Brick 8-Unit Apartment
New
For Sale
Contact for pricing
3253 CHARLESGATE AVE SW, Wyoming, MI 49509
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 Market6
Property Features for 3253 CHARLESGATE AVE SW
General Information
Standard status
Active
Size
6,504 SF
Net Rentable
6,504 SF
Class
C
Lot size
0.57 Acres
Property subtype
Multifamily
Occupancy
100%
Financials
Asking Price
$995,000
Gross Income
$102,960
Average Monthly Rent
$1,073
Units
Unit Mix
8 x 2BR
Multifamily Units
8
Additional Details
Highway Access
Yes
Building Details
Year Built
1969
Buildings
2
Stories
1
Units
8
Construction
brick
Listing Agency:
Pantheon Commercial, LLC
Listed By:
Aaron Eichenberg · License #MI 6502430903
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 2:03PM
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
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 = 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
$61,594
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
6.19%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
476
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
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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
