Three-Unit Mixed-Use
For Sale
$295,000
2164 Division Ave S, Grand Rapids, MI 49507
Includes one commercial suite and two residential apartments with on-site parking.
Property Size2,583 SF
Price / SF$114.21
Days on Market89
Property Features for 2164 Division Ave S
General Information
Standard status
Active
Size
2,583 SF
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1984
Buildings
1
Listing Agency:
Keller Williams GR East
Listed By:
Jeffrey Bode, Jody L Bode
Source:
Katie-k
Added: Jul 10
Changed: Oct 2
Last Checked: Oct 5 at 8:47PM
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.
This 2,583-square-foot mixed-use property contains three total units: one commercial suite and two residential apartments. Each apartment offers two bedrooms and one bathroom, creating a defined combination of commercial and residential occupancy within the same building. On-site parking is included.
Located at 2164 Division Ave S in Grand Rapids, the property is positioned south of Burton. The commercial suite provides the building’s business-oriented component, while the two apartments add residential units to the overall configuration. Zoning is identified as TBA.
Located at 2164 Division Ave S in Grand Rapids, the property is positioned south of Burton. The commercial suite provides the building’s business-oriented component, while the two apartments add residential units to the overall configuration. Zoning is identified as TBA.
Key Highlights
- 2,583‑square‑foot mixed‑use building
- Three total units in one building
- One commercial suite included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,518
Cap Rate
8.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$490,360
$490.4K
Cap Rate 7%
$350,257
$350.3K
Cap Rate 9%
$272,422
$272.4K
Market Conditions
NOI Build-Up for 2,583 SF
Gross rent
$47.4K $18.36/SF
− Vacancy
−$2.8K −$1.10/SF
EGI
$44.6K $17.26/SF
− OpEx
−$20.1K −$7.77/SF
NOI
$24.5K $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 Rate 5%
$490,360
Cap Rate 7%
$350,257
Cap Rate 9%
$272,422
Alternative Uses
Best Use
Mixed Use
$407.4K
$356.5K – $475.3K
NOI $28,516 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$350.3K
$306.5K – $408.6K
NOI $24,518 @ 7.0% cap · market cap 8.31%
Theoretical Best
Specialty Retail
$599.4K
$524.5K – $699.4K
NOI $41,961 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
472
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes one commercial suite and two residential apartments with on-site parking.
Where is this mixed-use property located?
The property is located at 2164 Division Ave S Grand Rapids, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2,583‑square‑foot mixed‑use building; Three total units in one building; One commercial suite included
