116 and146 Coleman Street SE, Grand Rapids, MI 49548

$1,999,900
Property Type: Multi Family Lot Size (sq. ft.): 52,200 Status: Pending
Current Price: $1,999,900 List Date: 10/08/2025 Last Modified: 10/24/2025

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

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.

More Information MLS# 25051684

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
Listing Office: RE/MAX of Grand Rapids (Stndl)
Listing Agent: Dwight Berens
Last Updated: October - 24 - 2025
116 and146 Coleman Street SE, Grand Rapids, MI 49548- MLS# 25051684
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