14-Unit Brick Apartment
For Sale
$1,850,000
1720 Porter St SW, Wyoming, MI 49519
Updated apartments with separate electric metering, on-site laundry, and dedicated resident parking support efficient operations.
Property Size13,119 SF
Price / SF$141.02
Days on Market150
Property Features for 1720 Porter St SW
General Information
Standard status
Active
Size
13,119 SF
Total Parking Spaces
16
Property subtype
Multi-Family
Units
Unit Mix
13 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
14
Amenities
coin-operated laundry
Building Details
Year Built
1973
Buildings
1
Construction
brick
Listing Agency:
Compass Realty Services
Listed By:
Allison V Koetsier · License #6502378425
(616) 633-9445
Source:
Vmrealestatemichigan
Added: May 19
Changed: Oct 1
Last Checked: Oct 12 at 7:58PM
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 Compass Realty Services
Investment Insights
Based on property information with market context.
Built in 1973, this 14-unit brick apartment property at 1720 Porter Street in Wyoming, MI includes 13 two-bedroom, one-bath apartments and one three-bedroom, one-bath apartment. The units are updated and well maintained, with electric service separately metered for each apartment. A newer boiler serves the building, while on-site amenities include coin-operated laundry, 14 carports, and a two-stall garage with storage designated for the owner.
Professional management is in place, and the brick construction provides a durable exterior. The combination of varied apartment layouts, resident parking, laundry facilities, updated interiors, and dedicated owner storage creates a clearly defined multifamily configuration.
Professional management is in place, and the brick construction provides a durable exterior. The combination of varied apartment layouts, resident parking, laundry facilities, updated interiors, and dedicated owner storage creates a clearly defined multifamily configuration.
Key Highlights
- 14‑unit apartment building with 13 two‑bedroom/one‑bath units and 1 three‑bedroom/one‑bath unit
- Brick construction with updated, well‑maintained apartments
- Separately metered electric service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$124,240
Cap Rate
6.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,484,800
$2.5M
Cap Rate 7%
$1,774,857
$1.8M
Cap Rate 9%
$1,380,444
$1.4M
Market Conditions
NOI Build-Up for 13,119 SF
Gross rent
$239.3K $18.24/SF
− Vacancy
−$13.4K −$1.02/SF
EGI
$225.9K $17.22/SF
− OpEx
−$101.7K −$7.75/SF
NOI
$124.2K $9.47/SF
Area
Kent County, MI
Vacancy
5.60%
Lease Rate
$18.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,484,800
Cap Rate 7%
$1,774,857
Cap Rate 9%
$1,380,444
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $124,240 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,249 @ 7.0% cap · market cap 8.88%
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
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 49519, MI
28,025
Population
11,693
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
90%
High-School Grad
8.0 sq mi
ZIP Area
3,503
Density / Sq Mi
$75,373
Median Household Income
$39,240
Median Earnings
$1,176
Median Rent
$220,300
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Updated apartments with separate electric metering, on-site laundry, and dedicated resident parking support efficient operations.
Where is this apartment building located?
The property is located at 1720 Porter St SW Wyoming, MI.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 14‑unit apartment building with 13 two‑bedroom/one‑bath units and 1 three‑bedroom/one‑bath unit; Brick construction with updated, well‑maintained apartments; Separately metered electric service
