This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.
You must register your contact information to view secure information on this listing.

Share This Listing

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

One Oakes 1-5 Oakes St SW

12 Unit Apartment Building $3,100,000 ($258,333/Unit) 6.68% Cap Rate Grand Rapids, MI 49503

Executive Summary

Pantheon Commercial is proud to present the opportunity to acquire One Oakes, a historical mixed use property in downtown Grand Rapids, MI. Built in 1911, the property is comprised of 12 residential units and three retail units on the lower level. Located on the corner of Oakes Street and Division Avenue, providing easy access to Downtown Grand Rapids’ entertainment district and many amenities.
One Oakes contains approximately 15,556 square feet of gross leasable area (GLA). The three first floor retail units 4,621 square feet of the GLA, and are fully occupied on long term leases. Mos Eisley’s occupies the corner suite, and has been a staple of the Grand Rapids Tattoo scene for many years. Decaydence Vintage and Pure Vanity occupy the remaining two retail suites, (1,764SF and 785SF respectively). All retail Tenants are on long term triple net leases.
The residential portion of the property consists of 12 units, ranging in size from 650 square feet to 1,340 square feet and consist of both one and two bedroom units. The property has shown strong historical occupancy, and as of 5/1/2024 the property is currently 100% occupied.
There have been several upgrades to the property in recent years, including new coin operated laundry, a vapor mitigation system, and several HVAC upgrades. The windows on the property do need to be replaced, however, the Seller will provide a credit at close to the Buyer towards replacement of the windows. Broker can provide additional information as needed.
The property also includes both indoor and outdoor off street private parking.
This is an excellent opportunity to acquire a fantastic mixed use asset in a strong market. There are still opportunities for a potential buyer to add value on this asset through increased rents and upgrades on the property.

Property Facts

Price $3,100,000
Price Per Unit $258,333
Sale Type Investment
Cap Rate 6.68%
No. Units 12
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.19 AC
Building Size 15,556 SF
No. Stories 3
Year Built 1911

Unit Amenities

  • Air Conditioning
  • Dishwasher
  • Disposal
  • Heating
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower

Site Amenities

  • Laundry Facilities
  • Elevator

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+1 6 - 1
2+2 1 - 1
1+1 3 - 1
1+1.5 1 - 1
2+1.5 1 - 1
Walk Score®
Walker's Paradise (98)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 41-13-25-436-020
  • 41-13-25-436-032
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$917,000

zoning

Zoning Code TN-CC (Commercial Zoned District)
TN-CC (Commercial Zoned District)
  • Listing ID: 31546264

  • Date on Market: 4/18/2024

  • Last Updated:

  • Address: 1-5 Oakes St SW, Grand Rapids, MI 49503

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, 'rating') }}
255 character limit ({{ remainingChars() }} characters remainingover)
{{ getErrorText(feedbackForm.msg, 'rating') }}
{{ getErrorText(feedbackForm.fname, 'first name') }}
{{ getErrorText(feedbackForm.lname, 'last name') }}
{{ getErrorText(feedbackForm.phone, 'phone number') }}
{{ getErrorText(feedbackForm.phonex, 'phone extension') }}
{{ getErrorText(feedbackForm.email, 'email address') }}