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    Downtown Grand Rapids Retail Space Title is generated by Realmo AI

    240 Ionia Avenue SW, Grand Rapids, MI 49503

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    Picture of Retail space at 240 Ionia Avenue SW, Grand Rapids, MI
    For Lease
    $11 SF/Yr $49,213/Mo (calc)

    COMMERCIAL - Grand Rapids, MI

    Type:Retail
    Property size:
    53,687 SF
    Lot size:
    0.35 Acres
    Added:
    Feb 22, 2024
    Days on Market:
    819
    Last Refresh:
    May 21 at 11:06 pm

    Property Features for 240 Ionia Avenue SW

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Active
    APN
    411325488001
    Size
    53,687 SF
    Lot size
    0.35 Acres

    Taxes and HOA fees

    Tax Description
    411325488001 UNIT 1 * 240 IONIA AVENUE CONDOMINIUM KENT COUNTY CONDOMINIUM SUBDIVISION PLAN NO. 961 INSTRUMENT NO. 20130524-0056931 SPLIT/COMBINED ON 06/17/2013 FROM 41-13-25-480-001;

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2013
    Building materials
    Concrete

    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# 24009948

    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

    • Prime retail space in the heart of downtown Grand Rapids.
    • Footsteps from the best dining and nightlife destinations.
    • Large bay windows opening to street frontage.
    • On‑site parking available.
    • Potential sidewalk dining.
    • Tenant Improvement Allowance available for credited and qualified Tenant.

    Overview

    This retail space is located in downtown Grand Rapids, near the Arena and historic Heartside district. The property features an open layout with large bay windows providing street frontage. On-site parking is available, and there is potential for sidewalk dining. The property size is 53687 square feet, situated on a 0.35-acre lot. A tenant improvement allowance is available for credited and qualified tenants. The property is located at 240 Ionia Avenue SW unit: Main W-O Mezz, Grand Rapids, MI 49503.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    240 Ionia Avenue ... Apartment Building GR Dental Care Dental Office National Auto Insurance ... Insurance Agency

    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
    -85.669797
    Latitude
    42.958496

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    FAQs

    What type of property is this?
    Retail space - Prime retail space in the heart of downtown Grand Rapids.
    Where is this retail space located?
    The property is located at 240 Ionia Avenue SW Grand Rapids, MI.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: Prime retail space in the heart of downtown Grand Rapids.; Footsteps from the best dining and nightlife destinations.; Large bay windows opening to street frontage.
    (616) 396-7788
    We can help!
    Listing Contact
    Thomas J Elhart
    Learn More
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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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