Two-Unit Duplex with Private
235 Union Ave SE, Grand Rapids, MI 49503
For Sale
$495,000
Two separate residences provide a three-bedroom layout on each level, with outdoor space for both units.
Property Size2,880 SF
Price / SF$171.88
Days on Market12
Property Features for 235 Union Ave SE
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
private deck
basement storage
finished walk-up attic storage
Building Details
Year Built
Listing Agency:
Cressy & Everett Real Estate
(269) 469-1256
Listed By:
Janice Allen
(269) 248-5766
Source:
Michiganhomegirl
Added: Nov 3
Changed: Nov 12
Last Checked: Nov 12 at 3:57PM
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 Cressy & Everett Real Estate
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Investment Insights
Based on property information with market context.
This two-unit property contains 2,880 square feet across two residences. The lower unit has 1,200 square feet, three bedrooms, two full bathrooms, a private deck, and a full basement for storage. Above, the 1,680-square-foot unit includes three bedrooms, one full bathroom, its own deck, and a finished walk-up attic with storage space. The building dates to 1895 and is located in Grand Rapids’ Heritage Hill neighborhood.
The property is near downtown Grand Rapids, restaurants, retail, and neighborhood amenities. Its separate unit layouts and individual outdoor areas are notable features of the duplex.
The property is near downtown Grand Rapids, restaurants, retail, and neighborhood amenities. Its separate unit layouts and individual outdoor areas are notable features of the duplex.
Key Highlights
- 2,880 square feet across two units
- Lower unit: 1,200 square feet, 3 bedrooms, 2 full bathrooms, private deck, and full basement
- Upper unit: 1,680 square feet, 3 bedrooms, 1 full bathroom, private 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
Properties on Market for Duplexes in Grand Rapids
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences provide a three-bedroom layout on each level, with outdoor space for both units.
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: 2,880 square feet across two units; Lower unit: 1,200 square feet, 3 bedrooms, 2 full bathrooms, private deck, and full basement; Upper unit: 1,680 square feet, 3 bedrooms, 1 full bathroom, private deck, and finished walk‑up attic
