Duplex with Detached
For Sale
$274,900
909 Hall Street SE, Grand Rapids, MI 49507
Two separately metered units feature distinct entrances, updated appliances, and leases extending through 5/31/2027.
Property Size2,082 SF
Days on Market35
Property Features for 909 Hall Street SE
General Information
Standard status
Active
Size
2,082 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
Residential
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,130
Amenities
detached garage
Building Details
Building Size
2,082 SF
Year Built
1900
Units
2
Listing Agency:
Bellabay Realty (North)
(616) 299-3953
Listed By:
Angela J Worth
(616) 299-3953
Source:
Insiderealty
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 25 at 9:20AM
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 Bellabay Realty (North)
Investment Insights
Based on property information with market context.
This duplex contains two separately metered units, each with its own entrance. The lower residence also provides front and rear access. Appliances have been updated, and a detached garage sits at the rear of the lot beside the driveway entrance. The property was built in 1900.
Located at 909 Hall St SE in Grand Rapids, the duplex is 2 miles from downtown and near downtown employment, dining, and amenities. Existing leases run through 5/31/2027, providing an established occupancy arrangement for the next owner.
Located at 909 Hall St SE in Grand Rapids, the duplex is 2 miles from downtown and near downtown employment, dining, and amenities. Existing leases run through 5/31/2027, providing an established occupancy arrangement for the next owner.
Key Highlights
- Two‑unit duplex with separate entrances for each residence
- Leases in place through 5/31/2027
- Separate utility meters 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
$22,075
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
8.03%
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%
$441,500
$441.5K
Cap Rate 7%
$315,357
$315.4K
Cap Rate 9%
$245,278
$245.3K
Market Conditions
NOI Build-Up for 2,082 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
$33.7K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.5K $15.15/SF
− OpEx
−$9.5K −$4.54/SF
NOI
$22.1K $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 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%
$441,500
Cap Rate 7%
$315,357
Cap Rate 9%
$245,278
Alternative Uses
Best Use
Multifamily LT 5
$315.4K
$275.9K – $367.9K
NOI $22,075 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$282.3K
$247.0K – $329.4K
NOI $19,763 @ 7.0% cap · market cap 7.19%
Theoretical Best
Specialty Retail
$483.2K
$422.8K – $563.7K
NOI $33,822 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
524
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 separately metered units feature distinct entrances, updated appliances, and leases extending through 5/31/2027.
Where is this duplex located?
The property is located at 909 Hall Street SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two‑unit duplex with separate entrances for each residence; Leases in place through 5/31/2027; Separate utility meters for each unit
