Rockford Commercial Property on
For Sale
$264,900
10549 Northland Drive NE, Rockford, MI 49341
COMMERCIAL - Rockford, MI
Property Size1,472 SF
Lot Size2.50 Acres
Price / SF$179.96
Days on Market723
Property Features for 10549 Northland Drive NE
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Basement
Interior features
Broadband
Elementary school district
Rockford
Middle school district
Rockford
High school district
Rockford
Directions
From the corner of M-57 & Northland Dr. Take Northland Dr south to property that is on the west side in between 13 Mile & 12 Mile Rds.
Subdivision
Grand Rapids - G
Standard status
Active
APN
41-06-24-276-006
Size
1,472 SF
Lot size
2.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
DIST:12 CITY/MUNI/TWP:ALGOMA TWP SEC/TWN/RNG/MER:SEC 24 TWN 09N RNG 11W N 82.5 FT OF S 1006.5 FT OF E 1/2 NE 1/4 * SEC
Tax Annual Amount
1329
Legal Description
DIST:12 CITY/MUNI/TWP:ALGOMA TWP SEC/TWN/RNG/MER:SEC 24 TWN 09N RNG 11W N 82.5 FT OF S 1006.5 FT OF E 1/2 NE 1/4 * SEC
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Forced Air
Water source
Well
Building Details
Year built
1948
Number of units
1
Building materials
Aluminum Siding
Roof type
Composition
Listing Agency:
Greenridge Realty (Greenvl)
(616) 225-2175
Listed By:
Jason Woodard · License #6501385098
(616) 293-0590
Added: Aug 20, 2024
Changed: Aug 4
Last Checked: Aug 12 at 2:06AM
MLS# 24043918
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial property is located just north of Rockford on Northland Drive. The property includes a house and a detached garage, totaling 1472 square feet, that could be used as a rental or converted into office space. The lot size is 2.5 acres, providing room behind the house to create a staging area for product or storage units. The property offers potential for various business uses.
Key Highlights
- Potential for rental income or office space with existing house and detached garage.
- Room for staging area or storage units behind the house.
- Located just north of Rockford on Northland Dr.
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
$14,708
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
5.55%
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%
$294,160
$294.2K
Cap Rate 7%
$210,114
$210.1K
Cap Rate 9%
$163,422
$163.4K
Market Conditions
NOI Build-Up for 1,472 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
$21.6K $14.64/SF
− Vacancy
−$1.9K −$1.32/SF
EGI
$19.6K $13.32/SF
− OpEx
−$4.9K −$3.33/SF
NOI
$14.7K $9.99/SF
Area
Kent County, MI
Vacancy
9.00%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
25.00%
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%
$294,160
Cap Rate 7%
$210,114
Cap Rate 9%
$163,422
Alternative Uses
Best Use
Office B
$210.1K
$183.9K – $245.1K
NOI $14,708 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$199.1K
$174.3K – $232.3K
NOI $13,940 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$263.3K
$230.4K – $307.2K
NOI $18,429 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 49341, MI
38,250
Population
15,070
Households
2.5
Avg Household Size
39
Median Age
49%
College-Educated
97%
High-School Grad
84.5 sq mi
ZIP Area
453
Density / Sq Mi
$112,932
Median Household Income
$57,775
Median Earnings
$1,251
Median Rent
$347,700
Median Home Value
Market
Vacancy Rate% for Office 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?
Commercial land - Commercial property with potential for office space or storage units.
Where is this commercial land located?
The property is located at 10549 Northland Drive NE Rockford, MI.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: Potential for rental income or office space with existing house and detached garage.; Room for staging area or storage units behind the house.; Located just north of Rockford on Northland Dr.
