1 Oakes StGrand Rapids, MI 49503

Property Details for 1 Oakes St

Year built

1911

Property size (Sq ft)

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.

Location Insight

City

Grand Rapids

County

Kent

State

Michigan

Latitude

42.9611

Longitude

-85.6683

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].