4-Unit All-Brick
For Sale
$510,000
1870 Prairie Pkwy SW, Wyoming, MI 49519
Four residential units are consolidated within a single all-brick building.
Property Size3,876 SF
Price / SF$131.58
Days on Market100
Property Features for 1870 Prairie Pkwy SW
General Information
Standard status
Active
Size
3,876 SF
Property subtype
Multi-Family
Additional Details
Gross Rent Multiplier
8.17
Multifamily Units
4
Building Details
Year Built
1967
Construction
all brick
Listing Agency:
RE/MAX SunQuest Realty
(616) 299-0036
Listed By:
Michael P Yablonsky · License #6501264567
Source:
Metrodetroithomeguide
Added: May 25
Changed: Aug 31
Last Checked: Aug 31 at 5:45PM
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 RE/MAX SunQuest Realty
Investment Insights
Based on property information with market context.
This four-unit residential property features all-brick construction and is offered as a single quadplex asset. The layout brings four dwelling units together within one building.
The property is located at 1870 Prairie Parkway SW in Wyoming, Michigan 49519. Its reported Gross Rent Multiplier is 8.17.
The property is located at 1870 Prairie Parkway SW in Wyoming, Michigan 49519. Its reported Gross Rent Multiplier is 8.17.
Key Highlights
- Four‑unit residential quadplex
- All‑brick building construction
- Gross Rent Multiplier of 8.17
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
8.28%
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 8.28%
Second Best
Apartment 5plus
$524.4K
$458.8K – $611.8K
NOI $36,707 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$693.2K
$606.6K – $808.8K
NOI $48,527 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
397
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units are consolidated within a single all-brick building.
Where is this quadplex located?
The property is located at 1870 Prairie Pkwy SW Wyoming, MI.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Four‑unit residential quadplex; All‑brick building construction; Gross Rent Multiplier of 8.17
