Kent County · Grand Rapids
Sell Your Commercial Property In Grand Rapids, MI
From Wyoming to Walker, we buy Grand Rapids multifamily and commercial apartment properties of 5+ units in every condition. Owners and agents get a straight answer on fit, usually within two business days.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Areas We Target: Wyoming · Kentwood · Walker · Heritage Hill — Kent County, MI
Why Grand Rapids
Why We Buy Multifamily In Grand Rapids
Grand Rapids is West Michigan's main renter market. Renters occupy 36,871 of its 80,222 occupied homes, or 46.0%, according to Census ACS 2020-2024 estimates. Median gross rent is $1,266 a month, and rental vacancy is 4.4%.
Health care and manufacturing anchor demand. The city's FY2025 financial report lists Corewell Health with 25,000 West Michigan employees, ahead of Gordon Food Service, Meijer, MillerKnoll and Steelcase. Under HUD's FY2027 fair market rents, a two-bedroom in the metro area is $1,630.
Taxes are where Michigan differs. Taxable value is capped while an owner holds a building, then resets to state equalized value the year after a sale. Owners who want to sell commercial property in Grand Rapids, MI should know what that reset does to a buyer's numbers before they set a price.
Skyline Capital Investments buys 5+ unit apartment buildings across Grand Rapids, including Heritage Hill, and in nearby Wyoming, Kentwood and Walker.
Corewell Health
Corewell Health ranks first among West Michigan employers with 25,000 employees in the city's FY2025 financial report. Systemwide it reports more than 60,000 team members and 21 hospitals.Food, furniture and retail
Gordon Food Service and Meijer each list 5,000 West Michigan employees in the city's FY2025 report. Furniture makers MillerKnoll and Steelcase list 4,000 and 3,400.Renter household growth
Grand Rapids renter households rose 9.7%, from 33,615 to 36,871, between the ACS 2015-2019 and 2020-2024 estimates, while Kent County added 15,029 residents.Our Buy Box
What We Buy In Grand Rapids
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
Local Market Data
Grand Rapids Apartment Market
Figures gathered October 2026 from public market data.
Who rents in Grand Rapids
Grand Rapids has 36,871 renter households, or 46.0% of its 80,222 occupied homes, per ACS 2020-2024 table B25003. Kent County's renter share is 29.7%, or 76,166 households, in the county table. Grand Rapids holds 29.9% of Kent County's residents but 48.4% of its renter households.
Renter demand grew faster than population. Grand Rapids had 33,615 renter households in the ACS 2015-2019 estimates, so the 2020-2024 count is 9.7% higher. Population barely moved, from 198,401 to 198,535. Kent County added 15,029 residents over the same span, rising from 648,121 to 663,150.
Health care is the largest employer base. The city's FY2025 annual comprehensive financial report ranks Corewell Health first in West Michigan with 25,000 employees. Trinity Health Grand Rapids follows with 8,500. Gordon Food Service and Meijer list 5,000 each, while furniture makers MillerKnoll and Steelcase list 4,000 and 3,400.
Wyoming, Kentwood and Walker are separate Census places, so their renters sit outside these Grand Rapids figures.
Rents and affordability
Median gross rent in Grand Rapids is $1,266 a month, per ACS 2020-2024 table B25064. Kent County's median is $1,243. Grand Rapids' median household income is $69,108, so a median rent takes about 22.0% of a median income.
Rent burden is heavy all the same. In table B25070, 46.7% of Grand Rapids renter households, about 17,204, pay 30% or more of income for rent. Another 23.9%, or 8,805 households, pay 50% or more. Rental vacancy is 4.4% in Grand Rapids and 4.3% in Kent County, per ACS table DP04.
Under HUD's FY2027 fair market rents for the Grand Rapids-Wyoming, MI HUD Metro FMR Area, a two-bedroom is $1,630. That is 28.8% above the $1,266 citywide median, which blends every unit size.
| Unit size | HUD FY2027 FMR |
|---|---|
| Efficiency | $1,306 |
| 1 bedroom | $1,365 |
| 2 bedroom | $1,630 |
| 3 bedroom | $2,113 |
| 4 bedroom | $2,417 |
Source: HUD FY2027 FMR documentation, effective October 1, 2026.
The apartment stock
Grand Rapids has 18,632 homes in buildings of five or more units, 21.9% of its 84,894 housing units, per ACS table B25024. Buildings of 50 or more units hold 8,212 of them. The rest split into 3,822 units in 5-9 unit buildings, 2,867 in 10-19 and 3,731 in 20-49.
Grand Rapids holds 39.6% of the 47,045 such units in Kent County. Smaller buildings matter too: 2-4 unit buildings add 13,690 units, and detached houses make up 56.2% of the stock.
The median year built is 1953. In table B25034, 75.7% of Grand Rapids homes predate 1980, and only 487, or 0.6%, date from 2020 or later.
Subsidized supply is a separate segment. The city assessor's 2025 assessment roll report counts 400 properties with 5,588 affordable units under the State Housing Development Authority Act. These pay a payment in lieu of taxes, and 150 of the units were added for 2025.
Property taxes in Kent County
Non-homestead property in the Grand Rapids school district carried 51.5275 mills in tax year 2024, per the city ACFR rate table. That total is 8.9544 city, 28.9471 school, 6.0000 state education, 1.3950 transit and 6.2310 county. The school column uses the non-homestead rate; only a principal residence may get the 18-mill reduction.
Michigan assesses at 50% of market value, and tax is charged on taxable value. Under MCL 211.27a(2), taxable value grows by the lesser of 5% or inflation; the 2025 multiplier was 1.031. Citywide taxable value was $7,657,503,233 in 2025, only 64.6% of the $11,848,940,900 state equalized value.
A sale removes that cap. MCL 211.27a(3) says that after a transfer of ownership, taxable value for the following year is the property's state equalized valuation. Anyone planning to sell commercial property in Grand Rapids, MI should expect a buyer to price the reset bill, not the seller's current one.
Take a $2,000,000 sale where the assessor's true cash value matches the price. State equalized value would be $1,000,000, and the next year's taxable value would reset to that figure. At 51.5275 mills the bill is $51,527.50, or 2.58% of the price.
The FY2026 city plan cuts the city rate from 8.9544 to 8.8587 mills for tax year 2025, so check your parcel's current bill. The deed also carries transfer tax of $3.75 per $500 under MCL 207.525 and $0.55 per $500 under MCL 207.504. On $2,000,000 that is $15,000 plus $2,200, or $17,200. Assessment protests go to the board of review, which meets in March under MCL 211.30.
Landlord rules
Michigan bars local rent control. MCL 123.411(2) bars a local governmental unit from enforcing an ordinance that controls rent on private residential property. It allows only narrow exceptions. Grand Rapids and Kent County therefore cannot cap rents on private buildings.
A security deposit may not exceed 1 1/2 months' rent under MCL 554.602. The landlord must mail an itemized list of damages within 30 days after occupancy ends, under MCL 554.609. For nonpayment, MCL 554.134(2) allows a written 7-day notice to quit. A tenancy at will ends on 1 month's notice under MCL 554.134(1).
Owners who sell commercial real estate in Grand Rapids, MI should know the city requires a Certificate of Compliance before anyone other than the owner can live in a rental unit. The city's rental certification program issues certificates for two, four or six years. Inspections follow the 2021 International Property Maintenance Code with local amendments. Minor violations carry a 14-day repair deadline, and major ones 60 to 120 days.
What this means if you own a building here
Three numbers frame the decision to sell commercial real estate in Grand Rapids, MI. Rental vacancy is 4.4%. The $1,266 median rent sits well below the $1,630 HUD two-bedroom level. A buyer's taxes reset to about $51,528 for each $2,000,000 of value at 2024 rates.
The case for buyers is a 46.0% renter share, renter households up 9.7%, and Corewell Health's 25,000 regional jobs. The case against is a 1953 median build year and rent burdens near 47%. Keep certificates of compliance current, since a buyer will ask for them.
Skyline Capital Investments buys 5+ unit apartment buildings. Owners who want to sell commercial property in Grand Rapids, MI can start with our seller page, which explains how we underwrite.
Run your own numbers first with our cap rate calculator. If you plan to sell your apartment building in Grand Rapids, our Grand Rapids apartment development report covers new supply in more detail.
Local Knowledge
Selling In Grand Rapids
More about selling in Michigan →Investing in Grand Rapids? See apartment syndications in Grand Rapids →
- Under MCL 211.27a(3), Michigan taxable value resets to state equalized value the year after a sale. Grand Rapids taxable value was 64.6% of SEV in 2025.
- Michigan bars local rent control under MCL 123.411, so Grand Rapids cannot cap rents, but it does require a rental Certificate of Compliance.
- Grand Rapids holds 18,632 of Kent County's 47,045 homes in buildings of five or more units. Of those, 8,212 sit in buildings of 50+ units.
- Selling commercial property in Grand Rapids means pricing an older stock, because 75.7% of homes predate 1980 and the median year built is 1953.
Seller Guides
Your Situation, Handled — Grand Rapids
Learn More
Taxes & Rules For Grand Rapids Property
The Michigan rules that shape any deal in Grand Rapids: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Grand Rapids Seller FAQ
What is the average rent in Grand Rapids, MI?
Census ACS 2020-2024 estimates put the Grand Rapids median gross rent at $1,266 a month, against $1,243 for Kent County. HUD's FY2027 fair market rent for the Grand Rapids-Wyoming metro area is $1,365 for a one-bedroom and $1,630 for a two-bedroom. The citywide median sits below both because it blends every unit size and building age.
How much is property tax on an apartment building in Grand Rapids?
The city's FY2025 financial report lists a combined 51.5275 mills for tax year 2024, using the non-homestead school rate. Michigan taxes on taxable value, and SEV is half of market value. A building bought for $2,000,000 would carry about $51,528 a year once taxable value resets after the sale, if the assessor's value matches the price. Anyone selling commercial property in Grand Rapids should share recent bills with buyers.
Will rent control affect me if I sell commercial real estate in Grand Rapids, MI?
No. MCL 123.411 bars a local governmental unit from enacting, maintaining or enforcing an ordinance that controls rent on private residential property, with narrow exceptions. Grand Rapids does run a rental certification program, which requires a Certificate of Compliance before a non-owner can live in a unit. Certificates run for two, four or six years.
How do I sell commercial property in Grand Rapids, MI?
Start with the numbers a buyer will check. Compare rents with the $1,630 HUD two-bedroom level, gather your rental certificates, and model the tax reset under MCL 211.27a(3). Then choose between a broker listing and a direct sale to a buyer of 5+ unit buildings, such as Skyline Capital Investments.
What should I know before I sell multifamily property in Grand Rapids?
Buyers will look at the 4.4% rental vacancy and the age of the building. They will also note that 46.7% of renters pay 30% or more of income for rent. Grand Rapids' median year built is 1953. State and county transfer tax on a $2,000,000 deed comes to $17,200. Current certificates of compliance help, since the city requires one before a tenant moves in.
Do I need to fix up my Grand Rapids building before selling?
No. We price in deferred maintenance, vacancy, and below-market rents ourselves, so you can sell the property as it stands.
How does a sale to you work in Kent County?
Send the address, unit count, and any financials. We give feedback, then a written letter of intent if it fits, followed by diligence and a closing date that works for you.
Who buys occupied rental property in Grand Rapids?
We do. Skyline Capital Investments is a commercial real estate buyer of 5+ unit multifamily, and we buy apartment buildings with tenants in place, including properties with below-market rents.
What do I need to sell my apartment building in Grand Rapids?
An address and unit count are enough to start. A current rent roll and trailing twelve-month statement let us move to a written offer faster.
Submit A Deal
Have A Property In Grand Rapids?
A few details are enough to start. We respond to every Grand Rapids submission, including off-market and pocket listings.
