Two-Unit Duplex with Private
New
For Sale
$495,000
235 Union Ave SE, Grand Rapids, MI 49503
Two separate residences offer three bedrooms apiece, with a basement and finished attic adding storage space.
Property Size2,880 SF
Price / SF$171.88
Days on Market2
Property Features for 235 Union Ave SE
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Heritage Hill
Units
Unit Mix
1 x 3BR/2BA (1,200 SF), 1 x 3BR/1BA (1,680 SF)
Multifamily Units
2
Amenities
private deck
basement storage
finished walk-up attic storage
Building Details
Year Built
1895
Listing Agency:
Coldwell Banker Woodland Schmidt-Hart
Listed By:
Rogers Neighborhood Realty
(616) 644-0784
Source:
Rogersneighborhoodrealty
Added: Nov 3
Last Checked: Nov 3 at 2:52PM
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 Coldwell Banker Woodland Schmidt-Hart
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Investment Insights
Based on property information with market context.
This 1895-built duplex contains two residences totaling 2,880 square feet. The 1,200-square-foot lower unit has three bedrooms, two full bathrooms, a private deck, and a full basement. Above, the 1,680-square-foot unit includes three bedrooms, one full bathroom, its own deck, and a finished walk-up attic. Each unit has a distinct living area and layout.
The property is located in Grand Rapids’ Heritage Hill neighborhood, near downtown, restaurants, shopping, and neighborhood amenities.
The property is located in Grand Rapids’ Heritage Hill neighborhood, near downtown, restaurants, shopping, and neighborhood amenities.
Key Highlights
- Two units totaling 2,880 square feet
- Lower residence: 1,200 square feet, three bedrooms, two full bathrooms, deck, and full basement
- Upper residence: 1,680 square feet, three bedrooms, one full bathroom, deck, and finished walk‑up attic
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,536
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$610,720
$610.7K
Cap Rate 7%
$436,229
$436.2K
Cap Rate 9%
$339,289
$339.3K
Market Conditions
NOI Build-Up for 2,880 SF
Gross rent
$46.7K $16.20/SF
− Vacancy
−$3.0K −$1.05/SF
EGI
$43.6K $15.15/SF
− OpEx
−$13.1K −$4.54/SF
NOI
$30.5K $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%
$610,720
Cap Rate 7%
$436,229
Cap Rate 9%
$339,289
Alternative Uses
Best Use
Multifamily LT 5
$436.2K
$381.7K – $508.9K
NOI $30,536 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$390.5K
$341.7K – $455.6K
NOI $27,337 @ 7.0% cap · market cap 5.52%
Theoretical Best
Specialty Retail
$668.4K
$584.8K – $779.8K
NOI $46,786 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,359
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer three bedrooms apiece, with a basement and finished attic adding storage space.
Where is this duplex located?
The property is located at 235 Union Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two units totaling 2,880 square feet; Lower residence: 1,200 square feet, three bedrooms, two full bathrooms, deck, and full basement; Upper residence: 1,680 square feet, three bedrooms, one full bathroom, deck, and finished walk‑up attic
