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834 Sherman St SE 4 Unit Apartment Building $525,000 ($131,250/Unit) 5.99% Cap Rate Grand Rapids, MI 49506
Investment Highlights
- Fully occupied quadplex situated five minutes from Downtown Grand Rapids and major employment centers.
- Located near East Hills and Madison neighborhoods, providing proximity to retail, dining, and cultural amenities.
- Four dedicated parking spaces and accessible neighborhood positioning improve tenant convenience.
- Recent interior updates include luxury vinyl flooring, granite countertops, and modern cabinetry.
- Consistent occupancy history with in-place NOI of $31,440 annually.
- Well-maintained brick exterior and two-story configuration with updated building systems enhance long-term value.
Executive Summary
Well-maintained 4-unit apartment building located at 834 Sherman St SE in Grand Rapids. The property is 100% occupied and features a desirable unit mix of two (2) 2-bedroom/1-bath units and two (2) 1-bedroom/1-bath units, providing strong and diversified rental income.
Built in 1855, this property offers historic character with functional layouts and includes landlord-owned shared laundry in the basement, creating an additional income opportunity. Tenants benefit from on-site parking and a central location with convenient access to downtown, major employers, universities, and public transportation.
Located in the Baxter neighborhood, the asset is positioned in a high-demand rental area near amenities, dining, and employment centers, supporting long-term occupancy and rent growth.
Built in 1855, this property offers historic character with functional layouts and includes landlord-owned shared laundry in the basement, creating an additional income opportunity. Tenants benefit from on-site parking and a central location with convenient access to downtown, major employers, universities, and public transportation.
Located in the Baxter neighborhood, the asset is positioned in a high-demand rental area near amenities, dining, and employment centers, supporting long-term occupancy and rent growth.
Property Facts
| Price | $525,000 | Building Class | C |
| Price Per Unit | $131,250 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 4,000 SF |
| Cap Rate | 5.99% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1855/2024 |
| Property Subtype | Apartment | Parking Ratio | 0.5/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | TN-LDR - Multi-family Residential | ||
| Price | $525,000 |
| Price Per Unit | $131,250 |
| Sale Type | Investment |
| Cap Rate | 5.99% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1855/2024 |
| Parking Ratio | 0.5/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | TN-LDR - Multi-family Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | - | 1,000 |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 41-14-32-151-008 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $144,100 |
Property Taxes
Parcel Number
41-14-32-151-008
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$144,100
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834 Sherman St SE
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