Historic Mixed-Use Redevelopment
For Sale
$475,000
1007 Wealthy St SE, Grand Rapids, MI 49506
Approved plans combine residential units with adaptable main-floor commercial space along Wealthy Street.
Property Size3,600 SF
Price / SF$131.94
Days on Market56
Property Features for 1007 Wealthy St SE
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
3
Building Details
Year Built
1884
Buildings
1
Listing Agency:
Urban Soil Realty
Listed By:
Bradley S Veneklase · License #6505408520
(616) 437-1065
Source:
Katie-k
Added: Aug 22
Changed: Oct 1
Last Checked: Oct 7 at 1:25PM
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
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Investment Insights
Based on property information with market context.
Built in 1884, this historic mixed-use property is positioned for redevelopment with approved Historic Preservation Commission plans and completed permit drawings. The approved configuration includes four one-bedroom apartments, each with in-unit laundry, above approximately 1,800 SF of main-floor white-box commercial space with two restrooms.
The commercial area is planned for retail, hospitality, restaurant, or office use. The property also provides parking for three vehicles and includes a rear yard with patio potential. Located at 1007 Wealthy St SE in Grand Rapids, the building sits on the Wealthy Street corridor between Electric Cheetah and The Meanwhile Bar.
The commercial area is planned for retail, hospitality, restaurant, or office use. The property also provides parking for three vehicles and includes a rear yard with patio potential. Located at 1007 Wealthy St SE in Grand Rapids, the building sits on the Wealthy Street corridor between Electric Cheetah and The Meanwhile Bar.
Key Highlights
- Historic mixed‑use building constructed in 1884
- Approved plans for four one‑bedroom apartments with in‑unit laundry
- Approximately 1,800 SF of main‑floor white‑box commercial space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,744
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$794,880
$794.9K
Cap Rate 7%
$567,771
$567.8K
Cap Rate 9%
$441,600
$441.6K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$69.1K $19.20/SF
− Vacancy
−$5.5K −$1.54/SF
EGI
$63.6K $17.66/SF
− OpEx
−$23.8K −$6.62/SF
NOI
$39.7K $11.04/SF
Area
Grand Rapids, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$794,880
Cap Rate 7%
$567,771
Cap Rate 9%
$441,600
Alternative Uses
Best Use
Retail
$745.5K
$652.3K – $869.8K
NOI $52,185 @ 7.0% cap · market cap 10.99%
Second Best
Mixed Use
$567.8K
$496.8K – $662.4K
NOI $39,744 @ 7.0% cap · market cap 8.37%
Theoretical Best
Specialty Retail
$835.5K
$731.0K – $974.7K
NOI $58,482 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,250
Businesses Nearby
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Business Placement
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Approved plans combine residential units with adaptable main-floor commercial space along Wealthy Street.
Where is this mixed-use property located?
The property is located at 1007 Wealthy St SE 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; Approved plans for four one‑bedroom apartments with in‑unit laundry; Approximately 1,800 SF of main‑floor white‑box commercial space
