Renovated Mixed-Use Building in
For Sale
$1,050,000
953 Fulton Street, Grand Rapids, MI 49503
Recently renovated commercial building with retail and apartment spaces.
Property Size4,614 SF
Days on Market123
Property Features for 953 Fulton Street
General Information
Standard status
Active
Size
4,614 SF
Property subtype
Commercial
Zoning
Commercial Imp.
Taxes and HOA fees
Annual Taxes
$8,734
Building Details
Building Size
4,614 SF
Year Built
1929
Buildings
1
Stories
2
Units
4
Listing Agency:
JH Realty Partners
(616) 682-2820
Listed By:
Jeff Heglund · License #6502418643
Source:
Irishhillsfivestarhomes
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 23 at 10:54AM
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 JH Realty Partners
Investment Insights
Based on property information with market context.
This recently renovated commercial building offers versatility with retail space divided into a market and a hair salon, along with two remodeled apartments. It is located in the Fulton Heights Business District, minutes from downtown Grand Rapids and I-96. The property features a new roof with a 20-year warranty, new HVAC, and updated plumbing and electrical systems. The location has a walk score of 91, indicating it is a Walker's Paradise, and a bike score of 62, making it Bikeable. The transit score is 40, indicating Some Transit.
Key Highlights
- Prime location in the heart of the Fulton Heights Business District.
- Income potential from a market, hair salon, and two remodeled apartments.
- Recently renovated with new roof (20‑year warranty), HVAC, plumbing, and electrical.**
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
$66,884
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
6.37%
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%
$1,337,680
$1.3M
Cap Rate 7%
$955,486
$955.5K
Cap Rate 9%
$743,156
$743.2K
Market Conditions
NOI Build-Up for 4,614 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
$101.3K $21.96/SF
− Vacancy
−$5.8K −$1.25/SF
EGI
$95.5K $20.71/SF
− OpEx
−$28.7K −$6.21/SF
NOI
$66.9K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /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%
$1,337,680
Cap Rate 7%
$955,486
Cap Rate 9%
$743,156
Alternative Uses
Best Use
Retail
$955.5K
$836.1K – $1.11M
NOI $66,884 @ 7.0% cap · market cap 6.37%
Second Best
Mixed Use
$727.7K
$636.7K – $849.0K
NOI $50,939 @ 7.0% cap · market cap 4.85%
Theoretical Best
Specialty Retail
$1.07M
$936.9K – $1.25M
NOI $74,954 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
33k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 19%
Home Improvements & Furnishings 16%
McDonald's
Dining
13,628 visits/mo
0.2 miles
Family Dollar
Shops & Services
6,321 visits/mo
0.2 miles
Great Lakes Ace
Home Improvements & Furnishings
5,276 visits/mo
0.3 miles
Little Caesars Pizza
Dining
4,961 visits/mo
0.3 miles
SUBWAY
Dining
2,818 visits/mo
0.1 miles
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Recently renovated commercial building with retail and apartment spaces.
Where is this mixed-use property located?
The property is located at 953 Fulton Street Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Prime location in the heart of the Fulton Heights Business District.; Income potential from a market, hair salon, and two remodeled apartments.; Recently renovated with new roof (20‑year warranty), HVAC, plumbing, and electrical.**
