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40 Lexington Ave NW, Grand Rapids, MI, 49504

4beds
4baths
3,105sqft
$1,275,000
$411price/sqft
$8,376/moest. monthly cost
$335,040/yrincome needed

About This Home

One of the most distinctive residential multi-family properties in the city, this meticulously renovated historic firehouse seamlessly blends character, charm, and modern opportunity. Originally home to GRFD Engine No. 8 in the early 1900s, the property's rich history is beautifully preserved through thoughtful design elements, including exposed brick, oversized arched windows, and even a firepole in the welcoming foyer. Perfectly positioned just moments from the city's exciting new soccer stadium and amphitheater, the location adds another layer of appeal for both residents and investors alike. Beyond its architectural significance, this property stands out as a compelling investment, offering highly sought-after amenities such as five garage parking spaces, four additional exterior spots, and multiple inviting outdoor areas--from a quaint upper deck off the primary unit to a private, well-manicured yard with patio. The building features three distinct units, with the potential to convert part of the expansive garage into a fourth. The upper primary unit is a showpiece, complete with elevator access, two bedrooms, two full baths, in-unit laundry, and stunning historic details throughout. The lower one-bedroom unit boasts a recently renovated kitchen highlighted by a striking live-edge island, a full bath, and direct patio access. Perched above, the charming "Hayloft" unit offers a cozy one-bedroom, one-bath layout with breathtaking floor-to-ceiling windows that flood the space with natural light. The one-bedroom units share a conveniently located laundry area within the garage, which doubles as a recreational space with a pickleball court--perfect for enthusiasts. Rarely does a property combine history, versatility, location, and income potential so effortlessly. Opportunities like this are hard to come by--schedule your private tour today.

Getting Around

88
WalkingVery Walkable
57
TransitGood Transit
80
BikeVery Bikeable

Schools

4/10
Sibley SchoolGrades PK-50.4 mi
8/10

Construction

Condition

  • Year built: 1927

Materials

  • Construction materials: Brick

Type & Style

  • Home type: MultiFamily
  • Property subType: 2 to 4 Units

Interior

Appliances

  • Laundry features: Common Area

Basement

  • Basement: Slab

Bedrooms & Bathrooms

  • Bedrooms: 4
  • Bathrooms: 4

Heating & Cooling

  • Heating features: Forced Air
  • Cooling features: Central Air

Interior Area

  • Total interior livable area: 3,105 sqft

Property

Details

  • Parcel number: 411325162011
  • Zoning description: res improved

Lot

  • Lot size: 8,712 sqft
  • Lot size dimensions: 66 x 132

Parking

  • Total spaces: 11
  • Parking features: Paved

Climate Risk is Financial Risk

Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.

Biggest Threats for This Home

  • Inland Flooding
    Inland FloodingVery High
  • Strong Wind
    Strong WindModerate
  • Tornado
    TornadoModerate
  • Winter Weather
    Winter WeatherModerate

How This Home’s Risks Compare

Inland Flooding
Strong Wind
Tornado
Winter Weather

FEMA Declared Disasters in Kent County and Michigan

Flood
Severe Ice Storm
Severe Storm
Tornado
Winter Storm

Understanding the Costs

Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.

Estimated Costs Today

MonthlyAnnual
Mortgage $6,447$77,364
Home Insurance *$476$5,712
Property Taxes $1,115$13,380
Electricity $338$4,064
Total$8,376$100,512
*Does not include cost of any FAIR Plan premiums

Income You'd Need if You Spent...

35% on housing$287,177/yr
40% on housing$251,280/yr
45% on housing$223,360/yr

Michigan FAIR Plan Programs

Michigan Basic Property Insurance Association

Covered
WildfireWildfire
HailHail
WindWind
Visit Website →
Current Policies
Residential: 15,981Commercial: 293
Total Premiums$13.85M
Total Exposure$2.60B

How Costs Could Change Over Time

Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.

Insurance Growth Rate5-year average: 9.6%
9.6%
0%30.0%
Electricity Growth Rate10-year average: 3.9%
3.9%
0%15.0%
Property Taxes Growth Rate2-year average: 3.1%
3.1%
0%15.0%
Income Spent on Housing
30%
30%45%

Comparing Against the Market

Price Per Sq Ft

$411This listing

vs Other Active Listings

Avg $/sqft

ZIP 49504$165
Kent County$197

vs Homes Sold Last Month

Median $/sqft

ZIP 49504$191
Kent County$201

Current Market Trends

Median Price Per Square Foot

The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.

Historicals for This Listing

Zestimate History ($/sqft)

Price History

DateEventPrice
2026-05-04Listed for sale$1,395,000
2024-11-23Listing removed$2,500
2024-11-06Listed for rent$2,500
2023-12-04Listing removed--
2023-11-13Listed for rent$2,750
2022-10-14Sold$935,000
2022-09-17Pending sale$899,999
2022-09-14Listed for sale$899,999
2021-11-04Listing removed--
2021-10-15Listed for rent$2,700
2010-03-08Sold$200,000

For Sale by Agent

AgentJason C VanAssen
BrokerageWeichert REALTORS Plat (Main)

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