Triplex with Off-Street
For Sale
$520,000
Pending
606 Fairview Ave NE, Grand Rapids, MI 49503
Three 3-bedroom units with off-street parking and shared basement laundry, with certifications through 2/2027.
Property Size3,597 SF
Days on Market109
Property Features for 606 Fairview Ave NE
General Information
Standard status
Pending
Size
3,597 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1910
Listing Agency:
CopperRock Real Estate LLC
Listed By:
Meriden S Stoney
(330) 571-4027
Source:
Metrodetroithomeguide
Added: Jun 21
Changed: Oct 1
Last Checked: Oct 5 at 7:27PM
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 CopperRock Real Estate LLC
Investment Insights
Based on property information with market context.
This triplex features three separate 3-bedroom, 1-bath units designed for practical, straightforward living. The property offers shared basement laundry and off-street parking to support day-to-day tenant needs. Rental certifications are in place through 2/2027, and the operating setup is described as tenant-paid utilities except for water.
Located at 606 Fairview Ave NE in Grand Rapids, the property sits in Belknap Lookout, an area described as a highly sought-after neighborhood. It is positioned close to the Medical Mile and downtown amenities, with neighborhood parks nearby.
For owner-occupants, the layout provides the option to live in one unit while renting the others. For investors, the unit mix and current rental certifications through 2/2027 help reduce administrative uncertainty. Since tenants pay their own utilities except water, the property’s expense allocation is clearly defined. Private showings are available by appointment, and tenants are not to be disturbed.
Located at 606 Fairview Ave NE in Grand Rapids, the property sits in Belknap Lookout, an area described as a highly sought-after neighborhood. It is positioned close to the Medical Mile and downtown amenities, with neighborhood parks nearby.
For owner-occupants, the layout provides the option to live in one unit while renting the others. For investors, the unit mix and current rental certifications through 2/2027 help reduce administrative uncertainty. Since tenants pay their own utilities except water, the property’s expense allocation is clearly defined. Private showings are available by appointment, and tenants are not to be disturbed.
Key Highlights
- Triplex built in 1910 with three 3‑bed/1‑bath units
- Off‑street parking plus shared basement laundry
- Current rental certifications through 2/2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,139
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$762,780
$762.8K
Cap Rate 7%
$544,843
$544.8K
Cap Rate 9%
$423,767
$423.8K
Market Conditions
NOI Build-Up for 3,597 SF
Gross rent
$58.3K $16.20/SF
− Vacancy
−$3.8K −$1.05/SF
EGI
$54.5K $15.15/SF
− OpEx
−$16.3K −$4.54/SF
NOI
$38.1K $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%
$762,780
Cap Rate 7%
$544,843
Cap Rate 9%
$423,767
Alternative Uses
Best Use
Multifamily LT 5
$544.8K
$476.7K – $635.7K
NOI $38,139 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$487.8K
$426.8K – $569.1K
NOI $34,143 @ 7.0% cap · market cap 6.57%
Theoretical Best
Specialty Retail
$834.8K
$730.4K – $973.9K
NOI $58,433 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,525
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?
Triplex - Three 3-bedroom units with off-street parking and shared basement laundry, with certifications through 2/2027.
Where is this triplex located?
The property is located at 606 Fairview Ave NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Triplex built in 1910 with three 3‑bed/1‑bath units; Off‑street parking plus shared basement laundry; Current rental certifications through 2/2027
