Updated Four-Unit
For Sale
$537,500
1806 Prairie Pkwy SW, Wyoming, MI 49509
R-4-zoned apartment property with a mixed two-bedroom and one-bedroom unit configuration.
Property Size3,876 SF
Price / SF$138.67
Days on Market66
Property Features for 1806 Prairie Pkwy SW
General Information
Standard status
Active
Size
3,876 SF
Property subtype
Multifamily
Zoning
R-4
Units
Unit Mix
3 x 2BR, 1 x 1BR
Multifamily Units
4
Amenities
coin-operated laundry
individual storage units
Building Details
Year Built
1967
Buildings
1
Listing Agency:
MOXIE Real Estate + Development
(616) 341-7699
Listed By:
Shawn Jacobs · License #6501370018
(616) 341-7699
Source:
Carwm.resimplifi
Added: Jun 25
Changed: Aug 28
Last Checked: Aug 28 at 9:02PM
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 MOXIE Real Estate + Development
Investment Insights
Based on property information with market context.
This four-unit apartment building contains three two-bedroom residences and one one-bedroom residence within 3,876 square feet. Built in 1967, the property has received multiple improvements, including updates to several units, replacement windows, new gutters, a fence, a retaining wall, upgraded common areas, and exterior LED lighting.
Resident amenities include coin-operated laundry and individual storage units. Electrical service is individually metered, while the owner currently pays for boiler heat, water and sewer, and trash. The property is located at 1806 Prairie Pkwy SW in Wyoming, Michigan, and carries R-4 zoning. Current rents are identified as below market, with utility cost recovery through bill-back or RUBS presented as an available operating strategy.
Resident amenities include coin-operated laundry and individual storage units. Electrical service is individually metered, while the owner currently pays for boiler heat, water and sewer, and trash. The property is located at 1806 Prairie Pkwy SW in Wyoming, Michigan, and carries R-4 zoning. Current rents are identified as below market, with utility cost recovery through bill-back or RUBS presented as an available operating strategy.
Key Highlights
- Four‑unit building with three 2BR units and one 1BR unit
- 3,876‑square‑foot apartment property built in 1967
- R‑4 zoning in Wyoming, MI
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
$42,232
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
7.86%
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%
$844,640
$844.6K
Cap Rate 7%
$603,314
$603.3K
Cap Rate 9%
$469,244
$469.2K
Market Conditions
NOI Build-Up for 3,876 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
$63.7K $16.44/SF
− Vacancy
−$3.4K −$0.87/SF
EGI
$60.3K $15.57/SF
− OpEx
−$18.1K −$4.67/SF
NOI
$42.2K $10.90/SF
Area
Kent County, MI
Vacancy
5.32%
Lease Rate
$16.44 /SF/Yr
Expense Ratio
30.00%
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%
$844,640
Cap Rate 7%
$603,314
Cap Rate 9%
$469,244
Alternative Uses
Best Use
Multifamily LT 5
$603.3K
$527.9K – $703.9K
NOI $42,232 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$524.4K
$458.8K – $611.8K
NOI $36,707 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$693.2K
$606.6K – $808.8K
NOI $48,527 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 49509, MI
28,340
Population
10,611
Households
2.7
Avg Household Size
34
Median Age
19%
College-Educated
85%
High-School Grad
7.3 sq mi
ZIP Area
3,882
Density / Sq Mi
$64,981
Median Household Income
$38,356
Median Earnings
$983
Median Rent
$183,400
Median Home Value
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?
Quadplex - R-4-zoned apartment property with a mixed two-bedroom and one-bedroom unit configuration.
Where is this quadplex located?
The property is located at 1806 Prairie Pkwy SW Wyoming, MI.
What is the asking price?
The asking price for this property is $537,500.
What are key features of this property?
This property features: Four‑unit building with three 2BR units and one 1BR unit; 3,876‑square‑foot apartment property built in 1967; R‑4 zoning in Wyoming, MI
