Historic Mixed-Use
New
For Sale
$475,000
1007 Wealthy Street, Grand Rapids, MI 49506
Approved plans combine residential units with flexible commercial space along the Wealthy Street corridor.
Property Size3,600 SF
Price / SF$263.89
Days on Market3
Property Features for 1007 Wealthy Street
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
3
Property subtype
Commercial
Additional Details
Floor
Main Floor
Road Access
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,415
Building Details
Building Size
3,600 SF
Year Built
1884
Buildings
1
Units
2
Listing Agency:
Urban Soil Realty
(616) 437-1065
Listed By:
Bradley S Veneklase · License #6505408520
(616) 437-1065
Source:
Eliterealtymi
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 2:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Urban Soil Realty
Investment Insights
Based on property information with market context.
Built in 1884, this historic mixed-use property has approved plans from the Historic Preservation Commission and completed permit drawings. The proposed residential component includes four one-bedroom apartments, each with in-unit laundry. Plans also provide approximately 1,800 SF of main-floor commercial area in white-box condition, along with two restrooms.
The commercial space is identified for potential retail, hospitality, restaurant, or office use. The property includes parking for three vehicles and a rear yard that could accommodate a patio. It is positioned on Wealthy Street in Grand Rapids, between Electric Cheetah and The Meanwhile Bar.
The commercial space is identified for potential retail, hospitality, restaurant, or office use. The property includes parking for three vehicles and a rear yard that could accommodate a patio. It is positioned on Wealthy Street in Grand Rapids, between Electric Cheetah and The Meanwhile Bar.
Key Highlights
- Historic mixed‑use building constructed in 1884
- Historic Preservation Commission approval and completed permit drawings
- Four planned one‑bedroom apartments with in‑unit laundry
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
$26,092
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
5.49%
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%
$521,840
$521.8K
Cap Rate 7%
$372,743
$372.7K
Cap Rate 9%
$289,911
$289.9K
Market Conditions
NOI Build-Up for 1,800 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
$39.5K $21.96/SF
− Vacancy
−$2.3K −$1.25/SF
EGI
$37.3K $20.71/SF
− OpEx
−$11.2K −$6.21/SF
NOI
$26.1K $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%
$521,840
Cap Rate 7%
$372,743
Cap Rate 9%
$289,911
Alternative Uses
Best Use
Retail
$372.7K
$326.2K – $434.9K
NOI $26,092 @ 7.0% cap · market cap 5.49%
Second Best
Mixed Use
$283.9K
$248.4K – $331.2K
NOI $19,872 @ 7.0% cap · market cap 4.18%
Theoretical Best
Specialty Retail
$417.7K
$365.5K – $487.4K
NOI $29,241 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,250
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Dining 15%
Family Dollar
Shops & Services
4,275 visits/mo
0.2 miles
Huntington Bank
Shops & Services
3,011 visits/mo
0.2 miles
Domino's Pizza
Dining
1,292 visits/mo
0.5 miles
Demographics for 49506, MI
33,050
Population
13,262
Households
2.5
Avg Household Size
34
Median Age
67%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
4,527
Density / Sq Mi
$112,287
Median Household Income
$48,631
Median Earnings
$1,305
Median Rent
$338,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Approved plans combine residential units with flexible commercial space along the Wealthy Street corridor.
Where is this mixed-use property located?
The property is located at 1007 Wealthy Street Grand 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: Historic mixed‑use building constructed in 1884; Historic Preservation Commission approval and completed permit drawings; Four planned one‑bedroom apartments with in‑unit laundry
