Multifamily Property with Updated
21 SE Prospect Ave City Of, Grand Rapids, MI 49503
For Sale
$699,900
Pending
A main unit is complemented by studio units and private access to a rear deck.
Property Size3,594 SF
Days on Market103
Property Features for 21 SE Prospect Ave City Of
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Gross Income
Building Details
Year Built
Tenancy
Listing Agency:
Realtors-Bloomfield Hills
(248) 644-4700
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Jul 31
Changed: Nov 10
Last Checked: Nov 10 at 8:56AM
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 Realtors-Bloomfield Hills
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Investment Insights
Based on property information with market context.
Built in 1905, this multifamily property combines a main unit with additional studio units. The primary residence-style unit features an updated kitchen, generously sized bedrooms, and its own access to the rear deck. The studio configuration provides a distinct secondary component within the property.
Located in Heritage Hill at 21 Prospect Ave SE, the property offers a residential income configuration with flexibility for an owner occupant or investor. The existing layout brings together a larger main unit and separate studio accommodations in one established Grand Rapids property.
Located in Heritage Hill at 21 Prospect Ave SE, the property offers a residential income configuration with flexibility for an owner occupant or investor. The existing layout brings together a larger main unit and separate studio accommodations in one established Grand Rapids property.
Key Highlights
- Main unit with updated kitchen and spacious bedrooms
- Separate studio units within the multifamily configuration
- Private access to the rear deck from the main unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,115
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$682,300
$682.3K
Cap Rate 7%
$487,357
$487.4K
Cap Rate 9%
$379,056
$379.1K
Market Conditions
NOI Build-Up for 3,594 SF
Gross rent
$66.0K $18.36/SF
− Vacancy
−$4.0K −$1.10/SF
EGI
$62.0K $17.26/SF
− OpEx
−$27.9K −$7.77/SF
NOI
$34.1K $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%
$682,300
Cap Rate 7%
$487,357
Cap Rate 9%
$379,056
Alternative Uses
Best Use
Apartment 5plus
$487.4K
$426.4K – $568.6K
NOI $34,115 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$834.1K
$729.8K – $973.1K
NOI $58,385 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,903
Businesses Nearby
Explore this area
Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
Market
Properties on Market for Multifamily properties in Grand Rapids
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - A main unit is complemented by studio units and private access to a rear deck.
Where is this multifamily property located?
The property is located at 21 SE Prospect Ave City Of Grand Rapids, MI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Main unit with updated kitchen and spacious bedrooms; Separate studio units within the multifamily configuration; Private access to the rear deck from the main unit
