41.6K $17.26/SF
− OpEx
−$18.7K −$7.77/SF
NOI
$22.9K $9.49/SF
Area
Grand Rapids, MI
Vacancy
6.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$457,900
Cap Rate 7%
$327,071
Cap Rate 9%
$254,389
Alternative Uses
Best Use
Apartment 5plus
$327.1K
$286.2K – $381.6K
NOI $22,895 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$559.8K
$489.8K – $653.1K
NOI $39,183 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,270
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Existing rental operation in Grand Rapids’ West Grand neighborhood with tenant and rental history available upon request.
Where is this multifamily property located?
The property is located at 727 NW 6TH STREET NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Approximately 2,412 sq. ft. multifamily property on a 0.13‑acre lot; Built in 1918 with 2 bathrooms; Currently operating as a rental
