Duplex With Detached
For Sale
$299,900
1501 College Ave NE, Grand Rapids, MI 49505
Two residential units offer in-unit laundry, off-street parking, and a substantial basement area.
Property Size1,000 SF
Price / SF$299.90
Days on Market45
Property Features for 1501 College Ave NE
General Information
Standard status
Active
Size
1,000 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA (+1 nonconforming), 1 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1900
Listing Agency:
Sable Realty LLC
(734) 223-8725
Listed By:
Brad Jordan Broker/Owner
(734) 223-8725
Source:
Drake-jordan
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 26 at 12:36PM
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 Sable Realty LLC
Investment Insights
Based on property information with market context.
This duplex, built in 1900, contains two residential units. The main-level apartment has two bedrooms plus one nonconforming bedroom, one bathroom, and in-unit laundry. The upper apartment includes two bedrooms and one bathroom. A 1,000-square-foot basement provides additional space for storage or potential future conversion, subject to applicable requirements.
The property includes a two-stall detached garage and additional off-street parking. Located at 1501 College Ave NE in Grand Rapids, the duplex is situated in the Creston neighborhood and is being sold as-is.
The property includes a two-stall detached garage and additional off-street parking. Located at 1501 College Ave NE in Grand Rapids, the duplex is situated in the Creston neighborhood and is being sold as-is.
Key Highlights
- Two‑unit duplex with a main‑level 2‑bed plus 1 nonconforming bedroom layout
- Upper unit includes 2 bedrooms and 1 bathroom
- 1,000‑square‑foot basement area for storage or potential conversion
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
$10,603
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
3.54%
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%
$212,060
$212.1K
Cap Rate 7%
$151,471
$151.5K
Cap Rate 9%
$117,811
$117.8K
Market Conditions
NOI Build-Up for 1,000 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
$16.2K $16.20/SF
− Vacancy
−$1.1K −$1.05/SF
EGI
$15.1K $15.15/SF
− OpEx
−$4.5K −$4.54/SF
NOI
$10.6K $10.60/SF
Area
Grand Rapids, MI
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$212,060
Cap Rate 7%
$151,471
Cap Rate 9%
$117,811
Alternative Uses
Best Use
Multifamily LT 5
$151.5K
$132.5K – $176.7K
NOI $10,603 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$135.6K
$118.7K – $158.2K
NOI $9,492 @ 7.0% cap · market cap 3.17%
Theoretical Best
Specialty Retail
$232.1K
$203.1K – $270.8K
NOI $16,245 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
557
Businesses Nearby
Explore this area
Business Placement
Demographics for 49505, MI
31,444
Population
14,197
Households
2.2
Avg Household Size
36
Median Age
40%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
3,573
Density / Sq Mi
$71,692
Median Household Income
$43,778
Median Earnings
$1,248
Median Rent
$227,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer in-unit laundry, off-street parking, and a substantial basement area.
Where is this duplex located?
The property is located at 1501 College Ave NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit duplex with a main‑level 2‑bed plus 1 nonconforming bedroom layout; Upper unit includes 2 bedrooms and 1 bathroom; 1,000‑square‑foot basement area for storage or potential conversion
