Multifamily Property with Fenced
For Sale
$335,000
1520 Quarry Ave NW, Grand Rapids, MI 49504
Apartment property with separate utilities, flexible floorplans, and a professionally managed operating history.
Property Size1,974 SF
Price / SF$169.71
Days on Market60
Property Features for 1520 Quarry Ave NW
General Information
Standard status
Active
Size
1,974 SF
Property subtype
Multi-Family
Building Details
Year Built
1916
Listing Agency:
Keller Williams GR East
(616) 575-1800
Listed By:
Jan Norton Fairchild
Source:
Vmrealestatemichigan
Added: Jul 4
Changed: Aug 31
Last Checked: Aug 31 at 5:22PM
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 Keller Williams GR East
Investment Insights
Based on property information with market context.
Built in 1916, this multifamily property contains apartments with flexible floorplans and a large, hedge-lined fenced yard. Separate utilities support distinct unit-level operations, while professional management has been in place for many years.
The property is located at 1520 Quarry Avenue in Grand Rapids, near downtown and Bridge Street Market, with cafes, breweries, taverns, entertainment, churches, a college, and expressways in the surrounding area. The combination of apartment layouts, outdoor enclosure, and established management provides a clear physical and operational profile for multifamily ownership.
The property is located at 1520 Quarry Avenue in Grand Rapids, near downtown and Bridge Street Market, with cafes, breweries, taverns, entertainment, churches, a college, and expressways in the surrounding area. The combination of apartment layouts, outdoor enclosure, and established management provides a clear physical and operational profile for multifamily ownership.
Key Highlights
- Apartments with flexible floorplans
- Large hedge‑lined, fenced yard
- Separate utilities
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
$18,737
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
5.59%
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%
$374,740
$374.7K
Cap Rate 7%
$267,671
$267.7K
Cap Rate 9%
$208,189
$208.2K
Market Conditions
NOI Build-Up for 1,974 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
$36.2K $18.36/SF
− Vacancy
−$2.2K −$1.10/SF
EGI
$34.1K $17.26/SF
− OpEx
−$15.3K −$7.77/SF
NOI
$18.7K $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%
$374,740
Cap Rate 7%
$267,671
Cap Rate 9%
$208,189
Alternative Uses
Best Use
Apartment 5plus
$267.7K
$234.2K – $312.3K
NOI $18,737 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$458.1K
$400.9K – $534.5K
NOI $32,068 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
868
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 property with separate utilities, flexible floorplans, and a professionally managed operating history.
Where is this multifamily property located?
The property is located at 1520 Quarry Ave NW 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: Apartments with flexible floorplans; Large hedge‑lined, fenced yard; Separate utilities
