Renovated Mixed-Use
For Sale
$649,900
1205 Bridge Street NW, Grand Rapids, MI 49504
Commercial Sale, Grand Rapids, MI
Property Size2,789 SF
Lot Size0.11 Acres
Price / SF$233.02
Days on Market49
Property Features for 1205 Bridge Street NW
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
201 COMMERCIAL
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2, Basement
Parking
4
Interior features
Broadband
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Standard status
Active
APN
41-13-23-384-002
Size
2,789 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 10 BLK 5 & E 15 FT OF LOT 11 BLK 5 * H G STONE'S ADDITION
Tax Annual Amount
7953
Legal Description
LOT 10 BLK 5 & E 15 FT OF LOT 11 BLK 5 * H G STONE'S ADDITION
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Forced Air, Radiant, Baseboard
Cooling system
Central Air
Building Details
Year built
1946
Number of units
3
Listing Agency:
Kilner Group Realty
(616) 498-8251
Listed By:
John McMahon · License #6501437598
(616) 802-7889
Added: Jul 21
Changed: Sep 7
Last Checked: Sep 7 at 9:06AM
MLS# 26037728
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.
Located at 1205 Bridge Street NW in Grand Rapids, this 2,789-square-foot mixed-use property contains three separate units. Unit A provides street-level retail or office space, while Unit B is a 1 bed/1 bath apartment and Unit C is a 3 bed/1 bath apartment. The interiors have been renovated with updated finishes throughout.
The property occupies 0.11 acres and includes four off-street parking spaces. Built in 1946, it features central air conditioning, hot water, forced-air, radiant, and baseboard heating systems, plus cable availability. Its Bridge Street setting is within walking distance of dining, breweries, and shopping.
The property occupies 0.11 acres and includes four off-street parking spaces. Built in 1946, it features central air conditioning, hot water, forced-air, radiant, and baseboard heating systems, plus cable availability. Its Bridge Street setting is within walking distance of dining, breweries, and shopping.
Key Highlights
- Three separate units: street‑level retail or office space, 1 bed/1 bath apartment, and 3 bed/1 bath apartment
- 2,789 square feet on 0.11 acres
- Four off‑street parking spaces
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
$40,429
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
6.22%
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%
$808,580
$808.6K
Cap Rate 7%
$577,557
$577.6K
Cap Rate 9%
$449,211
$449.2K
Market Conditions
NOI Build-Up for 2,789 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
$61.2K $21.96/SF
− Vacancy
−$3.5K −$1.25/SF
EGI
$57.8K $20.71/SF
− OpEx
−$17.3K −$6.21/SF
NOI
$40.4K $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%
$808,580
Cap Rate 7%
$577,557
Cap Rate 9%
$449,211
Alternative Uses
Best Use
Retail
$577.6K
$505.4K – $673.8K
NOI $40,429 @ 7.0% cap · market cap 6.22%
Second Best
Mixed Use
$439.9K
$384.9K – $513.2K
NOI $30,791 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$647.2K
$566.3K – $755.1K
NOI $45,307 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Home Improvements & Furnishings 35%
Electronics 5%
Family Dollar
Shops & Services
6,321 visits/mo
0.5 miles
Great Lakes Ace
Home Improvements & Furnishings
5,276 visits/mo
0.4 miles
Huntington Bank
Shops & Services
2,825 visits/mo
0.5 miles
Boost Mobile
Electronics
690 visits/mo
0.4 miles
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit configuration combines commercial space with two residential apartments and four off-street parking spaces.
Where is this mixed-use property located?
The property is located at 1205 Bridge Street NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three separate units: street‑level retail or office space, 1 bed/1 bath apartment, and 3 bed/1 bath apartment; 2,789 square feet on 0.11 acres; Four off‑street parking spaces
