Grand Rapids Condo with
For Sale
$192,500
476 Barkwood Ct Grand, Grand Rapids, MI 49534
Two-bedroom condo with new deck, water heater, and in-unit laundry.
Property Size1,100 SF
Price / SF$175
Days on Market353
Property Features for 476 Barkwood Ct Grand
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Condominium
Building Details
Year Built
1974
Listing Agency:
RE/MAX Lakeshore
(616) 396-1400
Listed By:
Jonathan Kwekel · License #6501429494
(616) 396-1400
Source:
Kw
Added: Aug 25, 2025
Changed: Jul 6
Last Checked: Aug 12 at 12:42PM
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 Lakeshore
Investment Insights
Based on property information with market context.
Located on the northwest side of Grand Rapids, this second-level condo at 476 Barkwood Court is available for immediate occupancy. The unit features two bedrooms and 1.5 bathrooms, along with the convenience of in-unit laundry. Recent updates include a new deck and a new water heater. The air conditioning system has been tuned within the last year. Additional storage space is provided via a personal storage locker. The property includes one covered parking space and one uncovered parking space. Situated less than 6 miles from downtown Grand Rapids, the location offers convenient access to dining, shopping, banking, and public transportation. The property size is 1100 square feet.
Key Highlights
- Immediate possession available
- Includes covered and uncovered parking spaces
- In‑unit laundry for your convenience
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
$10,441
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
5.42%
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%
$208,820
$208.8K
Cap Rate 7%
$149,157
$149.2K
Cap Rate 9%
$116,011
$116.0K
Market Conditions
NOI Build-Up for 1,100 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
$20.2K $18.36/SF
− Vacancy
−$1.2K −$1.10/SF
EGI
$19.0K $17.26/SF
− OpEx
−$8.5K −$7.77/SF
NOI
$10.4K $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%
$208,820
Cap Rate 7%
$149,157
Cap Rate 9%
$116,011
Alternative Uses
Best Use
Apartment 5plus
$149.2K
$130.5K – $174.0K
NOI $10,441 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$255.3K
$223.4K – $297.8K
NOI $17,870 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
Explore this area
Business Placement
Demographics for 49534, MI
23,996
Population
9,713
Households
2.5
Avg Household Size
37
Median Age
34%
College-Educated
95%
High-School Grad
35.3 sq mi
ZIP Area
680
Density / Sq Mi
$78,846
Median Household Income
$44,176
Median Earnings
$1,161
Median Rent
$270,200
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 - Two-bedroom condo with new deck, water heater, and in-unit laundry.
Where is this apartment building located?
The property is located at 476 Barkwood Ct Grand Grand Rapids, MI.
What is the asking price?
The asking price for this property is $192,500.
What are key features of this property?
This property features: Immediate possession available; Includes covered and uncovered parking spaces; In‑unit laundry for your convenience
