Two-Unit Residential Income
938 5th Street Northwest Grand Rapids, MI 49504
For Sale
$290,000
Two identical units each include 2 bedrooms, full bath, and a private back deck, with shared basement laundry.
Property Size1,144 SF
Price / SF$253.50
Days on Market93
Property Features for 938 5th Street Northwest
General Information
- Standard status
- Active
- Size
- 1,144 SF
- Property subtype
- Multi Family / 2 to 4 Units
Building Details
- Year Built
- 1915
Listing Agency:
ReSIDE Grand Rapids
(616) 648-6353
Listed By:
Connor Anderson · License #6506049133
(616) 648-6353
Source:
Compass
Added: Apr 22
Changed: Jul 23
Last Checked: Jul 23 at 4:41AM
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 ReSIDE Grand Rapids
Investment Insights
Based on property information with market context.
This two-family residential property includes two identical units, each with a spacious living room, two bedrooms, a dining room, and a kitchen equipped with a stove and refrigerator. Each unit also has a full bathroom and a private back deck. Separate utilities serve each unit, and shared laundry is located in the basement.
The exterior is finished with low-maintenance aluminum siding and includes a 2-stall garage plus an additional carport for parking.
Both units offer similar interior layouts and amenities, supported by individual utility services and convenient shared basement laundry.
The exterior is finished with low-maintenance aluminum siding and includes a 2-stall garage plus an additional carport for parking.
Both units offer similar interior layouts and amenities, supported by individual utility services and convenient shared basement laundry.
Key Highlights
- 2‑family property on the NW side of Grand Rapids with two identical units
- Each unit offers 2 bedrooms, a spacious living room, dining room, kitchen with stove and refrigerator, and a full bathroom
- Each unit includes a private back deck
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $18.5k | $16.20 |
| − Vacancy | −$1.2k | −$1.05 |
| EGI | $17.3k | $15.15 |
| − OpEx | −$5.2k | −$4.54 |
| NOI | $12.1k | $10.60 |
1,144 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$173.3K
$151.6K – $202.2K
NOI $12,130 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$155.1K
$135.7K – $181.0K
NOI $10,859 @ 7.0% cap · market cap 3.74%
Theoretical Best
Specialty Retail
$265.5K
$232.3K – $309.7K
NOI $18,584 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two identical units each include 2 bedrooms, full bath, and a private back deck, with shared basement laundry.
Where is this duplex located?
The property is located at 938 5th Street Northwest Grand Rapids, MI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 2‑family property on the NW side of Grand Rapids with two identical units; Each unit offers 2 bedrooms, a spacious living room, dining room, kitchen with stove and refrigerator, and a full bathroom; Each unit includes a private back deck
