Tenant-Occupied Duplex with
For Sale
$384,900
622 Stanley Terrace, Grand Rapids, MI 49503
Two separately metered units with staggered lease terms and recent exterior improvements in a residential Grand Rapids setting.
Property Size1,920 SF
Price / SF$200.47
Days on Market15
Property Features for 622 Stanley Terrace
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Green Real Estate
(866) 954-7336
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Sep 18
Changed: Oct 1
Last Checked: Oct 1 at 11:15AM
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 Green Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 1,920-square-foot duplex contains two residential units, each configured with 2 bedrooms and 1 full bath. Separate electric service supports independent utility metering. The property is tenant occupied, with one tenancy continuing month to month and the second lease extending through February 2027. Tenant rights apply, and showings require at least 48 hours' notice.
Exterior work completed in 2026 includes a new roof, upper-level exterior painting, replacement exterior stairs, and new upper front and rear decks. The home sits on a cul-de-sac in Grand Rapids, within walking distance of downtown, restaurants, shopping, and entertainment. Please do not disturb the occupants.
Exterior work completed in 2026 includes a new roof, upper-level exterior painting, replacement exterior stairs, and new upper front and rear decks. The home sits on a cul-de-sac in Grand Rapids, within walking distance of downtown, restaurants, shopping, and entertainment. Please do not disturb the occupants.
Key Highlights
- Two‑unit duplex totaling 1,920 SF
- Each unit offers 2 bedrooms and 1 full bath
- Separate electric service for each unit
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
$20,358
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
5.29%
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%
$407,160
$407.2K
Cap Rate 7%
$290,829
$290.8K
Cap Rate 9%
$226,200
$226.2K
Market Conditions
NOI Build-Up for 1,920 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
$31.1K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.1K $15.15/SF
− OpEx
−$8.7K −$4.54/SF
NOI
$20.4K $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%
$407,160
Cap Rate 7%
$290,829
Cap Rate 9%
$226,200
Alternative Uses
Best Use
Multifamily LT 5
$290.8K
$254.5K – $339.3K
NOI $20,358 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$260.4K
$227.8K – $303.8K
NOI $18,225 @ 7.0% cap · market cap 4.73%
Theoretical Best
Specialty Retail
$445.6K
$389.9K – $519.8K
NOI $31,190 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,237
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 separately metered units with staggered lease terms and recent exterior improvements in a residential Grand Rapids setting.
Where is this duplex located?
The property is located at 622 Stanley Terrace Grand Rapids, MI.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,920 SF; Each unit offers 2 bedrooms and 1 full bath; Separate electric service for each unit
