Updated Quadplex with
For Sale
$499,000
Pending
27 Colfax St, Grand Rapids, MI 49505
Four-unit residential property with current occupancy, alley access, and city certification.
Property Size3,082 SF
Days on Market10
Property Features for 27 Colfax St
General Information
Standard status
Pending
Size
3,082 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$60,060
Road Access
Yes
Multifamily Units
4
Amenities
large backyard
Building Details
Year Built
1875
Listing Agency:
Century 21 Affiliated
(734) 434-3500
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 7:15AM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This four-unit residential property contains 3,082 square feet in a building constructed in 1875. Multiple updates have been completed throughout the units, while the site adds a large backyard, alley access, and street frontage. City certification remains in effect through 09/08/2029.
At 27 Colfax St in Grand Rapids, Michigan, the property is 100% occupied, with leases extending through July 2027. Professional property management is available, and property access requires 24 hr notice. The existing four-unit layout, current occupancy, and established lease terms provide a defined operating structure for the next owner.
At 27 Colfax St in Grand Rapids, Michigan, the property is 100% occupied, with leases extending through July 2027. Professional property management is available, and property access requires 24 hr notice. The existing four-unit layout, current occupancy, and established lease terms provide a defined operating structure for the next owner.
Key Highlights
- Four‑unit multifamily property with 100% occupancy
- 3,082 square feet in a building constructed in 1875
- Leases extend through July 2027
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
$32,678
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
6.55%
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%
$653,560
$653.6K
Cap Rate 7%
$466,829
$466.8K
Cap Rate 9%
$363,089
$363.1K
Market Conditions
NOI Build-Up for 3,082 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
$49.9K $16.20/SF
− Vacancy
−$3.2K −$1.05/SF
EGI
$46.7K $15.15/SF
− OpEx
−$14.0K −$4.54/SF
NOI
$32.7K $10.60/SF
Area
Grand Rapids, MI
Vacancy
6.50%
Lease Rate
$16.20 /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%
$653,560
Cap Rate 7%
$466,829
Cap Rate 9%
$363,089
Alternative Uses
Best Use
Multifamily LT 5
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$417.9K
$365.7K – $487.6K
NOI $29,255 @ 7.0% cap · market cap 5.86%
Theoretical Best
Specialty Retail
$715.2K
$625.8K – $834.5K
NOI $50,067 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Explore this area
Business Placement
Demographics for 49505, MI
31,444
Population
14,197
Households
2.2
Avg Household Size
36
Median Age
40%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
3,573
Density / Sq Mi
$71,692
Median Household Income
$43,778
Median Earnings
$1,248
Median Rent
$227,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with current occupancy, alley access, and city certification.
Where is this quadplex located?
The property is located at 27 Colfax St Grand Rapids, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 100% occupancy; 3,082 square feet in a building constructed in 1875; Leases extend through July 2027
