42-Unit Apartment
For Sale
$3,899,000
Pending
4130 Oak Park Dr SE, Grand Rapids, MI 49508
MDR-zoned apartment property with a multi-unit residential configuration.
Property Size26,236 SF
Days on Market174
Property Features for 4130 Oak Park Dr SE
General Information
Standard status
Pending
Size
26,236 SF
Total Parking Spaces
60
Property subtype
Multifamily
Zoning
MDR
Amenities
60 Parking Spaces
Building Details
Year Built
1975
Listing Agency:
MOXIE Real Estate + Development
(616) 341-7699
Listed By:
Shawn Jacobs · License #6501370018
(616) 341-7699
Source:
Carwm.resimplifi
Added: Mar 12
Changed: Aug 30
Last Checked: Aug 31 at 1:48PM
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 apartment property contains 42 units within 26,236 square feet and was constructed in 1975. The building is designated MDR, providing a defined multifamily property profile.
Located at 4130 Oak Park Dr SE in Grand Rapids, Michigan, the property is currently 94% occupied. The address places the asset within the Grand Rapids market, while its unit count and existing occupancy provide a clear basis for evaluating the property as an apartment building.
Located at 4130 Oak Park Dr SE in Grand Rapids, Michigan, the property is currently 94% occupied. The address places the asset within the Grand Rapids market, while its unit count and existing occupancy provide a clear basis for evaluating the property as an apartment building.
Key Highlights
- 42‑unit apartment building
- 26,236 square feet
- 94% occupied
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
$249,035
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
6.39%
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%
$4,980,700
$5.0M
Cap Rate 7%
$3,557,643
$3.6M
Cap Rate 9%
$2,767,056
$2.8M
Market Conditions
NOI Build-Up for 26,236 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
$481.7K $18.36/SF
− Vacancy
−$28.9K −$1.10/SF
EGI
$452.8K $17.26/SF
− OpEx
−$203.8K −$7.77/SF
NOI
$249.0K $9.49/SF
Area
Grand Rapids, MI
Vacancy
6.00%
Lease Rate
$18.36 /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%
$4,980,700
Cap Rate 7%
$3,557,643
Cap Rate 9%
$2,767,056
Alternative Uses
Best Use
Apartment 5plus
$3.56M
$3.11M – $4.15M
NOI $249,035 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.09M
$5.33M – $7.10M
NOI $426,204 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 49508, MI
41,851
Population
16,583
Households
2.5
Avg Household Size
36
Median Age
33%
College-Educated
88%
High-School Grad
11.8 sq mi
ZIP Area
3,547
Density / Sq Mi
$65,328
Median Household Income
$41,115
Median Earnings
$1,179
Median Rent
$257,900
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?
Apartment building - MDR-zoned apartment property with a multi-unit residential configuration.
Where is this apartment building located?
The property is located at 4130 Oak Park Dr SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $3,899,000.
What are key features of this property?
This property features: 42‑unit apartment building; 26,236 square feet; 94% occupied
