5-Unit Multifamily
549 LOGAN ST SE Grand Rapids, MI 49503
549 LOGAN ST SE, Grand Rapids, MI, 49503
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For Sale
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Fully occupied 5-unit multifamily property in Grand Rapids’ Heritage Hill Historic District.
Property Size3,636 SF
Price / SF$226.90
Days on Market82
Property Features for 549 LOGAN ST SE
General Information
- Standard status
- Active
- Size
- 3,636 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1905
Listing agency
Beal Properties LLC
(734) 662-6133
Listed by
Stewart Beal · License #6505380163
Source
Crexi
Added: May 1 Updated: Jul 20 at 9:07PM Checked: Jul 21 at 5:44AM
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 Beal Properties LLC
Investment Insights
Based on property information with market context.
This 5-unit multifamily property at 549 Logan St SE in Grand Rapids is fully occupied, providing immediate rental income. The building represents a historic apartment asset within the Heritage Hill Historic District and is currently operating with in-place tenants.
The location is described as well-positioned for renters seeking access to downtown, major employment centers, and neighborhood amenities, with the surrounding area noted for walkability and historic character.
For buyers and brokers evaluating income-oriented multifamily ownership, this offering provides a stabilized setup with all units occupied at the time of sale.
The location is described as well-positioned for renters seeking access to downtown, major employment centers, and neighborhood amenities, with the surrounding area noted for walkability and historic character.
For buyers and brokers evaluating income-oriented multifamily ownership, this offering provides a stabilized setup with all units occupied at the time of sale.
Key Highlights
- Fully occupied 5‑unit multifamily property in Grand Rapids’ Heritage Hill Historic District
- Year built 1905
- Property is positioned at 549 Logan St SE in Grand Rapids
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.8k | $18.36 |
| − Vacancy | −$4.0k | −$1.10 |
| EGI | $62.8k | $17.26 |
| − OpEx | −$28.2k | −$7.77 |
| NOI | $34.5k | $9.49 |
3,636 SF · lease $18.36/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$493.0K
$431.4K – $575.2K
NOI $34,513 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$843.8K
$738.3K – $984.5K
NOI $59,067 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Fully occupied 5-unit multifamily property in Grand Rapids’ Heritage Hill Historic District.
Where is this apartment building located?
The property is located at 549 LOGAN ST SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Fully occupied 5‑unit multifamily property in Grand Rapids’ Heritage Hill Historic District; Year built 1905; Property is positioned at 549 Logan St SE in Grand Rapids
