Parkview
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3356 Byron Center Ave SW | Wyoming, MI
3356 Byron Center Ave SW | Wyoming, MI
Parkview
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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260 E. Brown Street, Ste 150
Birmingham, MI 48009
Phone: 248.646.7701
Berkadia.com
Investment Sales
Detroit Office
CONTACT Info
Mortgage Banking
Trevor Friday
Director 248.224.4660 trevor.friday@berkadia.com
Aaron Moll
Managing Director 248.208.0529 aaron.moll@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Conor David
Director
614.796.0222
conor.david@berkadia.com
EJ Wujek
Associate Director 248.341.3316 ej.wujek@berkadia.com
Kevin P. Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
PHOTO GALLERY
Downtown Grand Rapids
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AMENITIES
Air Conditioning and Heat
Fully Equipped Kitchen
Wood-Style Flooring
Granite-Like Countertops
Walk-In Closets
Patio / Balcony
Laundry Facilities
Property Highlights
Immediate Upside and Value-Add Potential: Current rents are $100-$300 below the comparable set, offering immediate upside potential for new ownership both organically and through the implementation of a value-add program, as well as additional fees and RUBS.
Implementation / Expansion of Fees:
Pet Fees: Mkt. average one-time fees for pets of $200-$300 and $25-$45 / month.
Garage / Carport Fees: Currently at $50 (garage) and $15 (carport) Mkt. averages are closer to $30 (carport) and $75 (garage).
RUBS / Utility Fees: the property could implement RUBS for Water / Sewer / Trash or an overall utility fee of $50 - $75/month generating annual revenues up $85k without a capital investment.
With 99% occupancy, a new owner could build a small clubhouse / dedicated leasing center and bring the current leasing office back online.
Amenity Space: There is space for a new owner to enhance the residents’ experience and draw more tenants to the property with space for a new amenity such as a dog park, grilling station, etc.
Immediate Upside and Value-Add Potential
The property has been meticulously maintained, with over $750,000 invested in recent CAPEX, including but not limited to:
Unit Improvements: $402,197 (Ongoing)
Common Areas: $260,181 (2022)
Parking Lot Resurfacing: $85,725 (2023)
Decks: $22,788 (2021)
Property Signage: $7,620 (2020-2022)
Strong Market Fundamentals: Grand Rapids is experiencing robust economic growth, driven by a diverse industry base that includes manufacturing, healthcare, technology, and agribusiness. This diversification provides stability and resilience against economic downturns. The Grand Rapids-Wyoming MSA boasts a 95.4% market occupancy rate, and 3.5% effective market rent growth year-over-year, driven by strong population growth and a competitive housing market. Wyoming is a growing community with excellent public schools and a variety of rental opportunities, ranging from affordable to upscale. The demand for rental properties in this area is supported by its vibrant local economy, diverse amenities, and attractive suburban lifestyle. Parkview Apartments is well-positioned to capitalize on this demand, offering quality living spaces with modern conveniences.
Strategic Location: The Grand Rapids area is known for its low cost of living, excellent educational institutions, and vibrant cultural scene, making it an attractive place for residents and businesses alike. Parkview offers a park-like atmosphere with proximity to downtown Grand Rapids, just five miles away. The city is well-connected via Interstate 96 and the Grand River, providing easy access to local bars, breweries, restaurants, cafes, museums, theaters, hospitals, and parks, including the renowned Millennium Park and Lamar Park.
Infrastructure, Economics, and Development: Significant investments in infrastructure, such as the expansion of Gerald R. Ford International Airport and new developments like Amway Stadium, and Acrisure Amphitheater, enhance the city's appeal and connectivity. The local economy is supported by a diverse industry base, including manufacturing, healthcare, and technology, contributing to a robust rental market with potential for rent growth.
Recognition and Accolades: Grand Rapids has been recognized for its quality of life, affordability, and as a top city for job seekers, further boosting its attractiveness as an investment destination.
Investing in Parkview Apartments presents an opportunity to acquire a well-located, high-demand market, amenity-rich property in a growing suburban market. The combination of its strategic location, comprehensive amenities, and the area's economic growth potential makes it an attractive investment for those seeking stable rental income and long-term appreciation.
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The Asset
Parkview Apartments is a 100-unit multifamily property located at 3356 Byron Center Ave SW, Wyoming, MI, within the thriving Grand Rapids market, Michigan’s second largest and fastest-growing metro area in Michigan. Built in 1987,the property comprises three buildings with a diverse mix of studio, one-bedroom, and two-bedroom units, averaging 671 square feet. Parkview provides easy access to major amenities and attractions, including Rivertown Crossings Mall and Downtown Grand Rapids.
QUICK STATS
SF 67,064
SF
19.41 Units / Acre
Density
671 SF
Average SF
150 spaces
Total Parking
3
Stories
3
Buildings
1987
Built
100
UNITS
5.10 Acres
Site Size / Acreage
Location
The Asset
Highlights
Document Center
Contact
Privacy
Terms of Use
Gallery
$1.57
Average Rent / SF:
Downtown Grand Rapids has emerged as a dynamic economic engine, creating a compelling environment for multifamily investors. The city’s diverse economy, anchored by major industries such as healthcare (with Spectrum Health and other major providers), education (including Grand Valley State University), and advanced manufacturing, has fostered steady job growth and economic resilience. This has attracted a growing population of young professionals, students, and families who are drawn to the area’s urban lifestyle, fueling demand for multifamily housing. The city’s low unemployment rate and increasing median income levels further support the ability of residents to afford quality rental housing, contributing to consistent rental growth and low vacancy rates.
Moreover, Grand Rapids has seen significant public and private investment in infrastructure and cultural amenities, including the expansion of the Medical Mile, the development of mixed-use projects, and enhancements to public spaces. These improvements have elevated the city’s livability and appeal, making it a magnet for both residents and businesses. The city’s focus on sustainability and walkability, combined with its thriving arts, dining, and entertainment scenes, has positioned it as a desirable location for urban living. For multifamily investors, these factors translate into strong long-term growth potential, stable cash flow, and opportunities for value-add projects in a market that continues to evolve and thrive.
3.4 miles to RiverTown Crossings Mall
6.0 miles to Van Andel Arena
6.4 miles to Grand Rapids’ “Medical Mile”
9.2 miles to Tanger Outlets – Grand Rapids
10.3 miles to Meijers World Headquarters (Fred Meijer Corporate)
10.8 miles to Grand Valley State University – Main Campus
11.1 Gerald R. Ford International Airport
14.8 miles to the Amway Global Headquarters
Grand Rapids, MI and surrounding areas are home to a host of suburban shopping centers and plazas teeming with various restaurants, markets, shops, and cafes. Grand Rapids is also conveniently located under three hours of both Chicago, IL and Detroit, MI.
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Location
Opportunity
DOC CENTER
Terms of Use
Privacy
Contact
Gallery
Location
Trevor Friday
Director 248.224.4660 trevor.friday@berkadia.com
Aaron Moll
Managing Director 248.208.0529 aaron.moll@berkadia.com
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