Duplex with Separate Utility
For Sale
$254,900
909 Hall Street Southeast, Grand Rapids, MI 49507
Two separately metered residences have individual entrances, with front and rear access for the lower unit.
Property Size2,082 SF
Price / SF$122.43
Days on Market69
Property Features for 909 Hall Street Southeast
General Information
Standard status
Active
Size
2,082 SF
Property subtype
Residential Income / Multi Family
Zoning
r2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,130
Amenities
Forced Air, Natural Gas
true
No
Yes
Sidewalks
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Bellabay Realty (North)
Listed By:
Angela J Worth · License #6506048923
(616) 719-1022
Source:
Compass
Added: Jul 26
Changed: Oct 1
Last Checked: Oct 1 at 1:33PM
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 2,082-square-foot duplex contains two residences, each with a separate entrance and utility meter. The lower unit also has both front and rear access. The building dates to 1900 and has forced-air heating with natural gas. Updated appliances are in place, and the property is zoned R2.
At 909 Hall Street Southeast in Grand Rapids, the duplex is approximately 2 miles from downtown. Sidewalks are present along the property. Existing leases run through 5/31/2027.
At 909 Hall Street Southeast in Grand Rapids, the duplex is approximately 2 miles from downtown. Sidewalks are present along the property. Existing leases run through 5/31/2027.
Key Highlights
- 2,082‑square‑foot duplex with separate utility meters for each unit
- Leases are in place through 5/31/2027
- Lower unit has front and rear access; both units have distinct entrances
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
8.66%
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 8.66%
Second Best
Apartment 5plus
$282.3K
$247.0K – $329.4K
NOI $19,763 @ 7.0% cap · market cap 7.75%
Theoretical Best
Specialty Retail
$483.2K
$422.8K – $563.7K
NOI $33,822 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 residences have individual entrances, with front and rear access for the lower unit.
Where is this duplex located?
The property is located at 909 Hall Street Southeast Grand Rapids, MI.
What is the asking price?
The asking price for this property is $254,900.
What are key features of this property?
This property features: 2,082‑square‑foot duplex with separate utility meters for each unit; Leases are in place through 5/31/2027; Lower unit has front and rear access; both units have distinct entrances
