Four-Story Office Building with
For Sale
$5,250,000
Pending
25 Sheldon Avenue SE, Grand Rapids, MI 49503
Commercial Sale, Grand Rapids, MI
Property Size48,211 SF
Lot Size0.65 Acres
Days on Market296
Property Features for 25 Sheldon Avenue SE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
TN-CC
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 10, Basement, Bathroom 7, Bathroom 9, Bathroom 3, Bathroom 8, Bathroom 6, Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 5
Parking
20
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Directions
One block south of Fulton on Sheldon
Subdivision
Grand Rapids - G
Standard status
Pending
APN
41-14-30-301-007
Size
48,211 SF
Lot size
0.65 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
411430301007 LOTS 2, 3 & 6 BLK 16 ALSO E 6 INCHES OF N 60 FT OF LOT 7 BLK 16 ALSO S 85 FT OF LOT 7 BLK 16 ALSO S 85 FT
Legal Description
411430301007 LOTS 2, 3 & 6 BLK 16 ALSO E 6 INCHES OF N 60 FT OF LOT 7 BLK 16 ALSO S 85 FT OF LOT 7 BLK 16 ALSO S 85 FT
Utilities
Heating system
Steam, Heat Pump (Heating)
Cooling system
Central Air
Water source
Private
Amenities
historic ballroom
conference rooms
full basketball court
Building Details
Year built
1921
Floors in Building
5
Number of units
1
Building materials
Brick
Roof type
Rubber
Listing Agency:
Keller Williams GR North · Keller Williams Realty
(616) 447-9100
Listed By:
Roger Ackerman · License #6501295615
(810) 423-9296
Added: Dec 4, 2025
Changed: Sep 12
Last Checked: Sep 26 at 12:06AM
MLS# 25060793
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 48,211-square-foot office building occupies 0.65 acres and includes four stories above a walkout lower level. Constructed in 1921 and renovated in 2016, the brick property features a historic ballroom, multiple offices, conference rooms, a full basketball court, and numerous bathrooms. Steam and heat-pump systems provide heating, while central air serves the building. Additional physical features include a rubber roof and private water service.
The property is located at 25 Sheldon Avenue SE in downtown Grand Rapids, near the Division and Fulton corridors. Corewell Health, Trinity Health, Van Andel Arena, Amway Grand Plaza, and Acrisure Amphitheatre are all within minutes. Off-street parking and a prominent entrance support access for office, institutional, educational, nonprofit, wellness, creative, hospitality, and recreation-oriented uses identified for the property.
The property is located at 25 Sheldon Avenue SE in downtown Grand Rapids, near the Division and Fulton corridors. Corewell Health, Trinity Health, Van Andel Arena, Amway Grand Plaza, and Acrisure Amphitheatre are all within minutes. Off-street parking and a prominent entrance support access for office, institutional, educational, nonprofit, wellness, creative, hospitality, and recreation-oriented uses identified for the property.
Key Highlights
- 48,211 SF office building on a 0.65‑acre site
- Built in 1921 and renovated in 2016
- Four stories plus a walkout lower level
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
$450,604
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
8.58%
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%
$9,012,080
$9.0M
Cap Rate 7%
$6,437,200
$6.4M
Cap Rate 9%
$5,006,711
$5.0M
Market Conditions
NOI Build-Up for 48,211 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
$775.2K $16.08/SF
− Vacancy
−$174.4K −$3.62/SF
EGI
$600.8K $12.46/SF
− OpEx
−$150.2K −$3.12/SF
NOI
$450.6K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /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%
$9,012,080
Cap Rate 7%
$6,437,200
Cap Rate 9%
$5,006,711
Alternative Uses
Best Use
Office B
$6.44M
$5.63M – $7.51M
NOI $450,604 @ 7.0% cap · market cap 8.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.19M
$9.79M – $13.05M
NOI $783,188 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Renovated in 2016, the property combines offices, conference rooms, and substantial recreational space.
Where is this office building located?
The property is located at 25 Sheldon Avenue SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: 48,211 SF office building on a 0.65‑acre site; Built in 1921 and renovated in 2016; Four stories plus a walkout lower level
