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 Market40
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
(616) 633-9445
Listed By:
Allison V Koetsier
Source:
Vmrealestatemichigan
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 10:36AM
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 = 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
$124,240
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
6.72%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
