116 and146 Coleman Street SE, Grand Rapids, MI 49548

$1,825,000

Property Type: Multi Family Lot Size (sq. ft.): 52,200 Status: Sold

Current Price: $1,825,000 List Date: 10/08/2025 Last Modified: 1/26/2026

Overview

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.

Listing Details MLS# 25051684

Location Property Info

County: Kent
Street #: 116 and146
Street Name: Coleman
Suffix: Street
Post Direction: SE
State: MI
Zip Code: 49548

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
Sold Date: 2026-01-02

More Information

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
Bathrooms: Yes
Full Baths: Yes

Unit 2

Unit Description: 2bd, 1bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1125
Bathrooms: Yes
Full Baths: Yes

Unit 3

Unit Description: 1 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bathrooms: Yes
Full Baths: Yes

Unit 4

Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bathrooms: Yes
Full Baths: Yes

Unit 5

Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 900
Bathrooms: Yes
Full Baths: Yes

Unit 6

Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bathrooms: Yes
Full Baths: Yes

Unit 7

Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Bathrooms: Yes
Full Baths: Yes
Monthly Rent: 925

Unit 8

Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1095
Bathrooms: Yes
Full Baths: Yes

Unit 9

Unit Description: 1 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 995
Bathrooms: Yes
Full Baths: Yes

Unit 10

Unit Description: 1 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 1021
Bathrooms: Yes
Full Baths: Yes

Unit 11

Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 995
Bathrooms: Yes
Full Baths: Yes

Unit 12

Unit Description: 2 bd, 1 bth
SqFt: 650
Occupied: Yes
Monthly Rent: 900
Bathrooms: Yes
Full Baths: Yes

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

Documents

Unit Descriptions ›

Coleman Units ›

Listing Office: RE/MAX of Grand Rapids (Stndl)

Listing Agent: Dwight J Berens

Last Updated: January - 26 - 2026

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