Duplex with Updated
For Sale
$405,000
511 Emerald Avenue NE City of, Grand Rapids, MI 49503
Two-story, two-unit property with off-street parking, a rear deck, and access to restaurants and hospitals.
Property Size2,172 SF
Days on Market8
Property Features for 511 Emerald Avenue NE City of
General Information
Standard status
Active
Size
2,172 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
deck
Building Details
Building Size
2,172 SF
Year Built
1907
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Schmidt Realtors
Listed By:
Mary Jane Schultz · License #6501264934
(616) 866-4434
Source:
Tech.kw
Added: Oct 5
Changed: Oct 10
Last Checked: Oct 11 at 3:21AM
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 Coldwell Banker Schmidt Realtors
Investment Insights
Based on property information with market context.
This two-story duplex contains an upstairs apartment and a larger ground-floor apartment with a separate dining area. Both units received kitchen upgrades, including a stove and dishwasher in each. Furnaces and heat runs were also replaced within the last year, and additional insulation was blown into the attic. Sliding doors open to a large rear deck. The basement, accessed from outside, contains laundry facilities historically used by the first-floor resident. A ribbon driveway provides off-street parking for one vehicle.
The property is two blocks north of Michigan Street NE, within walking distance of restaurants and hospitals. Walk Score is 94, Bike Score is 61, and Transit Score is 40.
The property is two blocks north of Michigan Street NE, within walking distance of restaurants and hospitals. Walk Score is 94, Bike Score is 61, and Transit Score is 40.
Key Highlights
- Two‑story duplex with upstairs and ground‑floor apartments
- Kitchen upgrades include a stove and dishwasher in each apartment
- Furnaces and heat runs replaced within the last year
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,029
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$460,580
$460.6K
Cap Rate 7%
$328,986
$329.0K
Cap Rate 9%
$255,878
$255.9K
Market Conditions
NOI Build-Up for 2,172 SF
Gross rent
$35.2K $16.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$32.9K $15.15/SF
− OpEx
−$9.9K −$4.54/SF
NOI
$23.0K $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%
$460,580
Cap Rate 7%
$328,986
Cap Rate 9%
$255,878
Alternative Uses
Best Use
Multifamily LT 5
$329.0K
$287.9K – $383.8K
NOI $23,029 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$294.5K
$257.7K – $343.6K
NOI $20,617 @ 7.0% cap · market cap 5.09%
Theoretical Best
Specialty Retail
$504.1K
$441.1K – $588.1K
NOI $35,284 @ 7.0% cap · market cap 8.71%
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
809
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
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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 - Two-story, two-unit property with off-street parking, a rear deck, and access to restaurants and hospitals.
Where is this duplex located?
The property is located at 511 Emerald Avenue NE City of Grand Rapids, MI.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Two‑story duplex with upstairs and ground‑floor apartments; Kitchen upgrades include a stove and dishwasher in each apartment; Furnaces and heat runs replaced within the last year
