Updated Duplex with Stainless
731 First St, Grand Rapids, MI 49504
For Sale
$374,900
Both residences have renovated kitchens, while the lower-level unit is currently vacant.
Property Size1,514 SF
Price / SF$247.62
Days on Market46
Property Features for 731 First St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
Nextdoor Realty Group
(248) 922-8727
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Sep 30
Changed: Nov 12
Last Checked: Nov 12 at 6:54AM
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 Nextdoor Realty Group
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Investment Insights
Based on property information with market context.
This 1,514-square-foot duplex, built in 1890, has two kitchens renovated in 2025 with stainless steel appliances. The roof and siding were replaced in 2021. Both units received new water heaters in 2025, and the upper unit also has a furnace installed that year. The lower-level residence is vacant; renters have occupied units since 2020 and 2021. A Certificate of Compliance is in place through 2029.
Key Highlights
- 1,514‑square‑foot duplex built in 1890
- Both kitchens updated with stainless steel appliances in 2025
- Roof and siding replaced in 2021
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,053
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$321,060
$321.1K
Cap Rate 7%
$229,329
$229.3K
Cap Rate 9%
$178,367
$178.4K
Market Conditions
NOI Build-Up for 1,514 SF
Gross rent
$24.5K $16.20/SF
− Vacancy
−$1.6K −$1.05/SF
EGI
$22.9K $15.15/SF
− OpEx
−$6.9K −$4.54/SF
NOI
$16.1K $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%
$321,060
Cap Rate 7%
$229,329
Cap Rate 9%
$178,367
Alternative Uses
Best Use
Multifamily LT 5
$229.3K
$200.7K – $267.6K
NOI $16,053 @ 7.0% cap · market cap 4.28%
Second Best
Apartment 5plus
$205.3K
$179.6K – $239.5K
NOI $14,371 @ 7.0% cap · market cap 3.83%
Theoretical Best
Specialty Retail
$351.4K
$307.4K – $409.9K
NOI $24,595 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,099
Businesses Nearby
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Business Placement
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
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Market
Properties on Market for Duplexes in Grand Rapids
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have renovated kitchens, while the lower-level unit is currently vacant.
Where is this duplex located?
The property is located at 731 First St Grand Rapids, MI.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 1,514‑square‑foot duplex built in 1890; Both kitchens updated with stainless steel appliances in 2025; Roof and siding replaced in 2021
