Celadon Condo with Community
2005 Celadon NE Drive 7 Grand Rapids, MI 49525
For Sale
$364,900
Pending
Spacious 4-bed, 2-bath condo in a desirable location.
Property Size1,663 SF
Days on Market526
Property Features for 2005 Celadon NE Drive 7
General Information
- Standard status
- Pending
- Size
- 1,663 SF
- Property subtype
- Condo/Townhome
Building Details
- Year Built
- 2018
Listing Agency:
Keller Williams GR East
(616) 893-6478
Listed By:
Lucas Howard · License #6502359815
(616) 893-6478
Source:
Exitrealty
Added: Feb 15, 2025
Changed: Jul 10
Last Checked: Jul 26 at 9:01AM
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 end-unit condo, located in the Celadon community, features a bright and spacious living environment with abundant natural light. The newer unit offers ample storage and a convenient laundry closet. All appliances are included. The pet-friendly community provides amenities such as a community pool, nature trail, amphitheater, and dog park. It is situated in the Forest Hills School District and is within walking distance of Knapp's Corner, which offers shopping, dining, and entertainment options. With easy access to downtown, this 1663 square foot condo is suitable for those seeking comfort and convenience.
Key Highlights
- Prime Location: Walking distance to Knapp's Corner for shopping, dining, and entertainment, and easy access to downtown.
- 4 Bed, 2 Bath End‑Unit: Offers a bright and spacious living environment with abundant natural light.
- Forest Hills School District: Located in the highly desired Forest Hills School District.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.5k | $18.36 |
| − Vacancy | −$1.8k | −$1.10 |
| EGI | $28.7k | $17.26 |
| − OpEx | −$12.9k | −$7.77 |
| NOI | $15.8k | $9.49 |
1,663 SF · lease $18.36/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$225.5K
$197.3K – $263.1K
NOI $15,785 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$385.9K
$337.7K – $450.3K
NOI $27,015 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Residential income properties
FAQs
What type of property is this?
Residential income property - Spacious 4-bed, 2-bath condo in a desirable location.
Where is this residential income property located?
The property is located at 2005 Celadon NE Drive 7 Grand Rapids, MI.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Prime Location: Walking distance to Knapp's Corner for shopping, dining, and entertainment, and easy access to downtown.; 4 Bed, 2 Bath End‑Unit: Offers a bright and spacious living environment with abundant natural light.; Forest Hills School District: Located in the highly desired Forest Hills School District.
