Townhouse-Style Apartment
New
For Sale
$1,095,000
2951 Vineland Avenue SE City of, Grand Rapids, MI 49508
Six residences offer individual laundry hookups, exterior storage, and off-street parking.
Property Size7,923 SF
Days on Market4
Property Features for 2951 Vineland Avenue SE City of
General Information
Standard status
Active
Size
7,923 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
6 x 3BR
Multifamily Units
6
Amenities
off street parking
individual laundry hookups
exterior storage space
Building Details
Building Size
7,923 SF
Year Built
1962
Construction
townhouse-style
Listing Agency:
Bellabay Realty LLC
Listed By:
Gabriel E Clark
(616) 871-9200
Source:
Tech.kw
Added: Oct 17
Changed: Oct 19
Last Checked: Oct 20 at 5:22PM
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 Bellabay Realty LLC
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Investment Insights
Based on property information with market context.
This six-unit apartment property, built in 1962, is arranged in townhouse-style residences. Each unit has three bedrooms, bathroom counts ranging from two to four, designated exterior storage, and individual laundry hookups. Off-street parking is also available.
The property sits on a dead-end street in Southeast Grand Rapids, with access to shopping, major highways, parks, and other local amenities.
The property sits on a dead-end street in Southeast Grand Rapids, with access to shopping, major highways, parks, and other local amenities.
Key Highlights
- Six townhouse‑style units, each with 3 bedrooms
- Each unit has between 2 and 4 bathrooms
- Individual laundry hookups in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,206
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,504,120
$1.5M
Cap Rate 7%
$1,074,371
$1.1M
Cap Rate 9%
$835,622
$835.6K
Market Conditions
NOI Build-Up for 7,923 SF
Gross rent
$145.5K $18.36/SF
− Vacancy
−$8.7K −$1.10/SF
EGI
$136.7K $17.26/SF
− OpEx
−$61.5K −$7.77/SF
NOI
$75.2K $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%
$1,504,120
Cap Rate 7%
$1,074,371
Cap Rate 9%
$835,622
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$940.1K – $1.25M
NOI $75,206 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.84M
$1.61M – $2.15M
NOI $128,709 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
Explore this area
Business Placement
Demographics for 49508, MI
41,851
Population
16,583
Households
2.5
Avg Household Size
36
Median Age
33%
College-Educated
88%
High-School Grad
11.8 sq mi
ZIP Area
3,547
Density / Sq Mi
$65,328
Median Household Income
$41,115
Median Earnings
$1,179
Median Rent
$257,900
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 - Six residences offer individual laundry hookups, exterior storage, and off-street parking.
Where is this apartment building located?
The property is located at 2951 Vineland Avenue SE City of Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Six townhouse‑style units, each with 3 bedrooms; Each unit has between 2 and 4 bathrooms; Individual laundry hookups in every unit
