Victorian Duplex with Separate
New
For Sale
$995,000
60 College Ave, Grand Rapids, MI 49503
Two distinct residences combine a renovated primary home with a separate apartment and shared basement laundry and storage.
Property Size4,125 SF
Price / SF$241.21
Days on Market4
Property Features for 60 College Ave
General Information
Standard status
Active
Size
4,125 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 2BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
updated kitchen
hardwood floors
original oak woodwork
laundry
Building Details
Year Built
1885
Buildings
1
Construction
Queen Anne Victorian
Listing Agency:
Century 21 Affiliated
(734) 434-3500
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 6:34AM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This duplex occupies an 1885 Queen Anne Victorian home with two residences. The main unit spans the first two floors and offers nearly 3,000 square feet, four bedrooms, two full baths, a main-floor half bath, and an updated kitchen. Renovated bathrooms, hardwood floors, original oak woodwork, and an attached two-car garage with a charging station are among its features.
The second unit has a separate entrance and nearly 1,200 square feet of updated space, including two bedrooms, a living room, and a kitchen with appliances. One bedroom contains a vintage coal-burning fireplace. The basement provides shared laundry and storage, and the apartment has two dedicated off-street parking spaces.
The property is at 60 NE College Ave in Grand Rapids, steps from bus service and a ten-minute walk from downtown and the medical mile.
The second unit has a separate entrance and nearly 1,200 square feet of updated space, including two bedrooms, a living room, and a kitchen with appliances. One bedroom contains a vintage coal-burning fireplace. The basement provides shared laundry and storage, and the apartment has two dedicated off-street parking spaces.
The property is at 60 NE College Ave in Grand Rapids, steps from bus service and a ten-minute walk from downtown and the medical mile.
Key Highlights
- 1885 Queen Anne Victorian configured as a two‑residence property
- Main unit covers the first two floors with nearly 3,000 square feet, 4 bedrooms, 2 full baths, and a main‑floor half bath
- Updated second unit offers nearly 1,200 square feet, 2 bedrooms, and a separate entrance
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
$43,737
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
4.40%
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%
$874,740
$874.7K
Cap Rate 7%
$624,814
$624.8K
Cap Rate 9%
$485,967
$486.0K
Market Conditions
NOI Build-Up for 4,125 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
$66.8K $16.20/SF
− Vacancy
−$4.3K −$1.05/SF
EGI
$62.5K $15.15/SF
− OpEx
−$18.7K −$4.54/SF
NOI
$43.7K $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%
$874,740
Cap Rate 7%
$624,814
Cap Rate 9%
$485,967
Alternative Uses
Best Use
Multifamily LT 5
$624.8K
$546.7K – $729.0K
NOI $43,737 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$559.4K
$489.4K – $652.6K
NOI $39,155 @ 7.0% cap · market cap 3.94%
Theoretical Best
Specialty Retail
$957.3K
$837.6K – $1.12M
NOI $67,011 @ 7.0% cap · market cap 6.73%
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
5,011
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residences combine a renovated primary home with a separate apartment and shared basement laundry and storage.
Where is this duplex located?
The property is located at 60 College Ave Grand Rapids, MI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 1885 Queen Anne Victorian configured as a two‑residence property; Main unit covers the first two floors with nearly 3,000 square feet, 4 bedrooms, 2 full baths, and a main‑floor half bath; Updated second unit offers nearly 1,200 square feet, 2 bedrooms, and a separate entrance
