Updated Up-and-Down
For Sale
$259,900
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$177.65
Days on Market22
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
(616) 862-2761
Listed By:
Chris M Good
Source:
Vmrealestatemichigan
Added: Aug 10
Changed: Aug 31
Last Checked: Aug 31 at 5:22PM
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
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 = 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
$15,512
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
5.97%
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%
$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
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
$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 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%
$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 5.97%
Second Best
Apartment 5plus
$198.4K
$173.6K – $231.5K
NOI $13,887 @ 7.0% cap · market cap 5.34%
Theoretical Best
Specialty Retail
$339.5K
$297.1K – $396.1K
NOI $23,766 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $259,900.
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
