3253 Charlesgate Ave SW - Multi-Family FOR SALE


Wyoming, MI 49509
$995,000 USD
312-550-4889
3253 Charlesgate Ave SW, Wyoming, MI for Sale
$995,000 USD
Multi-Family - FOR SALE
1/4
null | Request Cap Rate

3253 Charlesgate Ave SW
Wyoming, MI 49509


OVERVIEW

Pantheon Commercial is pleased to present the Charlesgate Portfolio, a two-building, 8-unit multifamily offering across two adjacent parcels in Wyoming, Michigan. 3253 Charlesgate Ave SW and 3275 Charlesgate Ave SW are brick 4-plex apartment buildings, each with four 2-bedroom apartment units, combining for 6,504 SF of rentable area on 0.567 acres. The portfolio is 100% occupied on the 8/1/26 rent roll with $8,580 in monthly in-place gross rent ($102,960 annualized) following the recent lease-up of Suite C at 3253 Charlesgate at $1,250 per month. The offering is priced at $995,000, or $124,375 per door, which is in line with the $122,056 average across six recent Wyoming/Kent County multifamily sale comparables within a two-mile radius of the subject. In-place rents across the portfolio range from $950 to $1,250 per month with a $1,073 average per door; the new Suite C lease at $1,250 sets a new high water mark for the portfolio and provides a clear reference point for future lease renewals and mark-to-market execution. Wyoming is the fifth-largest city in Michigan and the largest suburb of Grand Rapids, sitting directly southwest of the Grand Rapids core along US-131 and M-6. The submarket is one of the primary affordable workforce housing markets in Kent County, anchored by Grand Rapids MSA employment across healthcare, manufacturing, and education. Kent County multifamily vacancy has remained below the Michigan average through the past several cycles.

FOR SALE DETAILS

PRICE

$995,000 USD

PRICE/SF

$153 USD /SF

# OF UNITS

8

PRICE/UNIT

$124,375

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

3275 & 3253 Charlesgate Ave SW

PROPERTY TYPE

Multi-Family

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1969

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.56 AC

LAND SF

24,394 SF

ZONING

-

APN/PARCEL ID

41-17-13-327-048

ASK ABOUT THIS PROPERTY

Aaron EichenbergPantheon CommercialMore Info
312-550-4889

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Aaron EichenbergPantheon CommercialMore Info
312-550-4889

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.