Updated Two-Unit
For Sale
$399,900
39 Fair Street SE, Grand Rapids, MI 49507
Two separately serviced residences feature renovated kitchens, flexible bedroom layouts, and dedicated laundry arrangements.
Property Size2,592 SF
Days on Market21
Property Features for 39 Fair Street SE
General Information
Standard status
Active
Size
2,592 SF
Total Parking Spaces
2
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,741
Amenities
laundry
storage
Building Details
Building Size
2,592 SF
Year Built
1915
Year Renovated
2024
Buildings
1
Units
2
Listing Agency:
Hello Homes GR
(616) 439-1272
Listed By:
Ashley Schaefer
(616) 439-1272
Source:
Phgrealty
Added: Aug 5
Changed: Aug 23
Last Checked: Aug 25 at 8:29AM
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 Hello Homes GR
Investment Insights
Based on property information with market context.
This duplex contains two distinct residences with updated interiors and separate gas and electric utilities. Unit A provides 4 bedrooms, 1 full bathroom, a renovated kitchen with quartz counters and stainless steel appliances, a dining area, basement laundry, and storage. Unit B includes 3 bedrooms and 1 full bathroom, along with an updated kitchen, living room, in-unit washer and dryer, and a finished attic bedroom.
The property includes a large barn that can serve as a garage, workshop, or storage area. Major mechanical improvements completed in 2024 include new electrical, plumbing, and HVAC systems. Built in 1915, the property is located at 39 Fair St SE in Grand Rapids, Michigan, with walkability and bicycle access reflected in its reported scores.
The property includes a large barn that can serve as a garage, workshop, or storage area. Major mechanical improvements completed in 2024 include new electrical, plumbing, and HVAC systems. Built in 1915, the property is located at 39 Fair St SE in Grand Rapids, Michigan, with walkability and bicycle access reflected in its reported scores.
Key Highlights
- Two‑unit duplex with 4‑bedroom and 3‑bedroom residences
- Separate gas and electric utilities for each unit
- Unit A includes basement laundry and storage
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
$27,483
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
6.87%
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%
$549,660
$549.7K
Cap Rate 7%
$392,614
$392.6K
Cap Rate 9%
$305,367
$305.4K
Market Conditions
NOI Build-Up for 2,592 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
$42.0K $16.20/SF
− Vacancy
−$2.7K −$1.05/SF
EGI
$39.3K $15.15/SF
− OpEx
−$11.8K −$4.54/SF
NOI
$27.5K $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 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%
$549,660
Cap Rate 7%
$392,614
Cap Rate 9%
$305,367
Alternative Uses
Best Use
Multifamily LT 5
$392.6K
$343.5K – $458.1K
NOI $27,483 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$351.5K
$307.6K – $410.1K
NOI $24,604 @ 7.0% cap · market cap 6.15%
Theoretical Best
Specialty Retail
$601.5K
$526.3K – $701.8K
NOI $42,107 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
640
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately serviced residences feature renovated kitchens, flexible bedroom layouts, and dedicated laundry arrangements.
Where is this duplex located?
The property is located at 39 Fair Street SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit duplex with 4‑bedroom and 3‑bedroom residences; Separate gas and electric utilities for each unit; Unit A includes basement laundry and storage
