Modern Condominium in Alger
For Sale
$231,000
2550 Eastern #124 Grand, Grand Rapids, MI 49507
Income-qualified 2-3 bedroom condominium in Alger Heights.
Property Size1,754 SF
Days on Market526
Property Features for 2550 Eastern #124 Grand
General Information
Standard status
Active
Size
1,754 SF
Property subtype
Condominium
Amenities
Forced Air
Dishwasher
Dryer
Microwave
Range/Oven
Refrigerator
Washer
Building Details
Building Size
1,754 SF
Year Built
2025
Stories
2
Listing Agency:
Keller Williams GR East
Listed By:
Jamecia Adams · License #6506048536
(616) 575-1800
Source:
Kw
Added: May 9, 2025
Changed: Oct 14
Last Checked: Oct 14 at 8:08PM
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
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Investment Insights
Based on property information with market context.
The Seymour Condominiums offer a modern, income-qualified living opportunity in the Alger Heights neighborhood. The property, developed by ICCF Community Homes, is a historic school transformed into 27 affordable condominiums. Each two-story unit includes 2 to 3 bedrooms and 2 full bathrooms. Accessibility is enhanced with a main-floor bedroom and bath. Residents benefit from assigned parking and in-unit laundry facilities. The monthly fee covers lawn care, snow removal, water, and trash services, promoting a low-maintenance lifestyle. The location provides convenient access to parks, shops, and local businesses. Applications open 5/14/2025.
Key Highlights
- Affordable income‑qualified home ownership opportunity in Alger Heights.
- Two‑story unit with 2‑3 bedrooms and 2 full bathrooms.
- Main‑floor bedroom and bath for accessibility.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,649
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$332,980
$333.0K
Cap Rate 7%
$237,843
$237.8K
Cap Rate 9%
$184,989
$185.0K
Market Conditions
NOI Build-Up for 1,754 SF
Gross rent
$32.2K $18.36/SF
− Vacancy
−$1.9K −$1.10/SF
EGI
$30.3K $17.26/SF
− OpEx
−$13.6K −$7.77/SF
NOI
$16.6K $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%
$332,980
Cap Rate 7%
$237,843
Cap Rate 9%
$184,989
Alternative Uses
Best Use
Apartment 5plus
$237.8K
$208.1K – $277.5K
NOI $16,649 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$407.1K
$356.2K – $474.9K
NOI $28,494 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
698
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Income-qualified 2-3 bedroom condominium in Alger Heights.
Where is this apartment building located?
The property is located at 2550 Eastern #124 Grand Grand Rapids, MI.
What is the asking price?
The asking price for this property is $231,000.
What are key features of this property?
This property features: Affordable income‑qualified home ownership opportunity in Alger Heights.; Two‑story unit with **2‑3 bedrooms and 2 full bathrooms.**; Main‑floor bedroom and bath for accessibility.
