Daylight Ranch
For Sale
$439,900
Pending
400-402 60th St SE, Grand Rapids, MI 49548
Both residences offer lower-level living areas and laundry hookups.
Property Size3,350 SF
Days on Market130
Property Features for 400-402 60th St SE
General Information
Standard status
Pending
Size
3,350 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
laundry hookups
garage parking
large shared backyard
Building Details
Year Built
1979
Buildings
1
Listing Agency:
EXP Realty (Grand Rapids)
Listed By:
Andrew Smith · License #6502421574
(616) 209-0323
Source:
Vmrealestatemichigan
Added: May 30
Changed: Oct 1
Last Checked: Oct 5 at 7:09PM
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 EXP Realty (Grand Rapids)
Investment Insights
Based on property information with market context.
Built in 1979, this daylight ranch duplex contains two residences, each with three bedrooms and two bathrooms. Both have lower-level living space and laundry hookups, with garage parking and a shared backyard serving the property.
One residence is occupied by a month-to-month tenant; the other is vacant. Prospective renters have expressed interest in the vacant unit if it is not used by an owner occupant.
One residence is occupied by a month-to-month tenant; the other is vacant. Prospective renters have expressed interest in the vacant unit if it is not used by an owner occupant.
Key Highlights
- Two residences, each with 3 bedrooms and 2 bathrooms
- Daylight ranch design with lower‑level living space
- Built in 1979
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,520
Cap Rate
8.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$710,400
$710.4K
Cap Rate 7%
$507,429
$507.4K
Cap Rate 9%
$394,667
$394.7K
Market Conditions
NOI Build-Up for 3,350 SF
Gross rent
$54.3K $16.20/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$50.7K $15.15/SF
− OpEx
−$15.2K −$4.54/SF
NOI
$35.5K $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 Rate 5%
$710,400
Cap Rate 7%
$507,429
Cap Rate 9%
$394,667
Alternative Uses
Best Use
Multifamily LT 5
$507.4K
$444.0K – $592.0K
NOI $35,520 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$454.3K
$397.5K – $530.0K
NOI $31,799 @ 7.0% cap · market cap 7.23%
Theoretical Best
Specialty Retail
$777.4K
$680.3K – $907.0K
NOI $54,421 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 49548, MI
34,741
Population
13,174
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
86%
High-School Grad
10.8 sq mi
ZIP Area
3,217
Density / Sq Mi
$62,218
Median Household Income
$35,831
Median Earnings
$1,129
Median Rent
$149,500
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 - Both residences offer lower-level living areas and laundry hookups.
Where is this duplex located?
The property is located at 400-402 60th St SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 bathrooms; Daylight ranch design with lower‑level living space; Built in 1979
