Three-Property Multifamily
For Sale
$1,400,000
114 N 7th St, Grand Haven, MI 49417
Portfolio combines apartment, duplex, and mixed-use configurations with commercial space and NMU zoning near downtown Grand Haven.
Property Size11,437 SF
Price / SF$122.41
Days on Market131
Property Features for 114 N 7th St
General Information
Standard status
Active
Size
11,437 SF
Property subtype
Retail
Zoning
NMU
Listing Agency:
Advantage Commercial Real Estate
(616) 970-8397
Listed By:
Blake Bruursema · License #501448393
(616) 970-8397
Source:
Carwm.resimplifi
Added: Apr 22
Changed: Aug 29
Last Checked: Aug 29 at 10:51PM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This three-property multifamily portfolio includes seven residential units and two commercial units at 700 Fulton Avenue, a duplex at 710 Fulton Avenue, and a mixed-use duplex at 114 N 7th Street. The 700 Fulton property contains 6,220 SF and includes seven residential units alongside commercial space. The 710 Fulton building provides two residential units, configured as one two-bedroom unit and one one-bedroom unit, within 1,500 SF.
The 114 N 7th Street property contains 1,750 SF with a salon occupying the first floor and a one-bedroom residential unit above. The portfolio is located in Grand Haven, Michigan, within a 10-minute walk of downtown. NMU zoning applies to the offering.
The 114 N 7th Street property contains 1,750 SF with a salon occupying the first floor and a one-bedroom residential unit above. The portfolio is located in Grand Haven, Michigan, within a 10-minute walk of downtown. NMU zoning applies to the offering.
Key Highlights
- Three‑property portfolio in Grand Haven, Michigan
- 700 Fulton Avenue includes 7 residential units and 2 commercial units
- 700 Fulton Avenue contains 6,220 SF
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
$98,788
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
7.06%
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%
$1,975,760
$2.0M
Cap Rate 7%
$1,411,257
$1.4M
Cap Rate 9%
$1,097,644
$1.1M
Market Conditions
NOI Build-Up for 11,437 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
$167.4K $14.64/SF
− Vacancy
−$9.4K −$0.82/SF
EGI
$158.1K $13.82/SF
− OpEx
−$59.3K −$5.18/SF
NOI
$98.8K $8.64/SF
Area
Ottawa County, MI
Vacancy
5.60%
Lease Rate
$14.64 /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%
$1,975,760
Cap Rate 7%
$1,411,257
Cap Rate 9%
$1,097,644
Alternative Uses
Best Use
Multifamily LT 5
$142.22M
$124.44M – $165.93M
NOI $9,955,554 @ 7.0% cap · market cap 711.11%
Second Best
Apartment 5plus
$126.60M
$110.78M – $147.70M
NOI $8,862,244 @ 7.0% cap · market cap 633.02%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 49417, MI
32,406
Population
14,709
Households
2.2
Avg Household Size
43
Median Age
38%
College-Educated
95%
High-School Grad
46.9 sq mi
ZIP Area
691
Density / Sq Mi
$84,476
Median Household Income
$45,392
Median Earnings
$1,101
Median Rent
$287,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio combines apartment, duplex, and mixed-use configurations with commercial space and NMU zoning near downtown Grand Haven.
Where is this apartment building located?
The property is located at 114 N 7th St Grand Haven, MI.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Three‑property portfolio in Grand Haven, Michigan; 700 Fulton Avenue includes 7 residential units and 2 commercial units; 700 Fulton Avenue contains 6,220 SF
