Three-Unit Triplex with
For Sale
$319,900
859 Butterworth St, Grand Rapids, MI 49504
Professionally managed multifamily property with leased units, split utilities, and off-street parking.
Property Size1,881 SF
Price / SF$170.07
Days on Market64
Property Features for 859 Butterworth St
General Information
Standard status
Active
Size
1,881 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$34,500
Amenities
off-street parking
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
Real Estate One-Southfield
(248) 723-0055
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Aug 14
Changed: Oct 15
Last Checked: Oct 14 at 11:04PM
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 Real Estate One-Southfield
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Investment Insights
Based on property information with market context.
This 1,881-square-foot triplex at 859 Butterworth St in Grand Rapids includes three one-bedroom, one-bathroom units. Built in 1890, the property provides off-street parking and separate utility arrangements for the residences, with the owner covering water and sewer service.
United Properties professionally manages the asset, and all three apartments are occupied under current leases. The existing configuration offers an established multifamily setup with consistent tenancy and defined responsibility for utilities.
United Properties professionally manages the asset, and all three apartments are occupied under current leases. The existing configuration offers an established multifamily setup with consistent tenancy and defined responsibility for utilities.
Key Highlights
- Three 1‑bedroom, 1‑bathroom units
- 1,881 square feet in total property size
- All three units occupied under current leases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,944
Cap Rate
6.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$398,880
$398.9K
Cap Rate 7%
$284,914
$284.9K
Cap Rate 9%
$221,600
$221.6K
Market Conditions
NOI Build-Up for 1,881 SF
Gross rent
$30.5K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$28.5K $15.15/SF
− OpEx
−$8.5K −$4.54/SF
NOI
$19.9K $10.60/SF
Area
Grand Rapids, MI
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$398,880
Cap Rate 7%
$284,914
Cap Rate 9%
$221,600
Alternative Uses
Best Use
Multifamily LT 5
$284.9K
$249.3K – $332.4K
NOI $19,944 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$255.1K
$223.2K – $297.6K
NOI $17,855 @ 7.0% cap · market cap 5.58%
Theoretical Best
Specialty Retail
$436.5K
$382.0K – $509.3K
NOI $30,557 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
523
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Professionally managed multifamily property with leased units, split utilities, and off-street parking.
Where is this triplex located?
The property is located at 859 Butterworth St Grand Rapids, MI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bathroom units; 1,881 square feet in total property size; All three units occupied under current leases
