Two-Unit Side-by-Side
For Sale
$299,900
Pending
1655 Madison Ave SE, Grand Rapids, MI 49507
Both residences are occupied under month-to-month leases, with utilities separately metered except for water.
Property Size2,400 SF
Days on Market106
Property Features for 1655 Madison Ave SE
General Information
Standard status
Pending
Size
2,400 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
hardwood floors
original woodwork
washer/dryer hookup
new driveway
off street parking
yard space
Building Details
Year Built
1928
Listing Agency:
Bellabay Realty (North)
Listed By:
Angela J Worth · License #6506048923
(616) 299-3953
Source:
Vmrealestatemichigan
Added: Jun 24
Changed: Oct 1
Last Checked: Oct 5 at 7:09PM
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.
This 2,400-square-foot duplex, built in 1928, contains two side-by-side residences with matching two-story layouts. Each has a living room, kitchen, and half bath on the main level, plus three bedrooms and a full bath upstairs. Separate lower-level areas provide washer and dryer hookups. Hardwood flooring and original woodwork remain in both units.
Recent work includes a furnace and water heater replacement at 1657 in December 2025 and interior painting at 1655 in July 2025. A new driveway was installed in 2019. The property also has off-street parking and additional yard area.
Both units are occupied on month-to-month leases. Utilities are separated between the residences, with water as the exception.
Recent work includes a furnace and water heater replacement at 1657 in December 2025 and interior painting at 1655 in July 2025. A new driveway was installed in 2019. The property also has off-street parking and additional yard area.
Both units are occupied on month-to-month leases. Utilities are separated between the residences, with water as the exception.
Key Highlights
- Two side‑by‑side units, each with three bedrooms and 1.5 baths
- 2,400 square feet; built in 1928
- Hardwood floors and original woodwork in both residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,447
Cap Rate
8.49%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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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?
Duplex - Both residences are occupied under month-to-month leases, with utilities separately metered except for water.
Where is this duplex located?
The property is located at 1655 Madison Ave 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 three bedrooms and 1.5 baths; 2,400 square feet; built in 1928; Hardwood floors and original woodwork in both residences
