Multifamily Apartment
For Sale
$335,000
Pending
719 NW Stocking Ave City Of, Grand Rapids, MI 49504
Apartment building with separately metered utilities and updated furnaces and water heaters.
Property Size2,112 SF
Days on Market27
Property Features for 719 NW Stocking Ave City Of
General Information
Standard status
Pending
Size
2,112 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
Michigan Dream Homes, LLC
(734) 822-6006
Listed By:
NextHome Evolution
(734) 822-6006
Source:
Nhevolutionmi
Added: Aug 6
Changed: Aug 31
Last Checked: Aug 31 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 Michigan Dream Homes, LLC
Investment Insights
Based on property information with market context.
This multifamily property contains apartments in a building constructed in 1910. Separate utilities support individual apartment operations, while newer furnaces and hot water heaters add updated mechanical components to the property. The apartments feature flexible floorplans that can accommodate different furniture and furnishing arrangements.
The property is located on Stocking Avenue in Grand Rapids’ northwest area, near downtown, Bridge Street Market, cafes, breweries, taverns, entertainment venues, churches, the college, and expressways. Professional management has been in place for many years, providing an established operating structure for the property.
The property is located on Stocking Avenue in Grand Rapids’ northwest area, near downtown, Bridge Street Market, cafes, breweries, taverns, entertainment venues, churches, the college, and expressways. Professional management has been in place for many years, providing an established operating structure for the property.
Key Highlights
- Multifamily apartment property built in 1910
- Separate utilities for the apartments
- Newer furnaces and hot water heaters
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
$20,047
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
5.98%
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%
$400,940
$400.9K
Cap Rate 7%
$286,386
$286.4K
Cap Rate 9%
$222,744
$222.7K
Market Conditions
NOI Build-Up for 2,112 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
$38.8K $18.36/SF
− Vacancy
−$2.3K −$1.10/SF
EGI
$36.4K $17.26/SF
− OpEx
−$16.4K −$7.77/SF
NOI
$20.0K $9.49/SF
Area
Grand Rapids, MI
Vacancy
6.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$400,940
Cap Rate 7%
$286,386
Cap Rate 9%
$222,744
Alternative Uses
Best Use
Apartment 5plus
$286.4K
$250.6K – $334.1K
NOI $20,047 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$490.1K
$428.9K – $571.8K
NOI $34,309 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,012
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Apartment building with separately metered utilities and updated furnaces and water heaters.
Where is this multifamily property located?
The property is located at 719 NW Stocking Ave City Of Grand Rapids, MI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Multifamily apartment property built in 1910; Separate utilities for the apartments; Newer furnaces and hot water heaters
