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    Class A Retail Suite Downtown Title is generated by Realmo AI

    20 Fulton Street E, Grand Rapids, MI 49503

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    Picture of Retail space at 20 Fulton Street E, Grand Rapids, MI
    For Lease
    $25 SF/Yr $758,225/Mo (calc)

    COMMERCIAL - Grand Rapids, MI

    Type:Retail
    Property size:
    363,948 SF
    Lot size:
    0.40 Acres
    Added:
    Feb 22, 2024
    Days on Market:
    835
    Last Refresh:
    Jun 6 at 11:06 am

    Property Features for 20 Fulton Street E

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Active
    APN
    411430315001
    Size
    363,948 SF
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Description
    411430315001 UNIT 1 * 20 FULTON CONDOMINIUM KENT COUNTY CONDOMINIUM SUBDIVISION PLAN NO.999 INSTRUMENT NO.20160229-0016020 AS AMENDED BY INSTRUMENT NO.20160317-0021331 SPLIT/COMBINED ON 03/11/2016 FROM 41-14-30-301-002;

    Utilities

    Utilities
    Phone Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2015
    Building materials
    Concrete, Metal Siding

    We can help!

    Listing Contact
    Thomas J Elhart

    Listing agent Thomas J Elhart

    Listing office Signature Associates Holland 1015 Oak Lane, Richland, MI

    Listing date Feb 22, 2024

    MLS# 24008797

    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

    • Prestigious Class A retail suite in the heart of downtown Grand Rapids.
    • Located in the 110‑unit 20 Fulton East Apartment complex with full‑service amenities and on‑site parking.
    • Flexible use and size with spacious, high ceilings and ample window frontage.
    • Walking distance to Van Andel Arena and 20 Monroe Live.
    • Potential for patio seating.
    • Built in 2015.

    Overview

    This prestigious Class A retail suite is located in the heart of downtown Grand Rapids. The suite offers flexibility in use and size, featuring spacious interiors, high ceilings, and ample window frontage. Potential patio seating is also available. The suites are situated at the 20 Fulton East Apartment complex, which includes 110 units and offers full-service amenities, on-site parking, and 24-hour service. The location is within walking distance of the Van Andel Arena and 20 Monroe Live. This site is suitable for banks, coffee shops, offices, or retail spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Poke Poke - Sushi ... Bar & Pub 20 Fulton East ... Apartment Building Billy Bear Hug Association Or Organization White Hot Center Business Service Center RLS Notary Law Firm

    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
    -85.667198
    Latitude
    42.962875

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    FAQs

    What type of property is this?
    Retail space - Retail suite in downtown Grand Rapids with high ceilings.
    Where is this retail space located?
    The property is located at 20 Fulton Street E Grand Rapids, MI.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Prestigious Class A retail suite in the heart of downtown Grand Rapids.; Located in the 110‑unit 20 Fulton East Apartment complex with full‑service amenities and on‑site parking.; Flexible use and size with spacious, high ceilings and ample window frontage.
    (616) 396-7788
    We can help!
    Listing Contact
    Thomas J Elhart
    Request Owner's contact information
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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.

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