Fairmount Square Multi-Family
For Sale
$344,900
921 Fairmount Street Southeast, Grand Rapids, MI 49506
Updated two-unit property in a desirable Grand Rapids location.
Property Size1,726 SF
Price / SF$199.83
Days on Market235
Property Features for 921 Fairmount Street Southeast
General Information
Standard status
Active
Size
1,726 SF
Property subtype
Residential Income / Multi Family
Zoning
Res Multifamily
Site & Location
Neighborhood
East Hills
Taxes and HOA fees
Annual Taxes
$7,008
Amenities
Forced Air, Natural Gas
true
No
Yes
Common Area
Storage
Sidewalks
Building Details
Year Built
1895
Buildings
1
Listing Agency:
616 Realty LLC
Listed By:
Julie A ONeill · License #6506048942
(616) 460-2711
Source:
Compass
Added: Mar 8
Changed: Oct 25
Last Checked: Oct 28 at 11:24AM
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 616 Realty LLC
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Investment Insights
Based on property information with market context.
This updated two-unit multi-family property is located in the desirable Fairmount Square neighborhood. The well-maintained building offers potential for investors or owner-occupants looking to live in one unit and rent the other for additional income. Each unit provides comfortable living space with thoughtful updates. The property is located near Downtown, Midtown, and Heritage Hill, providing convenient access to local restaurants, coffee shops, shopping, parks, and downtown amenities. The location has a walk score of 79, indicating it is very walkable, a bike score of 64, indicating it is bikeable, and a transit score of 44, indicating some transit options are available. The property offers a great opportunity for rental income, house-hacking, or long-term investment potential due to strong rental demand in the area and its prime location.
Key Highlights
- Prime location near Downtown, Midtown, and Heritage Hill, Grand Rapids.
- Excellent income potential for investors or owner‑occupants.
- Updated two‑unit multi‑family property.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,301
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$366,020
$366.0K
Cap Rate 7%
$261,443
$261.4K
Cap Rate 9%
$203,344
$203.3K
Market Conditions
NOI Build-Up for 1,726 SF
Gross rent
$28.0K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$26.1K $15.15/SF
− OpEx
−$7.8K −$4.54/SF
NOI
$18.3K $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 Rate 5%
$366,020
Cap Rate 7%
$261,443
Cap Rate 9%
$203,344
Alternative Uses
Best Use
Multifamily LT 5
$261.4K
$228.8K – $305.0K
NOI $18,301 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$234.0K
$204.8K – $273.1K
NOI $16,383 @ 7.0% cap · market cap 4.75%
Theoretical Best
Specialty Retail
$400.6K
$350.5K – $467.3K
NOI $28,039 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
1,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 49506, MI
33,050
Population
13,262
Households
2.5
Avg Household Size
34
Median Age
67%
College-Educated
97%
High-School Grad
7.3 sq mi
ZIP Area
4,527
Density / Sq Mi
$112,287
Median Household Income
$48,631
Median Earnings
$1,305
Median Rent
$338,600
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
Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit property in a desirable Grand Rapids location.
Where is this duplex located?
The property is located at 921 Fairmount Street Southeast Grand Rapids, MI.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: Prime location near Downtown, Midtown, and Heritage Hill, Grand Rapids.; Excellent income potential for investors or owner‑occupants.; Updated two‑unit multi‑family property.
