Fairmount Square Multi-Family
For Sale
$364,900
921 Fairmount Street Southeast, Grand Rapids, MI 49506
Updated two-unit property in a desirable Grand Rapids location.
Property Size1,726 SF
Price / SF$211.41
Days on Market187
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
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 10
Changed: Sep 12
Last Checked: Sep 12 at 10:33AM
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
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 = 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
$18,301
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
5.02%
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%
$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
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
$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 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%
$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 5.02%
Second Best
Apartment 5plus
$234.0K
$204.8K – $273.1K
NOI $16,383 @ 7.0% cap · market cap 4.49%
Theoretical Best
Specialty Retail
$400.6K
$350.5K – $467.3K
NOI $28,039 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Questions? Ask Rey
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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 $364,900.
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.
