1900s Duplex with Enclosed
For Sale
$315,000
827 Geneva Avenue SE, Grand Rapids, MI 49507
MULTI_FAMILY - Grand Rapids, MI
Property Size2,057 SF
Lot Size0.15 Acres
Price / SF$153.14
Days on Market94
Property Features for 827 Geneva Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RES
Bedrooms
6
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 6, Bedroom 1, Bathroom 2, Basement
Parking
4
Parking features
Paved or Surfaced
Basement
Full
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Standard status
Active
APN
41-14-32-301-022
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 19 BLK 1* WINSOR ADDITION
Tax Annual Amount
2104
Legal Description
LOT 19 BLK 1* WINSOR ADDITION
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Number of units
2
Building materials
Wood Siding
Listing Agency:
Keller Williams GR East · Keller Williams Realty
(616) 575-1800
Listed By:
Christopher M Bruce
(616) 920-2098
Added: Jun 4
Changed: Jul 25
Last Checked: Sep 5 at 2:06AM
MLS# 26026965
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This classic 1900s duplex offers two separate units with distinct layouts. Unit One includes two bedrooms and one bathroom, with a living room and dining room plus a basement area that has a washer/dryer hookup, along with two additional storage areas. Unit Two provides two to four bedrooms and one bathroom, with a living room and dining room, two enclosed porches, and an attic that includes two possible unfinished rooms.
The property sits on a private driveway with a large backyard and is set on a lot sized at approximately 0.15 acres. The provided remarks describe it as being in the 49507 area, within walking distance to the MLK community center with a large community pool, a few blocks from the Wealthy Street Business District, and minutes from downtown Grand Rapids. The area is also described as having nearby stores, museums, local parks, and schools, with easy access to West Michigan destinations.
For buyers or operators, the configuration supports either rental income from a two-unit setup or use as a spacious residence. The duplex’s enclosed porches, basement/utility hookups, and attic flex space can be practical for everyday living and storage. The property is being offered for sale with potential for value-add based on the owner’s stated intent to add value and make it their own.
The property sits on a private driveway with a large backyard and is set on a lot sized at approximately 0.15 acres. The provided remarks describe it as being in the 49507 area, within walking distance to the MLK community center with a large community pool, a few blocks from the Wealthy Street Business District, and minutes from downtown Grand Rapids. The area is also described as having nearby stores, museums, local parks, and schools, with easy access to West Michigan destinations.
For buyers or operators, the configuration supports either rental income from a two-unit setup or use as a spacious residence. The duplex’s enclosed porches, basement/utility hookups, and attic flex space can be practical for everyday living and storage. The property is being offered for sale with potential for value-add based on the owner’s stated intent to add value and make it their own.
Key Highlights
- Classic 1900 wood siding multi‑family home with forced‑air heat
- 2,057 sq ft total living space with 4–6 bedrooms and 2 bathrooms
- Unit 1: 2 bed/1 bath with living room, dining room, basement area, washer/dryer hookup, and 2 storage areas
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
$21,810
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
6.92%
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%
$436,200
$436.2K
Cap Rate 7%
$311,571
$311.6K
Cap Rate 9%
$242,333
$242.3K
Market Conditions
NOI Build-Up for 2,057 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
$33.3K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.2K $15.15/SF
− OpEx
−$9.3K −$4.54/SF
NOI
$21.8K $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%
$436,200
Cap Rate 7%
$311,571
Cap Rate 9%
$242,333
Alternative Uses
Best Use
Multifamily LT 5
$311.6K
$272.6K – $363.5K
NOI $21,810 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$278.9K
$244.1K – $325.4K
NOI $19,525 @ 7.0% cap · market cap 6.20%
Theoretical Best
Specialty Retail
$477.4K
$417.7K – $556.9K
NOI $33,416 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
662
Businesses Nearby
Explore this area
Business Placement
Demographics for 49507, MI
38,137
Population
13,773
Households
2.8
Avg Household Size
30
Median Age
27%
College-Educated
78%
High-School Grad
5.5 sq mi
ZIP Area
6,934
Density / Sq Mi
$56,578
Median Household Income
$34,939
Median Earnings
$1,114
Median Rent
$179,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with multiple bedrooms, enclosed porches, a private driveway, and a large backyard.
Where is this duplex located?
The property is located at 827 Geneva Avenue SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Classic 1900 wood siding multi‑family home with forced‑air heat; 2,057 sq ft total living space with 4–6 bedrooms and 2 bathrooms; Unit 1: 2 bed/1 bath with living room, dining room, basement area, washer/dryer hookup, and 2 storage areas
