5-Unit Multifamily
For Sale
Contact for pricing
549 LOGAN ST SE, Grand Rapids, MI 49503
Fully occupied 5-unit multifamily property in Grand Rapids’ Heritage Hill Historic District.
Property Size3,636 SF
Price / SF$218.65
Days on Market124
Property Features for 549 LOGAN ST SE
General Information
Standard status
Active
Size
3,636 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Additional Details
Multifamily Units
5
Building Details
Year Built
1905
Buildings
1
Stories
1
Units
4
Listing Agency:
Beal Properties LLC
(734) 662-6133
Listed By:
Stewart Beal · License #6505380163
Source:
Crexi
Added: May 1
Changed: Aug 31
Last Checked: Aug 31 at 3:08AM
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
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
$34,513
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
4.34%
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%
$690,260
$690.3K
Cap Rate 7%
$493,043
$493.0K
Cap Rate 9%
$383,478
$383.5K
Market Conditions
NOI Build-Up for 3,636 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
$66.8K $18.36/SF
− Vacancy
−$4.0K −$1.10/SF
EGI
$62.8K $17.26/SF
− OpEx
−$28.2K −$7.77/SF
NOI
$34.5K $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%
$690,260
Cap Rate 7%
$493,043
Cap Rate 9%
$383,478
Alternative Uses
Best Use
Apartment 5plus
$493.0K
$431.4K – $575.2K
NOI $34,513 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$843.8K
$738.3K – $984.5K
NOI $59,067 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,070
Businesses Nearby
Explore this area
Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
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 - 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 $795,000.
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
