Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Downtown Grand Rapids Building Title is generated by Realmo AI

    120 Ottawa Avenue NW, Grand Rapids, MI 49503

    View on Map
    Claim this Listing
    For Sale
    $6,350,000

    COMMERCIAL - Grand Rapids, MI

    Type:Office
    Property size:
    43,216 SF
    Lot size:
    0.39 Acres
    Price / SF:
    $146/SF
    Added:
    Dec 8, 2025
    Days on Market:
    165
    Last Refresh:
    May 22 at 10:06 pm

    Property Features for 120 Ottawa Avenue NW

    General Information

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

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    UNIT 1 OTTAWA AND FOUNTAIN CONDOMINIUM KENT COUNTY CONDOMINIUM SUBDIVISION PLAN NO.751 INSTRUMENT NO.20050627-0074304
    Tax Annual Amount
    143787

    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

    Listing agent Gerald Feenstra

    Listing office RE/MAX of Grand Rapids (Stndl) 3800 Lake Michigan Dr, Ste 102, Wyoming, MI

    Listing date Dec 8, 2025

    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.

    HighLights

    • 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
    • Building in great condition with updated technology and mechanicals
    • Versatile 2nd and 3rd floors suitable for events, leisure, or custom build‑out
    • Immaculate, occupied office space on the 4th and 5th floors

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $4.49M
    NOI $403,918 @ 9.00% cap · cautious / downside scenario
    Moderate
    $5.77M
    NOI $403,918 @ 7.00% cap · market / base-case scenario
    Aggressive
    $8.08M
    NOI $403,918 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $694.9k $16.08
    − Vacancy −$156.4k −$3.62
    EGI $538.6k $12.46
    − OpEx −$134.6k −$3.12
    NOI $403.9k $9.35
    43,216 SF · lease $16.08/SF/yr · vacancy 22.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $5.77M
    $5.05M – $6.73M (±1% cap)
    NOI $403,918 @ 7.0% cap · market cap 6.36%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $10.03M
    $8.78M – $11.70M (±1% cap)
    NOI $702,044 @ 7.0% cap · market cap 11.06%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile 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

    Nearby Similar for Sale

    • $1,000,000
      4,081 SF

      Grand Rapids Commercial Property For Sale

      Multi-tenant commercial property ideal for medical, dental, or professional office.
      2426 Burton Street SE, Grand Rapids, MI 49546
      View Details
    • $949,500
      9,721 SF

      Historic Building Condo Conversion

      First floor condo in a historic Grand Rapids building.
      101 Sheldon Avenue SE, Grand Rapids, MI 49503
      View Details
    • $899,900
      12,183 SF

      Mixed-Use Property in Grand Rapids

      High-visibility commercial property with retail, office, and warehouse space.
      3614-3620 Division Avenue S, Grand Rapids, MI 49548
      View Details
    • $1,750,000
      8,217 SF

      Iconic Bar & Grill Opportunity

      Rare commercial opportunity with income and expansion potential in Grand Rapids.
      760 Butterworth Street SW, Grand Rapids, MI 49504
      View Details
    • $584,900
      8,446 SF

      Versatile Commercial Property, Grand Rapids

      Mixed-use property with strong income potential and flexible business options.
      4000 Remembrance Road NW, Grand Rapids, MI 49534
      View Details
    • $6,200,000
      45,814 SF

      Class A Office Investment Opportunity

      Premier multi-tenant office asset in West Michigan for sale.
      5211 Cascade Road SE, Grand Rapids, MI 49546
      View Details
    • $925,000
      3,224 SF

      Grand Rapids Commercial Property

      Versatile commercial building at a bustling Grand Rapids intersection.
      845 4 Mile Road NW, Grand Rapids, MI 49544
      View Details
    • $450,000
      1,437 SF

      Riverfront Commercial Condo in Grand Rapids

      Move-in ready commercial condo with river views and trail access.
      801 Monroe Avenue NW, Grand Rapids, MI 49503
      View Details
    • $299,900
      2,406 SF

      Mixed-Use Property on Plainfield Avenue

      High-visibility mixed-use property ideal for various business ventures.
      5352 Plainfield Avenue NE, Grand Rapids, MI 49525
      View Details
    • $4,600,000
      31,761 SF

      Grand Rapids Office/Medical Complex

      Office and medical complex in a sought-after professional corridor.
      3264 N Evergreen Drive NE, Grand Rapids, MI 49525
      View Details
    • $600,000
      2,416 SF

      Grand Rapids Commercial Corner Property

      Corner location suitable for owner/operator or redevelopment.
      2960 Division Avenue S, Grand Rapids, MI 49548
      View Details
    • $525,000
      2,690 SF

      Meticulously Maintained Grand Rapids Farmhouse

      1890s farmhouse on a 0.56-acre double lot.
      1757 4th Street NW, Grand Rapids, MI 49504
      View Details

    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 Avenue 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
    We can help!
    Listing Contact
    Gerald Feenstra
    Gerald Feenstra
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    120 Ottawa Avenue NW, Grand Rapids, MI 49503
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!