Renovated Retail and
For Sale
$1,050,000
953 Fulton Street E, Grand Rapids, MI 49503
COMMERCIAL - Grand Rapids, MI
Property Size4,614 SF
Lot Size0.05 Acres
Price / SF$227.57
Days on Market203
Property Features for 953 Fulton Street E
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial Imp.
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bathroom 1, Basement, Bathroom 2
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Directions
Fulton St. to Corner of Holland Ave & Fulton St.
Subdivision
Grand Rapids - G
Standard status
Active
APN
41-14-29-158-016
Size
4,614 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1269* STEINMANN S ASSESSOR S PLAT NO 42
Tax Annual Amount
8734
Legal Description
LOT 1269* STEINMANN S ASSESSOR S PLAT NO 42
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1929
Floors in Building
2
Number of units
4
Building materials
Brick, Stone
Listing Agency:
JH Realty Partners
(616) 682-2820
Listed By:
Jeff Heglund · License #6502418643
(616) 916-1915
Added: Jan 15
Changed: Aug 4
Last Checked: Aug 6 at 1:06PM
MLS# 26001795
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 recently renovated commercial building offers versatile income potential with retail space divided into a market and a hair salon, along with two beautifully remodeled apartments. Updates include a new roof with a 20-year warranty, new HVAC, and updated plumbing and electrical systems.
The property is located at 953 Fulton Street E in Grand Rapids, within the Fulton Heights Business District, just minutes from downtown Grand Rapids and I-96.
Showings require 24-hour notice for all appointments.
The property is located at 953 Fulton Street E in Grand Rapids, within the Fulton Heights Business District, just minutes from downtown Grand Rapids and I-96.
Showings require 24-hour notice for all appointments.
Key Highlights
- Commercial building with brick and stone exterior, built in 1929
- Updated systems: new roof with 20‑year warranty, new HVAC, updated plumbing and electrical
- Retail space divided into a market and a hair salon
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
$66,884
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
6.37%
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%
$1,337,680
$1.3M
Cap Rate 7%
$955,486
$955.5K
Cap Rate 9%
$743,156
$743.2K
Market Conditions
NOI Build-Up for 4,614 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
$101.3K $21.96/SF
− Vacancy
−$5.8K −$1.25/SF
EGI
$95.5K $20.71/SF
− OpEx
−$28.7K −$6.21/SF
NOI
$66.9K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,337,680
Cap Rate 7%
$955,486
Cap Rate 9%
$743,156
Alternative Uses
Best Use
Retail
$955.5K
$836.1K – $1.11M
NOI $66,884 @ 7.0% cap · market cap 6.37%
Second Best
Mixed Use
$727.7K
$636.7K – $849.0K
NOI $50,939 @ 7.0% cap · market cap 4.85%
Theoretical Best
Specialty Retail
$1.07M
$936.9K – $1.25M
NOI $74,954 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,494
Businesses Nearby
Explore this area
Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Recently renovated building with retail space for a market and hair salon plus two remodeled apartments.
Where is this retail space located?
The property is located at 953 Fulton Street E Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Commercial building with brick and stone exterior, built in 1929; Updated systems: new roof with 20‑year warranty, new HVAC, updated plumbing and electrical; Retail space divided into a market and a hair salon
