Modern Condominium in Alger
For Sale
$231,000
2550 Eastern #105 Grand, Grand Rapids, MI 49507
Income-qualified 2-3 bedroom condo in revitalized historic school building.
Property Size1,501 SF
Price / SF$153.90
Days on Market472
Property Features for 2550 Eastern #105 Grand
General Information
Standard status
Active
Size
1,501 SF
Property subtype
Condominium
Amenities
Forced Air
Dishwasher
Dryer
Microwave
Range/Oven
Refrigerator
Washer
Building Details
Building Size
1,501 SF
Year Built
1942
Stories
2
Listing Agency:
Keller Williams GR East
(616) 575-1800
Listed By:
Jamecia Adams · License #6506048536
(616) 575-1800
Source:
Kw
Added: May 9, 2025
Changed: Aug 19
Last Checked: May 19 at 9:36PM
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
Investment Insights
Based on property information with market context.
The Seymour Condominiums offer a modern, income-qualified living opportunity in the Alger Heights neighborhood. This historic school building has been redeveloped into 27 affordable condominiums. These two-story units feature 2 to 3 bedrooms and 2 full bathrooms. Each unit includes a main-floor bedroom and bathroom designed for accessibility. Residents benefit from assigned parking and in-unit laundry facilities. The monthly fee covers lawn care, snow removal, water, and trash services, contributing to a low-maintenance lifestyle. The Seymour Condominiums are located close to parks, shops, and local businesses. Applications open 5/14/2025.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,248
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$284,960
$285.0K
Cap Rate 7%
$203,543
$203.5K
Cap Rate 9%
$158,311
$158.3K
Market Conditions
NOI Build-Up for 1,501 SF
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.
Gross rent
$27.6K $18.36/SF
− Vacancy
−$1.7K −$1.10/SF
EGI
$25.9K $17.26/SF
− OpEx
−$11.7K −$7.77/SF
NOI
$14.2K $9.49/SF
Area
Grand Rapids, MI
Vacancy
6.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$284,960
Cap Rate 7%
$203,543
Cap Rate 9%
$158,311
Alternative Uses
Best Use
Apartment 5plus
$203.5K
$178.1K – $237.5K
NOI $14,248 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$348.3K
$304.8K – $406.4K
NOI $24,384 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Explore this area
Business Placement
Demographics for 49507, MI
38,137
Population
13,773
Households
2.8
Avg Household Size
30
Median Age
27%
College-Educated
78%
High-School Grad
5.5 sq mi
ZIP Area
6,934
Density / Sq Mi
$56,578
Median Household Income
$34,939
Median Earnings
$1,114
Median Rent
$179,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Income-qualified 2-3 bedroom condo in revitalized historic school building.
Where is this apartment building located?
The property is located at 2550 Eastern #105 Grand Grand Rapids, MI.
What is the asking price?
The asking price for this property is $231,000.
What are key features of this property?
This property features: 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.
