Three-Unit Triplex with
For Sale
$329,900
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$175.39
Days on Market19
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:
Ilink Real Estate Co.
(989) 214-2240
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 31 at 2:37PM
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 Ilink Real Estate Co.
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 = 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
$19,944
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
6.05%
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%
$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
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
$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 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%
$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 6.05%
Second Best
Apartment 5plus
$255.1K
$223.2K – $297.6K
NOI $17,855 @ 7.0% cap · market cap 5.41%
Theoretical Best
Specialty Retail
$436.5K
$382.0K – $509.3K
NOI $30,557 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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 $329,900.
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
