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    Grand Rapids Industrial Land For Sale Title is generated by Realmo AI

    3405 3 Mile Road NW, Grand Rapids, MI 49534

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    Picture of Commercial land at 3405 3 Mile Road NW, Grand Rapids, MI
    For Sale
    $365,000

    COMMERCIAL - Grand Rapids, MI

    Lot size:
    3.77 Acres
    Added:
    Apr 1, 2024
    Days on Market:
    771
    Last Refresh:
    May 11 at 12:06 pm

    Property Features for 3405 3 Mile Road NW

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    41-13-05-400-005
    Lot size
    3.77 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    THAT PART OF E 7 A. OF W 1/2 SE 1/4 LYING S OF CENTRAL MICHIGAN /FORMERLY GT/ RR R/W & N OF N LINE OF STL US16 RELOCATED * SEC 5 T7N R12W 3.77 A.
    Tax Annual Amount
    200

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Ann M Finkler

    Listing agent Ann M Finkler License #6501308994

    Listing office ERA Reardon Realty Great Lakes 3934 W River Drive, Belmont, MI

    Listing date Apr 1, 2024

    MLS# 24015239

    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

    • Direct frontage on I96 Highway corridor.
    • Easy on & off highway access.
    • Utilities stubbed to the property (Natural Gas, Public Water, Public Sewer).
    • Road stubbed 300 FT from lot line on neighboring property.
    • Located in City of Walker industrial park with master plan.
    • Access via South Industrial Drive off from North Ridge via Fruit Ridge.

    Overview

    This 3.77-acre industrial lot is located in Grand Rapids, Michigan, with direct frontage along the I96 Highway corridor, providing convenient access. The property is accessible via South Industrial Drive off from North Ridge via Fruit Ridge. Utilities are stubbed to the property, and a road stubbed 300 feet from the lot line on the neighboring property. The City of Walker has a master plan for the industrial park and will need to approve any development plans. The lot is narrow and includes wetlands towards the highway.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Law Firm Building Supply Auto Repair Shop Big Box & Wholesale Store Gym & Fitness Center Department Store Kitchen & Bath Showroom Storage Facility Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.753637
    Latitude
    43.020056

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    FAQs

    What type of property is this?
    Commercial land - Industrial lot with frontage on I96 Highway corridor in Grand Rapids.
    Where is this commercial land located?
    The property is located at 3405 3 Mile Road NW Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $365,000.
    What are key features of this property?
    This property features: Direct frontage on I96 Highway corridor.; Easy on & off highway access.; Utilities stubbed to the property (Natural Gas, Public Water, Public Sewer).
    (616) 916-6452
    We can help!
    Listing Contact
    Ann M Finkler
    Real Estate License ID: 6501308994
    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.

    More about this property
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