Up/Down Duplex with
For Sale
$274,900
43 Southview Street SW, Grand Rapids, MI 49507
Multi Family, Grand Rapids, MI
Property Size1,547 SF
Lot Size0.10 Acres
Price / SF$177.70
Days on Market60
Property Features for 43 Southview Street SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Half bathrooms
1
Rooms
Basement, Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1
Parking
3
Parking features
Driveway
Basement
Full
Lot features
Sidewalk
Elementary school district
Wyoming
Middle school district
Wyoming
High school district
Wyoming
Directions
West Of Division to address.
Standard status
Active
APN
41-17-12-429-010
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 38 * THE SOUTH VIEW ADD.
Tax Annual Amount
2408
Legal Description
LOT 38 * THE SOUTH VIEW ADD.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1931
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Homes 28
Listed By:
David Pena
(616) 245-7001
Added: Aug 4
Changed: Sep 23
Last Checked: Oct 2 at 3:06AM
MLS# 26041476
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1931 up-and-down duplex includes two vacant units with separate gas and electric meters. The lower residence offers 2 bedrooms, 1.5 bathrooms, and approximately 920 square feet. The upper residence contains 2 bedrooms, 1 bathroom, and approximately 627 square feet, with a kitchen, bathroom, and finished bedroom remodeled in 2023 by a licensed builder.
Building improvements include a 2022 roof, a 2022 high-efficiency furnace, and different cooling systems serving the units: central air in one and Mitsubishi mini splits in the other. Cellulose attic insulation and rim joist spray foam were added in 2024. The property also includes a full basement with laundry hookups, a detached one-stall garage, paved driveway, and appliances that remain with the sale. The upper unit has a City of Wyoming rental certificate through October 2028. The property is being sold as-is.
Building improvements include a 2022 roof, a 2022 high-efficiency furnace, and different cooling systems serving the units: central air in one and Mitsubishi mini splits in the other. Cellulose attic insulation and rim joist spray foam were added in 2024. The property also includes a full basement with laundry hookups, a detached one-stall garage, paved driveway, and appliances that remain with the sale. The upper unit has a City of Wyoming rental certificate through October 2028. The property is being sold as-is.
Key Highlights
- Two‑unit up‑and‑down duplex with both residences vacant
- Lower unit: 2 bedrooms, 1.5 bathrooms, and about 920 sq ft
- Upper unit: 2 bedrooms, 1 bathroom, and about 627 sq ft
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
$16,403
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
5.97%
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%
$328,060
$328.1K
Cap Rate 7%
$234,329
$234.3K
Cap Rate 9%
$182,256
$182.3K
Market Conditions
NOI Build-Up for 1,547 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
$25.1K $16.20/SF
− Vacancy
−$1.6K −$1.05/SF
EGI
$23.4K $15.15/SF
− OpEx
−$7.0K −$4.54/SF
NOI
$16.4K $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%
$328,060
Cap Rate 7%
$234,329
Cap Rate 9%
$182,256
Alternative Uses
Best Use
Multifamily LT 5
$234.3K
$205.0K – $273.4K
NOI $16,403 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$209.8K
$183.6K – $244.7K
NOI $14,684 @ 7.0% cap · market cap 5.34%
Theoretical Best
Specialty Retail
$359.0K
$314.1K – $418.9K
NOI $25,131 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
583
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
Check the figures for this property
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 - Two vacant residences include updated upper-unit finishes, separate utilities, basement laundry hookups, and a paved driveway.
Where is this duplex located?
The property is located at 43 Southview Street SW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two‑unit up‑and‑down duplex with both residences vacant; Lower unit: 2 bedrooms, 1.5 bathrooms, and about 920 sq ft; Upper unit: 2 bedrooms, 1 bathroom, and about 627 sq ft
