Three-Property Multifamily
For Sale
Contact for pricing
700 Fulton Street, Grand Haven, MI 49417
Multifamily portfolio combining residential units with commercial space across three properties near downtown.
Property Size11,437 SF
Price / SF$122.41
Days on Market123
Property Features for 700 Fulton Street
General Information
Standard status
Active
Size
11,437 SF
Property subtype
Retail, Multifamily
Building Details
Buildings
3
Listing Agency:
Advantage Commercial Real Estate
(616) 970-8397
Listed By:
Michael Visser · License #6501368970
Source:
Crexi
Added: May 1
Changed: Aug 30
Last Checked: Aug 30 at 5:43PM
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 Advantage Commercial Real Estate
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.
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 = 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
$98,788
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
7.06%
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%
$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
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
$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 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%
$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
NOI $9,955,554 @ 7.0% cap · market cap 711.11%
Second Best
Apartment 5plus
$126.60M
$110.78M – $147.70M
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.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
