Brick 8-Unit Apartment
3253 Charlesgate Ave SW, Wyoming, MI 49509
For Sale
$995,000
Two adjacent brick buildings contain four two-bedroom apartments per building.
Property Size6,504 SF
Lot Size0.57 Acres
Price / SF$152.98
Days on Market108
Property Features for 3253 Charlesgate Ave SW
General Information
Standard status
Size
Net Rentable
Lot size
Property subtype
Zoning
Occupancy
Financials
Asking Price
Gross Income
Average Monthly Rent
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Building Details
Year Built
Buildings
Construction
Listing Agency:
Pantheon Commercial LLC
Listed By:
Aaron Eichenberg · License #6502430903
(312) 550-4889
Source:
Carwm.resimplifi
Added: Jul 25
Changed: Nov 3
Last Checked: Nov 8 at 2:11AM
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 Pantheon Commercial LLC
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Investment Insights
Based on property information with market context.
This multifamily offering includes two adjacent brick apartment buildings on separate parcels in Wyoming, Michigan. Each building is configured as a four-plex with four two-bedroom apartments, creating eight units and 6,504 SF of rentable area across 0.567 acres. Constructed in 1969, the buildings form a consistent eight-unit residential configuration.
The property is located southwest of downtown Grand Rapids, with access to the regional area via US-131 and M-6. Wyoming is the largest suburb of Grand Rapids and benefits from employment connections to the Grand Rapids MSA, including healthcare, manufacturing, and education. The portfolio was 100% occupied on the 8/1/26 rent roll, providing a fully leased unit mix across both buildings.
The property is located southwest of downtown Grand Rapids, with access to the regional area via US-131 and M-6. Wyoming is the largest suburb of Grand Rapids and benefits from employment connections to the Grand Rapids MSA, including healthcare, manufacturing, and education. The portfolio was 100% occupied on the 8/1/26 rent roll, providing a fully leased unit mix across both buildings.
Key Highlights
- Two adjacent brick 4‑plex apartment buildings on separate parcels
- 8 total units, with four 2‑bedroom apartments in each building
- 6,504 SF of rentable area across 0.567 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,594
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,231,880
$1.2M
Cap Rate 7%
$879,914
$879.9K
Cap Rate 9%
$684,378
$684.4K
Market Conditions
NOI Build-Up for 6,504 SF
Gross rent
$118.6K $18.24/SF
− Vacancy
−$6.6K −$1.02/SF
EGI
$112.0K $17.22/SF
− OpEx
−$50.4K −$7.75/SF
NOI
$61.6K $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%
$1,231,880
Cap Rate 7%
$879,914
Cap Rate 9%
$684,378
Alternative Uses
Best Use
Apartment 5plus
$879.9K
$769.9K – $1.03M
NOI $61,594 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,430 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
8
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
494
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
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Market
Properties on Market for Apartment buildings in Kent County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent brick buildings contain four two-bedroom apartments per building.
Where is this apartment building located?
The property is located at 3253 Charlesgate Ave SW Wyoming, MI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two adjacent brick 4‑plex apartment buildings on separate parcels; 8 total units, with four 2‑bedroom apartments in each building; 6,504 SF of rentable area across 0.567 acres
