$1,999,900
Grand Rapids, MI 49548
MLS# 25051684
Status: Pending
1 / 25
Property Description
This is a rare opportunity for the smaller investor or investment group to own a solid 16-unit (2 building) apartment complex in desirable Gaines Township (lower millage rates than Kentwood or Wyoming). Units include five-1 bedroom units and eleven 2-bedroom units, a laundry room in each building, plus two 8-car carports and 12 more open air parking spaces. This is a one owner (seller bought from builder in 1985) - seller have enjoyed this investment for 40 years but ready to turn it over to younger buyers and then go sit in the sun. Rent has been kept below market for many long-term tenants. All units have separate heat and electric, owner pays for gas and electric in laundry room. Units are in a variety of updated conditions; some units have been recently updated while a few could use freshing up. Convenient to US 131 via 76th St. Seller will sell as a package, or is also willing to split the buildings into two properties (each building has its own parcel number and legal
Details
Maps
Documents
Location Property Info
County: Kent
Street #: 116 and146
Street Name: Coleman
Suffix: Street
Post Direction: SE
State: MI
Zip Code: 49548
Area: Grand Rapids - G
OfficeContract Info
Status: Pending
Current Price: $1,999,900
List Price: $1,999,900
Listing Date: 2025-10-08
General Property Info
Lot Measurement: Acres
Lot Square Footage: 52200
Lot Acres: 1.2
Lot Dimensions: 435x120x435x120
Year Built: 1984
New Construction: No
Cert of Compliance: No
Road Frontage: 435
Total # Units: 16
# of Diff Unit Floor Plans: 2
Total # Bldgs: 2
Total Parking Spaces: 26
Waterfront: No
School District: Kentwood
Tax Info
Tax ID #: 412207305052 and 053
Taxable Value: 301037
SEV: 459000
For Tax Year: 2025
Seller's Annual Property Tax: 13800
Tax Year: 2024
Spec Assessment & Ty: NOR
Zoning: 201 Commercial
Remarks Misc
Directions: East off 7400 Block of S. Division
Status Change Info
Under Contract Date: 2025-10-22
Access Feat
Accessibility Features: Yes
Income and Expenses
Annual Insurance: 5200
Annual Mgmt. Fees: 7700
Annual Utilities: 2900
Gross Op. Inc.: 180000
Net Operating Income: 73000
Operating Expense: 107000
Unit 1
Unit Description: 2bd, 1bth
SqFt: 650
Occupied: Yes
Monthly Rent: 880
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 2
Unit Description: 2bd, 1bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1125
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 3
Unit Description: 1 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 4
Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 5
Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 900
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 6
Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 7
Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Monthly Rent: 925
Unit 8
Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 9
Unit Description: 1 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 995
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 10
Unit Description: 1 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1021
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 11
Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 995
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 12
Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 900
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Property Features
Laundry Features: Laundry Room
Accessibility Feat: No Step Entrance
Exterior Material: Brick
Roofing: Composition
Substructure: Slab
Lot Description: Level
Sewer: Public Sewer
Water: Public Water
Utilities Attached: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected
Util Avail at Street: None
Extras: Carports; Laundry Facility; Sep Electric Meter; Sep Gas Meter
Owner Pays: Sewer; Trash Collection; Water
Tenant Pays: Electric; Gas
Heat Source: Natural Gas
Heat Type: Forced Air
Air Conditioning: Wall Unit(s)
Driveway: Asphalt
Street Type: Paved
Mineral Rights: Unknown
Terms Available: Cash; Conventional
Possession: Close Of Escrow
Sale Conditions: None
Unit 1: A/C Unit; Carport; Deck/Patio; Dishwasher; Range Oven; Refrigerator; Sep. Heat System
Unit 2: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refrigerator; Sep. Heat System
Unit 3: Range/Oven; A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Refrigerator; Sep. Heat System
Unit 4: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refrigerator; Sep. Heat System
Unit 5: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refrigerator; Sep. Heat System
Unit 6: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refrigerator; Sep. Heat System
Unit 7: Sep. Heat System; Carport; Deck/Patio; Dishwasher; Garb Disp; Refrigerator; Range/Oven
Unit 8: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refrigerator; Sep. Heat System
Unit 9: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refrigerator; Sep. Heat System
Unit 10: Carport; Deck/Patio; A/C Unit; Dishwasher; Garb Disp; Range/Oven; Refriderator; Sep. Heat System
Unit 11: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refriderator; Sep. Heat System
Unit 12: A/C Unit; Carport; Deck/Patio; Dishwasher; Garb Disp; Range/Oven; Refriderator; Sep. Heat System
Supplements
description. All units are between 600 and 650 square feet of living space. See attached documents for descriptions of all 16 units. Check and compare, nothing like it in Western Michigan.
Unit Descriptions Listing Office: RE/MAX of Grand Rapids (Stndl)
Listing Agent: Dwight Berens
Last Updated: October - 24 - 2025
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