Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1 Oakes St Grand Rapids, MI 49503
    Back to Search
    Property profile & analytics

    1 Oakes St, Grand Rapids, MI 49503

    View on Map
    • Apartment buildings
    • 15,556 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • One Oaks Apartments / Apartment Building

    Property Details for 1 Oakes St

    Year built
    1911
    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 Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6683
    Latitude
    42.9611

    Comparable in this City

    • Value Estimation by Request
      4,966 SF

      636 Livingston Ave

      Multifamily properties
      636 Livingston Ave, Grand Rapids, MI 49503
      View Details
    • Value Estimation by Request

      750 Lake Dr

      Multifamily properties
      750 Lake Dr, Grand Rapids, MI 49503
      View Details
    • Value Estimation by Request
      50,710 SF

      542 Chavez Ave Sw Grand Rpd

      Distribution properties
      542 Chavez Ave Sw Grand Rpd, Grand Rapids, MI 49503
      View Details
    • Value Estimation by Request
      4,855 SF

      1135 Grand Rpd

      Individual retail properties
      1135 Grand Rpd, Grand Rapids, MI 49503
      View Details
    • Value Estimation by Request
      9,961 SF

      855 Michigan St

      Retail properties & Spaces
      855 Michigan St, Grand Rapids, MI 49503
      View Details
    • Value Estimation by Request
      117,278 SF

      55 Campau Ave

      Office Units
      55 Campau Ave, Grand Rapids, MI 49503
      View Details

    Similar Nearby for Sale

    • $1,050,000

      Renovated Mixed-Use Building in Fulton

      Recently renovated commercial building with retail and apartment spaces.
      953 Fulton St E, Grand Rapids, MI 49503
      View Details
    • $1,050,000
      4,614 SF

      Versatile Commercial Building in Grand Rapids

      Renovated commercial building with retail and apartment income potential.
      953 Fulton St E, Grand Rapids, MI 49503
      View Details
    • $364,900

      Historic Wealthy Street Duplex

      Two-unit property in the Historic Wealthy St Business District.
      320 Charles Ave SE, Grand Rapids, MI 49503
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr

      Downtown Grand Rapids Mixed-Use Space

      Class A mixed-use space in a historic downtown building.
      201 Michigan St NW, Grand Rapids, MI 49503
      View Details
    • Contact for pricing

      Retail Spaces Available For Rent

      Retail spaces available, ranging from 1,360 to 1,510 SqFt.
      13 Division Ave S, Grand Rapids, MI 49503
      View Details
    • Contact for pricing

      Prime Downtown Grand Rapids Location

      High-visibility commercial space in a central downtown location.
      53 Monroe Center St Northwest, Grand Rapids, MI 49503
      View Details
    • $15 SF/Yr
      52,030 SF

      Retail Space in Heritage Hill

      Prime retail space in the Historical Heritage Hill District.
      345 State St SE, Grand Rapids, MI 49503
      View Details
    • Contact for pricing
      7,510 SF

      Turn-Key Office Space Available

      Move-in ready office space in the heart of entertainment district.
      45 Ottawa Ave SW, Grand Rapids, MI 49503
      View Details
    • Contact for pricing

      Downtown Grand Rapids

      Discover many ways to work your way in Downtown Grand Rapids
      250 Monroe Ave, Grand Rapids, MI 49503
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1 Oakes St
    Grand Rapids, MI 49503
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1 Oakes St, Grand Rapids, MI, 49503
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!