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 Market74
Property Features for 2164 Division Ave S
General Information
Standard status
Active
Size
2,583 SF
Property subtype
Investment
Zoning
TBA
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Buildings
1
Listing Agency:
SVN | Silveri Company
(616) 293-5987
Listed By:
Kevin Lipke · License ##6502324464
(616) 293-5987
Source:
Carwm.resimplifi
Added: Jun 19
Changed: Aug 29
Last Checked: Aug 30 at 1:14PM
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 SVN | Silveri Company
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 = 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
$24,518
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
8.31%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
