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 Market138
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
Listed By:
Jan Norton Fairchild
(616) 575-1800
Source:
Vmrealestatemichigan
Added: Jun 1
Changed: Oct 1
Last Checked: Oct 14 at 11:23PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$18,737
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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
