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    120 Ottawa Ave NW Grand Rapids, MI 49503

    View on Map
    Sponsored
    For Sale
    $6,350,000

    COMMERCIAL - Grand Rapids, MI

    Type:Office
    Property size:
    43,216 SF
    Lot size:
    0.39 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 27 at 8:06 pm

    Property Features for 120 Ottawa Ave NW

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Standard status
    Active
    Rooms
    Bathroom 8, Bathroom 11, Bathroom 10, Bathroom 3, Bathroom 6, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 9, Bathroom 7, Bathroom 4
    Bathrooms
    11
    APN
    41-13-25-282-025
    Size
    43,216 SF
    Lot size
    0.39 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1956
    Number of units
    5
    Building materials
    Brick

    We can help!

    Listing Contact
    Gerald Feenstra
    Gerald Feenstra

    RE/MAX of Grand Rapids

    Listing agent Gerald Feenstra

    Listing date Mar 27, 2026

    MLS# 26001291

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Downtown Grand Rapids Building

    Located in downtown Grand Rapids, the former historic Peninsular Club building offers an extraordinary commercial opportunity. The five-story building is in great condition, with updated technology and mechanicals. It features direct access to an attached parking ramp. The main floor comprises 6457 square feet and is currently leased. The second and third floors each offer 5825 square feet of event and leisure space, suitable for entertaining and catered events. The fourth floor provides 11,386 square feet of office space, which is currently occupied. The fifth floor also features occupied office space, totaling 6494 square feet. The basement provides 7229 square feet, primarily used for storage. The building is situated on a 0.39-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Studio Park(ing) Parking Lot & Garage

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.669565
    Latitude
    42.965642

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    FAQs

    What type of property is this?
    Office building - Five-story commercial building with premier space and attached parking.
    Where is this office building located?
    The property is located at 120 Ottawa Ave NW Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $6,350,000.
    What are key features of this property?
    This property features: - Premier downtown Grand Rapids location in a historic building; - Substantial leasable space across 5 floors, including currently leased main and fourth floors; - Direct access to attached parking ramp
    (616) 706-2674
    Request Owner's contact information
    120 Ottawa Ave NW Grand Rapids, MI 49503
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    Grand Rapids, MI 49503
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    120 Ottawa Ave NW Grand Rapids, MI 49503
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    Listing Contact
    Gerald Feenstra
    Gerald Feenstra
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