Updated Up-and-Down
For Sale
$249,900
939 Prospect Ave NE, Grand Rapids, MI 49503
Two vacant apartments offer separate electrical metering and rear off-street parking.
Property Size1,463 SF
Price / SF$170.81
Days on Market67
Property Features for 939 Prospect Ave NE
General Information
Standard status
Active
Size
1,463 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
United Realty Services LLC
Listed By:
Chris M Good
(616) 862-2761
Source:
Vmrealestatemichigan
Added: Aug 11
Changed: Oct 1
Last Checked: Oct 14 at 11:39PM
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 United Realty Services LLC
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Investment Insights
Based on property information with market context.
Located at 939 Prospect Ave NE in Grand Rapids, this 1,463-square-foot duplex contains two separate residences arranged across the upper and main levels. The upper apartment has 3 bedrooms and 1 bathroom, while the lower apartment includes 2 bedrooms and 1 bathroom. Both units are currently vacant, providing flexibility for an owner-occupant or rental operation.
Capital improvements include a new roof, replacement windows, updated electrical service with separate meters and panels, and a renovated bathroom in the upper unit. The property was built in 1900 and does not have in-unit laundry. Rear off-street parking is available through alley access. Belknap Park and Griffs Icehouse are within walking distance, and the Medical Mile is less than a mile away.
Capital improvements include a new roof, replacement windows, updated electrical service with separate meters and panels, and a renovated bathroom in the upper unit. The property was built in 1900 and does not have in-unit laundry. Rear off-street parking is available through alley access. Belknap Park and Griffs Icehouse are within walking distance, and the Medical Mile is less than a mile away.
Key Highlights
- Two‑unit duplex with a 3‑bedroom upper apartment and 2‑bedroom main‑level apartment
- Both units are vacant for immediate occupancy or leasing
- 1,463 square feet; built in 1900
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,512
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$310,240
$310.2K
Cap Rate 7%
$221,600
$221.6K
Cap Rate 9%
$172,356
$172.4K
Market Conditions
NOI Build-Up for 1,463 SF
Gross rent
$23.7K $16.20/SF
− Vacancy
−$1.5K −$1.05/SF
EGI
$22.2K $15.15/SF
− OpEx
−$6.6K −$4.54/SF
NOI
$15.5K $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%
$310,240
Cap Rate 7%
$221,600
Cap Rate 9%
$172,356
Alternative Uses
Best Use
Multifamily LT 5
$221.6K
$193.9K – $258.5K
NOI $15,512 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$198.4K
$173.6K – $231.5K
NOI $13,887 @ 7.0% cap · market cap 5.56%
Theoretical Best
Specialty Retail
$339.5K
$297.1K – $396.1K
NOI $23,766 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
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Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two vacant apartments offer separate electrical metering and rear off-street parking.
Where is this duplex located?
The property is located at 939 Prospect Ave NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex with a 3‑bedroom upper apartment and 2‑bedroom main‑level apartment; Both units are vacant for immediate occupancy or leasing; 1,463 square feet; built in 1900
