Grand Rapids Duplex with
For Sale
$199,900
Pending
914 Fulton Street West, Grand Rapids, MI 49504
Duplex with new furnace, water heater, and roof.
Property Size833 SF
Days on Market277
Property Features for 914 Fulton Street West
General Information
Standard status
Pending
Size
833 SF
Property subtype
Residential Income / Multi Family
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$3,652
Amenities
Forced Air, Yes
Yes
Forced Air
Natural Gas
In Unit, Laundry Room, Main Level
0.0
Composition
Paved
Partial
Vinyl Siding
Building Details
Year Built
1910
Units
2
Listing Agency:
Clear Realty Group
Listed By:
Tyler Johnson · License #6502432839
(616) 799-2903
Source:
Compass
Added: Dec 10, 2025
Changed: Sep 8
Last Checked: Sep 12 at 11:34AM
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 Clear Realty Group
Investment Insights
Based on property information with market context.
Located at 914 W Fulton, this duplex presents a value-add opportunity. The property has a new furnace, water heater, and roof. The front unit is a studio apartment, currently rented month-to-month for $700 per month. The rear unit features three bedrooms and one bathroom, complete with a large kitchen, living area, and in-unit laundry. The 3-bedroom unit requires some improvements, offering an opportunity to build equity. Situated in an area with ongoing development and new multifamily projects, the location benefits from growth and revitalization. The property is located minutes from Downtown Grand Rapids, close to US-131, and near GVSU.
Key Highlights
- Value‑add opportunity to increase equity through improvements, especially in the 3 bed / 1 bath unit.
- New furnace, new water heater, and new roof provide immediate cost savings and peace of mind.
- Located in an area experiencing fresh development and revitalization, offering long‑term upside potential.
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
$8,832
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
4.42%
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%
$176,640
$176.6K
Cap Rate 7%
$126,171
$126.2K
Cap Rate 9%
$98,133
$98.1K
Market Conditions
NOI Build-Up for 833 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
$13.5K $16.20/SF
− Vacancy
−$877 −$1.05/SF
EGI
$12.6K $15.15/SF
− OpEx
−$3.8K −$4.54/SF
NOI
$8.8K $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%
$176,640
Cap Rate 7%
$126,171
Cap Rate 9%
$98,133
Alternative Uses
Best Use
Multifamily LT 5
$126.2K
$110.4K – $147.2K
NOI $8,832 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$113.0K
$98.8K – $131.8K
NOI $7,907 @ 7.0% cap · market cap 3.96%
Theoretical Best
Specialty Retail
$193.3K
$169.2K – $225.5K
NOI $13,532 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
788
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
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with new furnace, water heater, and roof.
Where is this duplex located?
The property is located at 914 Fulton Street West Grand Rapids, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Value‑add opportunity to increase equity through improvements, especially in the 3 bed / 1 bath unit.; New furnace, new water heater, and new roof provide immediate cost savings and peace of mind.; Located in an area experiencing fresh development and revitalization, offering long‑term upside potential.
