Historic Mixed-Use
New
For Sale
$475,000
1007 Wealthy Street SE, Grand Rapids, MI 49506
COMMERCIAL - Grand Rapids, MI
Property Size3,600 SF
Lot Size0.09 Acres
Price / SF$131.94
Days on Market2
Property Features for 1007 Wealthy Street SE
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
TBA TN
Rooms
Basement
Interior features
Broadband
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Standard status
Active
APN
41-14-29-379-021
Size
3,600 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 1683* STEINMANN S ASSESSOR S PLAT NO 58
Tax Annual Amount
6415
Legal Description
LOT 1683* STEINMANN S ASSESSOR S PLAT NO 58
Utilities
Utilities
Cable Available
Building Details
Year built
1884
Number of units
2
Building materials
Wood Siding
Roof type
Rubber
Listing Agency:
Urban Soil Realty
(616) 437-1065
Listed By:
Bradley S Veneklase · License #6505408520
(616) 437-1065
Added: Aug 17
Last Checked: Aug 18 at 10:06AM
MLS# 26043253
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.
Built in 1884, this 3,600-square-foot mixed-use building is positioned for redevelopment along Wealthy Street SE. Approved plans call for four one-bedroom apartments, each with in-unit laundry, above approximately 1,800 square feet of main-floor commercial area with two restrooms. The commercial space is planned as a white-box interior suitable for retail, hospitality, restaurant, or office use. Completed permit drawings and construction pricing are in place, with Historic Preservation Commission approval supporting the planned work.
The property occupies 0.09 acres at 1007 Wealthy Street SE in Grand Rapids, between Electric Cheetah and The Meanwhile Bar. Site features include parking for three vehicles, a rear yard with patio potential, broadband, cable availability, wood siding, and a rubber roof. A basement is also included.
The property occupies 0.09 acres at 1007 Wealthy Street SE in Grand Rapids, between Electric Cheetah and The Meanwhile Bar. Site features include parking for three vehicles, a rear yard with patio potential, broadband, cable availability, wood siding, and a rubber roof. A basement is also included.
Key Highlights
- 1884‑built mixed‑use building with 3,600 SF of property area
- Approved plans for four one‑bedroom apartments with in‑unit laundry
- Approximately 1,800 SF of main‑floor commercial space with two restrooms
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
$39,744
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
8.37%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,525
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Dining 34%
Family Dollar
Shops & Services
6,683 visits/mo
0.3 miles
Dollar General
Shops & Services
3,547 visits/mo
0.4 miles
SUBWAY
Dining
3,211 visits/mo
0.1 miles
BIGGBY COFFEE
Dining
2,099 visits/mo
0.1 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 apartments with flexible main-floor commercial space and dedicated vehicle parking.
Where is this mixed-use property located?
The property is located at 1007 Wealthy Street 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: 1884‑built mixed‑use building with 3,600 SF of property area; Approved plans for four one‑bedroom apartments with in‑unit laundry; Approximately 1,800 SF of main‑floor commercial space with two restrooms
