Residential Income Property with Rental
For Sale
$309,000
727 NW 6th St NW, Grand Rapids, MI 49504
Two-bathroom rental property offered in as-is condition near downtown Grand Rapids.
Property Size2,412 SF
Lot Size0.13 Acres
Price / SF$128.11
Days on Market8
Property Features for 727 NW 6th St NW
General Information
Standard status
Active
Size
2,412 SF
Lot size
0.13 Acres
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
No recent updates
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,270
Building Details
Year Built
1918
Buildings
1
Units
2
Listing Agency:
Coldwell Banker Woodland Schmidt
(616) 813-6092
Listed By:
Daniel C McCrath
(616) 813-6092
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 22 at 9:16AM
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 Coldwell Banker Woodland Schmidt
Investment Insights
Based on property information with market context.
Built in 1918, this residential income property contains approximately 2,412 sq. ft. and 2 bathrooms on a 0.13-acre lot. The property is currently operated as a rental and is being offered in as-is condition, with tenant and rental history available upon request. No recent updates are reported, and buyers should independently confirm rents, occupancy, physical condition, and local rental licensing compliance.
The property is located in Grand Rapids’ West Grand neighborhood, minutes from downtown and near Bridge Street shops and restaurants, Grand Rapids Community College, John Ball Zoo, and major highway corridors. WalkScore is 69, BikeScore is 54, and TransitScore is 35, reflecting somewhat walkable access, bikeable conditions, and some transit service.
The property is located in Grand Rapids’ West Grand neighborhood, minutes from downtown and near Bridge Street shops and restaurants, Grand Rapids Community College, John Ball Zoo, and major highway corridors. WalkScore is 69, BikeScore is 54, and TransitScore is 35, reflecting somewhat walkable access, bikeable conditions, and some transit service.
Key Highlights
- Approximately 2,412 sq. ft. on a 0.13‑acre lot
- Currently operating as a rental property
- Built in 1918 with 2 bathrooms
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
$22,895
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
7.41%
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%
$457,900
$457.9K
Cap Rate 7%
$327,071
$327.1K
Cap Rate 9%
$254,389
$254.4K
Market Conditions
NOI Build-Up for 2,412 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
$44.3K $18.36/SF
− Vacancy
−$2.7K −$1.10/SF
EGI
$41.6K $17.26/SF
− OpEx
−$18.7K −$7.77/SF
NOI
$22.9K $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%
$457,900
Cap Rate 7%
$327,071
Cap Rate 9%
$254,389
Alternative Uses
Best Use
Apartment 5plus
$327.1K
$286.2K – $381.6K
NOI $22,895 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$559.8K
$489.8K – $653.1K
NOI $39,183 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,270
Businesses Nearby
Explore this area
Business Placement
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bathroom rental property offered in as-is condition near downtown Grand Rapids.
Where is this residential income property located?
The property is located at 727 NW 6th St NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Approximately 2,412 sq. ft. on a 0.13‑acre lot; Currently operating as a rental property; Built in 1918 with 2 bathrooms
