1 Oakes St Grand Rapids, MI 49503
- Apartment buildings
- 15,556 SF
Current Use by Public Records
- One Oaks Apartments / Apartment Building
Property Details for 1 Oakes St
- Year built
- 1911
- Property size
- 15,556 SF
- Property type
- Apartment buildings
Description
This exceptional mixed-use property in Grand Rapids, Michigan presents a compelling investment opportunity. Located at 1 Oakes St SW, this three-story, 15,556 square foot building, constructed in 1911, boasts a blend of residential and commercial spaces. The 12 residential units range from 650 to 1,340 square feet, offering a mix of one and two-bedroom layouts. Currently 100% occupied (as of 5/1/2024), this stabilized investment offers a strong historical occupancy rate and significant potential for future growth. The three ground-floor retail units, totaling 4,621 square feet, are fully leased under long-term triple-net agreements. Recent capital improvements include a new coin-operated laundry facility, a vapor mitigation system, and several HVAC upgrades. The seller will provide a credit at closing towards window replacements. The property also features convenient on-site parking, both indoor and outdoor. This prime location in the heart of downtown Grand Rapids provides easy access to the vibrant entertainment district and numerous amenities. The asking price is $3,100,000, representing a $206,667 per unit cost and a 6.68% cap rate with a pro-forma NOI of $206,957. This is a rare chance to acquire a historic asset with strong cash flow and significant upside potential in a thriving market.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Grand Rapids
- County
- Kent
- State
- Michigan
- Longitude
- -85.6683
- Latitude
- 42.9611
