2550 Eastern #105, Grand Rapids, MI 49507
Income-qualified 2-3 bedroom condo in revitalized historic school building.
- Added:
- May 9, 2025
- Days on Market:
- 425
- Last Refresh:
- May 19 at 9:36 pm
Property Features for 2550 Eastern #105
General Information
- Standard status
- Active
- Size
- 1,501 SF
- Property subtype
- Condominium
Building Details
- Year Built
- 1942
Listing office Keller Williams GR East (616) 575-1800
Listing date May 9, 2025
Source Kw
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams GR East
HighLights
- Income‑qualified, affordable condominium in Alger Heights.
- Two‑story unit with 2‑3 bedrooms and 2 full bathrooms.
- Main‑floor bedroom and bath for accessibility.
- In‑unit laundry and assigned parking.
- Low‑maintenance living: lawn care, snow removal, water, and trash included.
- Convenient location near parks, shops, and local businesses.
Overview
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $27.6k | $18.36 |
| − Vacancy | −$1.7k | −$1.10 |
| EGI | $25.9k | $17.26 |
| − OpEx | −$11.7k | −$7.77 |
| NOI | $14.2k | $9.49 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Grand Rapids
- County
- Kent
- State
- Michigan
- Longitude
- -85.656
- Latitude
- 42.931
