Building Details

Buildings 3

Listing Agency: Advantage Commercial Real Estate

Listed By: Michael Visser · License #6501368970 Show Phone

Source: Crexi

Added: May 1 Changed: Oct 14 Last Checked: Oct 14 at 8:51PM

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Investment Insights

Based on property information with market context.

This three-property multifamily portfolio combines apartment, duplex, and mixed-use configurations. One building contains 7 residential units and 2 commercial units within 6,220 SF, including approximately 2,520 square feet of ground-floor commercial space. A second property is a duplex with one 2-bedroom unit and one 1-bedroom unit.

The third property is a mixed-use duplex with a salon occupying the first floor and a 1-bedroom residence above. Across the portfolio, the properties include residential and commercial components, with the individual buildings measuring 6,220 SF, 1,500 SF, and 1,750 SF, respectively. The portfolio is located within a 10-minute walk of downtown Grand Haven, Michigan.

Key Highlights

• Three‑property multifamily portfolio near downtown Grand Haven
• One building includes 7 residential units and 2 commercial units
• Approximately 2,520 square feet of ground‑floor commercial space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$98,788

Cap Rate

7.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,975,760 $2.0M

Cap Rate 7%

$1,411,257 $1.4M

Cap Rate 9%

$1,097,644 $1.1M

Market Conditions

NOI Build-Up for 11,437 SF

Gross rent

$167.4K $14.64/SF

− Vacancy

−$9.4K −$0.82/SF

EGI

$158.1K $13.82/SF

− OpEx

−$59.3K −$5.18/SF

NOI

$98.8K $8.64/SF

Area

Ottawa County, MI

Vacancy

5.60%

Lease Rate

$14.64 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,975,760

Cap Rate 7%

$1,411,257

Cap Rate 9%

$1,097,644

Alternative Uses

Best Use

Multifamily LT 5

$142.22M

$124.44M – $165.93M (±1% cap)

NOI $9,955,554 @ 7.0% cap · market cap 711.11%

Second Best

Apartment 5plus

$126.60M

$110.78M – $147.70M (±1% cap)

NOI $8,862,244 @ 7.0% cap · market cap 633.02%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Polaris Law, PLC Law Firm Stegink Financial Financial Advisor Divine Wellness 616 Alternative Medicine Practice grant-williams mediation Consultant

Suggested Use

Top Pick Furniture & Home Goods (Bike/Boat/Book/etc) Store Grocery & Convenience Store Food Market Daycare Center Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,224

Businesses Nearby

Explore this area Business Placement

Demographics for 49417, MI

32,406

Population

14,709

Households

2.2

Avg Household Size

43

Median Age

38%

College-Educated

95%

High-School Grad

46.9 sq mi

ZIP Area

691

Density / Sq Mi

$84,476

Median Household Income

$45,392

Median Earnings

$1,101

Median Rent

$287,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Multifamily property - Multifamily portfolio combining residential units with commercial space across three properties near downtown.

Where is this multifamily property located?

The property is located at 700 Fulton Street Grand Haven, MI.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: Three‑property multifamily portfolio near downtown Grand Haven; One building includes 7 residential units and 2 commercial units; Approximately 2,520 square feet of ground‑floor commercial space