Renovated Mixed-Use
For Sale
$1,050,000
953 Fulton Street E, Grand Rapids, MI 49503
Commercial Sale, Grand Rapids, MI
Property Size4,614 SF
Lot Size0.05 Acres
Price / SF$227.57
Days on Market254
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
Basement, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 3
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: Sep 12
Last Checked: Sep 26 at 4:06AM
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 4,614-square-foot mixed-use property combines commercial and residential components within a brick-and-stone building constructed in 1929. The retail portion is arranged for a market and hair salon, while two remodeled apartments add residential space. Recent improvements include a new roof with a 20-year warranty, updated plumbing and electrical systems, and new HVAC equipment. The building also has forced-air heating and central air conditioning.
The property occupies 0.05 acres at 953 Fulton Street E in Grand Rapids, within the Fulton Heights Business District. Downtown Grand Rapids and I-96 are minutes away. Showings require 24-hour notice.
The property occupies 0.05 acres at 953 Fulton Street E in Grand Rapids, within the Fulton Heights Business District. Downtown Grand Rapids and I-96 are minutes away. Showings require 24-hour notice.
Key Highlights
- 4,614‑square‑foot mixed‑use building on 0.05 acres
- Retail area configured for a market and hair salon
- Two remodeled apartments included
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,457
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Mixed-use property - Retail space and two remodeled apartments occupy a renovated brick-and-stone commercial building.
Where is this mixed-use property 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: 4,614‑square‑foot mixed‑use building on 0.05 acres; Retail area configured for a market and hair salon; Two remodeled apartments included
