Five-Unit Apartment
For Sale
$689,900
623 Cherry St SE, Grand Rapids, MI 49503
Five 1-bed, 1-bath units with off-street parking, currently generating stated monthly rent.
Property Size3,017 SF
Price / SF$228.67
Days on Market110
Property Features for 623 Cherry St SE
General Information
Standard status
Active
Size
3,017 SF
Property subtype
Investment
Zoning
MDR
Building Details
Year Built
1875
Tenancy
Multi-Tenant
Listing Agency:
Five Star Real Estate (Grandv)
Listed By:
Kevin Knoll
(616) 437-4219
Source:
Carwm.resimplifi
Added: Jun 15
Changed: Sep 5
Last Checked: Oct 1 at 8:14AM
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 Five Star Real Estate (Grandv)
Investment Insights
Based on property information with market context.
This five-unit apartment building features all units configured as 1 bedroom and 1 bathroom. The property is presented for sale with stated total monthly rent of $6,985, offering a straightforward residential income setup. Off-street parking is also available for tenants and guests.
The building is located at 623 Cherry St SE in Grand Rapids, Michigan. Public remarks note convenient access to Medical Mile, downtown Grand Rapids, shopping, nightlife, local coffee shops, and restaurants. The asset is also described as bikeable with a BikeScore of 64 and very walkable with a WalkScore of 79, with a TransitScore of 44 indicating some transit options.
For buyers seeking a compact multifamily asset with consistent unit layouts, this property’s five 1-bedroom units can simplify leasing and operations. The off-street parking and walkable surrounding amenities may appeal to residents who prefer nearby daily conveniences. Please contact the listing broker for additional details and to schedule a showing.
The building is located at 623 Cherry St SE in Grand Rapids, Michigan. Public remarks note convenient access to Medical Mile, downtown Grand Rapids, shopping, nightlife, local coffee shops, and restaurants. The asset is also described as bikeable with a BikeScore of 64 and very walkable with a WalkScore of 79, with a TransitScore of 44 indicating some transit options.
For buyers seeking a compact multifamily asset with consistent unit layouts, this property’s five 1-bedroom units can simplify leasing and operations. The off-street parking and walkable surrounding amenities may appeal to residents who prefer nearby daily conveniences. Please contact the listing broker for additional details and to schedule a showing.
Key Highlights
- 5‑unit property in Cherry Hill built in 1875
- All units are 1 bedroom / 1 bathroom
- Stated total rent of $6,985 per month
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
$28,638
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
4.15%
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%
$572,760
$572.8K
Cap Rate 7%
$409,114
$409.1K
Cap Rate 9%
$318,200
$318.2K
Market Conditions
NOI Build-Up for 3,017 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
$55.4K $18.36/SF
− Vacancy
−$3.3K −$1.10/SF
EGI
$52.1K $17.26/SF
− OpEx
−$23.4K −$7.77/SF
NOI
$28.6K $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%
$572,760
Cap Rate 7%
$409,114
Cap Rate 9%
$318,200
Alternative Uses
Best Use
Apartment 5plus
$409.1K
$358.0K – $477.3K
NOI $28,638 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$700.2K
$612.6K – $816.9K
NOI $49,011 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,402
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Five 1-bed, 1-bath units with off-street parking, currently generating stated monthly rent.
Where is this apartment building located?
The property is located at 623 Cherry St SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: 5‑unit property in Cherry Hill built in 1875; All units are 1 bedroom / 1 bathroom; Stated total rent of $6,985 per month
