Updated Two-Unit
For Sale
$289,900
818 NW Alpine Ave City Of, Grand Rapids, MI 49504
Two leased residences offer separate basement laundry facilities and off-street parking.
Property Size2,070 SF
Price / SF$140.05
Days on Market17
Property Features for 818 NW Alpine Ave City Of
General Information
Standard status
Active
Size
2,070 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
off-street parking
separate laundry facilities
Building Details
Year Built
1900
Listing Agency:
Schaub Team Premier Realty
(231) 674-5950
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Sep 16
Changed: Oct 1
Last Checked: Oct 1 at 10:25AM
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 Schaub Team Premier Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 2,070-square-foot duplex contains two separate residences. The lower unit has three bedrooms and one bathroom, while the upper unit includes two bedrooms and one bathroom. Each unit has dedicated laundry facilities in the basement, and off-street parking serves the property.
Recent work includes a roof installed in May 2026, along with updated bedrooms and kitchens. The lower residence also received new carpet, fresh paint, and a new tub and shower surround in May. Both units are leased through summer 2027. The property is located on the northwest side of Grand Rapids at 818 NW Alpine Ave.
Recent work includes a roof installed in May 2026, along with updated bedrooms and kitchens. The lower residence also received new carpet, fresh paint, and a new tub and shower surround in May. Both units are leased through summer 2027. The property is located on the northwest side of Grand Rapids at 818 NW Alpine Ave.
Key Highlights
- Two‑unit duplex with 2,070 square feet, built in 1900
- Lower unit includes 3 bedrooms and 1 bathroom
- Upper unit includes 2 bedrooms and 1 bathroom
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
$21,948
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
7.57%
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%
$438,960
$439.0K
Cap Rate 7%
$313,543
$313.5K
Cap Rate 9%
$243,867
$243.9K
Market Conditions
NOI Build-Up for 2,070 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
$33.5K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.4K $15.15/SF
− OpEx
−$9.4K −$4.54/SF
NOI
$21.9K $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%
$438,960
Cap Rate 7%
$313,543
Cap Rate 9%
$243,867
Alternative Uses
Best Use
Multifamily LT 5
$313.5K
$274.4K – $365.8K
NOI $21,948 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$280.7K
$245.6K – $327.5K
NOI $19,649 @ 7.0% cap · market cap 6.78%
Theoretical Best
Specialty Retail
$480.4K
$420.3K – $560.5K
NOI $33,627 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,270
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences offer separate basement laundry facilities and off-street parking.
Where is this duplex located?
The property is located at 818 NW Alpine Ave City Of Grand Rapids, MI.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,070 square feet, built in 1900; Lower unit includes 3 bedrooms and 1 bathroom; Upper unit includes 2 bedrooms and 1 bathroom
