12-Unit Apartment Building Under
For Sale
$650,000
533 E Washington St, Ionia, MI 48846
Partially developed multifamily project with approved unit count and PUD-3 zoning in Ionia.
Property Size4,300 SF
Price / SF$151.16
Days on Market335
Property Features for 533 E Washington St
General Information
Standard status
Active
Size
4,300 SF
Property subtype
Multifamily
Zoning
PUD-3
Additional Details
Multifamily Units
12
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Construction
termal stud technology
Listing Agency:
Keller Williams Rivertown
(616) 915-2890
Listed By:
Cathy Hoppough · License #6502365936
(616) 915-2890
Source:
Carwm.resimplifi
Added: Sep 30, 2025
Changed: Aug 28
Last Checked: Aug 28 at 8:11PM
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 Keller Williams Rivertown
Investment Insights
Based on property information with market context.
This multifamily development includes a first building that is currently under construction, with completion remaining for the next owner. The building was designed using thermal stud technology and the City of Ionia has approved 12 units for the project. The property is located at 533 E Washington St in Ionia, Michigan, and carries PUD-3 zoning.
Key Highlights
- 12 units approved by the City of Ionia
- First building is under construction
- Thermal stud construction technology
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
$20,327
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
3.13%
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%
$406,540
$406.5K
Cap Rate 7%
$290,386
$290.4K
Cap Rate 9%
$225,856
$225.9K
Market Conditions
NOI Build-Up for 4,300 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
$38.7K $9.00/SF
− Vacancy
−$1.7K −$0.41/SF
EGI
$37.0K $8.59/SF
− OpEx
−$16.6K −$3.87/SF
NOI
$20.3K $4.73/SF
Area
Ionia County, MI
Vacancy
4.50%
Lease Rate
$9.00 /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%
$406,540
Cap Rate 7%
$290,386
Cap Rate 9%
$225,856
Alternative Uses
Best Use
Apartment 5plus
$290.4K
$254.1K – $338.8K
NOI $20,327 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$819.4K
$716.9K – $955.9K
NOI $57,355 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
Explore this area
Business Placement
Demographics for 48846, MI
22,470
Population
7,597
Households
3
Avg Household Size
38
Median Age
12%
College-Educated
88%
High-School Grad
110.6 sq mi
ZIP Area
203
Density / Sq Mi
$66,717
Median Household Income
$37,858
Median Earnings
$804
Median Rent
$172,300
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 - Partially developed multifamily project with approved unit count and PUD-3 zoning in Ionia.
Where is this apartment building located?
The property is located at 533 E Washington St Ionia, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 12 units approved by the City of Ionia; First building is under construction; Thermal stud construction technology
