Historic Four-Unit Victorian
For Sale
$650,000
345 Paris SE Avenue, Grand Rapids, MI 49503
Four residential units feature varied layouts, updated finishes, smart storage, and off-street parking.
Property Size3,273 SF
Price / SF$198.59
Days on Market468
Property Features for 345 Paris SE Avenue
General Information
Standard status
Active
Size
3,273 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,130
Amenities
off-street parking
Building Details
Year Built
1875
Construction
Queen Anne Victorian
Listing Agency:
Five Star Real Estate (Eastown)
(616) 432-0126
Listed By:
Angelique Edwards · License #6501445169
(616) 432-0126
Source:
Exitrealty
Added: May 22, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:04PM
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 Five Star Real Estate (Eastown)
Investment Insights
Based on property information with market context.
Built in 1875, this Queen Anne Victorian at 345 Paris SE Avenue contains four residential units with 7 bedrooms, 6 bathrooms, and 3,273 sq ft of living space. The property retains distinctive architectural character, including an olive green and yellow exterior, a turret nook, and defined living and dining areas in select units. Unit layouts vary, with one offering an open kitchen and another featuring a turret-adjacent space filled with natural light. Updated finishes, modern conveniences, and integrated storage contribute practical functionality throughout the building.
The property is located in Grand Rapids' Heritage Hill, minutes from downtown, area colleges, and the Medical Mile. Ample off-street parking adds convenience for residents and visitors.
The property is located in Grand Rapids' Heritage Hill, minutes from downtown, area colleges, and the Medical Mile. Ample off-street parking adds convenience for residents and visitors.
Key Highlights
- Four‑unit residential property with 7 bedrooms and 6 bathrooms
- 3,273 sq ft of living space in an 1875 Queen Anne Victorian
- Distinctive olive green and yellow exterior with historic architectural details
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
$34,703
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
5.34%
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%
$694,060
$694.1K
Cap Rate 7%
$495,757
$495.8K
Cap Rate 9%
$385,589
$385.6K
Market Conditions
NOI Build-Up for 3,273 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
$53.0K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$49.6K $15.15/SF
− OpEx
−$14.9K −$4.54/SF
NOI
$34.7K $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%
$694,060
Cap Rate 7%
$495,757
Cap Rate 9%
$385,589
Alternative Uses
Best Use
Multifamily LT 5
$495.8K
$433.8K – $578.4K
NOI $34,703 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$443.8K
$388.4K – $517.8K
NOI $31,068 @ 7.0% cap · market cap 4.78%
Theoretical Best
Specialty Retail
$759.6K
$664.6K – $886.2K
NOI $53,170 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,856
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units feature varied layouts, updated finishes, smart storage, and off-street parking.
Where is this quadplex located?
The property is located at 345 Paris SE Avenue Grand Rapids, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit residential property with 7 bedrooms and 6 bathrooms; 3,273 sq ft of living space in an 1875 Queen Anne Victorian; Distinctive olive green and yellow exterior with historic architectural details
