Side-by-Side Duplex with Hardwood
For Sale
$299,900
1655 Madison Avenue SE, Grand Rapids, MI 49507
Two matching units offer independent layouts, lower-level laundry hookups, off-street parking, and separate utility arrangements.
Property Size2,400 SF
Days on Market35
Property Features for 1655 Madison Avenue SE
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
Residential
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,533
Amenities
washer/dryer hookup
Building Details
Building Size
2,400 SF
Year Built
1928
Units
2
Tenancy
Multi
Listing Agency:
Bellabay Realty (North)
(616) 299-3953
Listed By:
Angela J Worth
(616) 299-3953
Source:
Insiderealty
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Bellabay Realty (North)
Investment Insights
Based on property information with market context.
Built in 1928, this side-by-side duplex contains two matching residences, each with 3 bedrooms and 1.5 bathrooms. Both layouts include a main-level living room, kitchen, and half bath, with three bedrooms and a full bathroom upstairs. Hardwood flooring and original woodwork extend through the units, while separate lower-level areas provide washer and dryer hookups.
The property is located at 1655 Madison Ave SE in Grand Rapids, Michigan. Both residences are occupied under month-to-month leases. Utility expenses are divided between the units, except for water. A driveway installed in 2019, off-street parking, and additional yard area serve the property. Unit 1657 received a new furnace and water heater in December 2025, while Unit 1655 was painted in July 2025.
The property is located at 1655 Madison Ave SE in Grand Rapids, Michigan. Both residences are occupied under month-to-month leases. Utility expenses are divided between the units, except for water. A driveway installed in 2019, off-street parking, and additional yard area serve the property. Unit 1657 received a new furnace and water heater in December 2025, while Unit 1655 was painted in July 2025.
Key Highlights
- Two side‑by‑side units, each with 3 bedrooms and 1.5 bathrooms
- Hardwood floors and original woodwork throughout both residences
- 1657 received a new furnace and water heater in December 2025
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
$25,447
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
8.49%
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%
$508,940
$508.9K
Cap Rate 7%
$363,529
$363.5K
Cap Rate 9%
$282,744
$282.7K
Market Conditions
NOI Build-Up for 2,400 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
$38.9K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$36.4K $15.15/SF
− OpEx
−$10.9K −$4.54/SF
NOI
$25.4K $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%
$508,940
Cap Rate 7%
$363,529
Cap Rate 9%
$282,744
Alternative Uses
Best Use
Multifamily LT 5
$363.5K
$318.1K – $424.1K
NOI $25,447 @ 7.0% cap · market cap 8.49%
Second Best
Apartment 5plus
$325.4K
$284.8K – $379.7K
NOI $22,781 @ 7.0% cap · market cap 7.60%
Theoretical Best
Specialty Retail
$557.0K
$487.4K – $649.8K
NOI $38,988 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
752
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching units offer independent layouts, lower-level laundry hookups, off-street parking, and separate utility arrangements.
Where is this duplex located?
The property is located at 1655 Madison Avenue SE 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 side‑by‑side units, each with 3 bedrooms and 1.5 bathrooms; Hardwood floors and original woodwork throughout both residences; 1657 received a new furnace and water heater in December 2025
