Duplex with Original
For Sale
$439,000
300 SE Eureka Ave City Of, Grand Rapids, MI 49506
Side-by-side townhouse duplex with full basements, walk-up attic storage, and access to nearby shopping, dining, and public transportation.
Property Size2,912 SF
Price / SF$150.76
Days on Market9
Property Features for 300 SE Eureka Ave City Of
General Information
Standard status
Active
Size
2,912 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1875
Listing Agency:
Remax Bayshore - Union St Tc
(231) 941-4500
Listed By:
NextHome Evolution
(734) 822-6006
Source:
Nhevolutionmi
Added: Sep 5
Changed: Sep 12
Last Checked: Sep 12 at 7:29AM
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 Remax Bayshore - Union St Tc
Investment Insights
Based on property information with market context.
Built in 1875, this side-by-side townhouse duplex contains two 3-bedroom residences totaling 2,912 square feet. Each unit includes a full basement, while the property also offers a walk-up attic and a new boiler for additional utility and storage capacity.
Original woodwork, detailed trim, and hardwood floors provide period character throughout the building. The property is located in Heritage Hill, with shopping, dining, and public transportation described as a short stroll away. Its two-unit layout supports both investment ownership and an owner-occupancy arrangement with rental income.
Original woodwork, detailed trim, and hardwood floors provide period character throughout the building. The property is located in Heritage Hill, with shopping, dining, and public transportation described as a short stroll away. Its two-unit layout supports both investment ownership and an owner-occupancy arrangement with rental income.
Key Highlights
- Two 3‑bedroom units in a side‑by‑side townhouse duplex
- 2,912 square feet across the property
- Full basement included with each unit
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
$30,876
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
7.03%
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%
$617,520
$617.5K
Cap Rate 7%
$441,086
$441.1K
Cap Rate 9%
$343,067
$343.1K
Market Conditions
NOI Build-Up for 2,912 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
$47.2K $16.20/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$44.1K $15.15/SF
− OpEx
−$13.2K −$4.54/SF
NOI
$30.9K $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 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%
$617,520
Cap Rate 7%
$441,086
Cap Rate 9%
$343,067
Alternative Uses
Best Use
Multifamily LT 5
$441.1K
$386.0K – $514.6K
NOI $30,876 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$394.9K
$345.5K – $460.7K
NOI $27,641 @ 7.0% cap · market cap 6.30%
Theoretical Best
Specialty Retail
$675.8K
$591.3K – $788.4K
NOI $47,305 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 49506, MI
33,050
Population
13,262
Households
2.5
Avg Household Size
34
Median Age
67%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
4,527
Density / Sq Mi
$112,287
Median Household Income
$48,631
Median Earnings
$1,305
Median Rent
$338,600
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
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side townhouse duplex with full basements, walk-up attic storage, and access to nearby shopping, dining, and public transportation.
Where is this duplex located?
The property is located at 300 SE Eureka Ave City Of Grand Rapids, MI.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Two 3‑bedroom units in a side‑by‑side townhouse duplex; 2,912 square feet across the property; Full basement included with each unit
