Heritage Hill Multifamily Income
For Sale
$450,000
Pending
556 Lafayette Ave SE, Grand Rapids, MI 49503
Multifamily property in Heritage Hill, close to downtown.
Property SizeContact for details
Days on Market121
Property Features for 556 Lafayette Ave SE
General Information
Standard status
Pending
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,226
Building Details
Year Built
1890
Units
2
Listing Agency:
(616) 219-8665
Listed By:
Matthew Luce · License #6501425717
(616) 219-8665
Source:
Elliman
Added: Apr 24
Changed: Aug 12
Last Checked: Aug 22 at 8:49AM
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 Matthew Luce
Investment Insights
Based on property information with market context.
This property offers flexibility as a residence with rental income potential or conversion to a single-family home. The main level features natural light and original charm, a living room, a formal dining area, an updated kitchen, a bathroom, and bedrooms. The upstairs unit includes three bedrooms, a kitchen, a dining area, and a living room, currently rented for $1,750 per month to long-term tenants. Each unit has its own laundry. Off-street parking with multiple spaces is available. The property is located in Heritage Hill, close to downtown and parks. The fenced front yard and wraparound porch enhance the property. The bike score is 60, making it bikeable, the walk score is 82, making it very walkable, and the transit score is 43, indicating some transit options.
Key Highlights
- Income‑generating potential with a separate, currently rented 3‑bedroom unit ($1,750/month).
- Flexible usage: live in one unit and rent the other, operate as a full income property, or convert to a single‑family home.
- Prime Heritage Hill location, close to downtown, parks, and local amenities (Walk Score: 82).
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,552
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?
Duplex - Multifamily property in Heritage Hill, close to downtown.
Where is this duplex located?
The property is located at 556 Lafayette Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Income‑generating potential with a separate, currently rented 3‑bedroom unit ($1,750/month).; Flexible usage: live in one unit and rent the other, operate as a full income property, or convert to a single‑family home.; Prime Heritage Hill location, close to downtown, parks, and local amenities (Walk Score: 82).
