Mixed-Use Office/Retail
For Sale
$846,900
3955 W River Drive NE, Comstock Park, MI 49321
COMMERCIAL - Comstock Park, MI
Property Size4,931 SF
Lot Size0.24 Acres
Price / SF$171.75
Days on Market243
Property Features for 3955 W River Drive NE
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
VC-VIL/COM
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Parking
15
Elementary school district
Comstock Park
Middle school district
Comstock Park
High school district
Comstock Park
Directions
Corner of West River Dr. and Lamoreaux Dr.
Subdivision
Grand Rapids - G
Standard status
Active
APN
41-10-31-303-005
Size
4,931 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lengthy Legal(See Attached)
Tax Annual Amount
5500
Legal Description
Lengthy Legal(See Attached)
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Number of units
1
Building materials
Vinyl Siding
Listing Agency:
Cascade Properties Rlty LLC
(616) 942-0048
Listed By:
Jordan P Nemmers · License #6506042764
(616) 745-5062
Added: Dec 9, 2025
Changed: Aug 4
Last Checked: Aug 9 at 1:06PM
MLS# 25061402
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 mixed-use office/retail building features an entry into a large showroom floor with a reception area. The main level also includes six separate offices, an office kitchen, two half baths, and substantial storage. Upstairs, there are two apartments with separate utilities and entrances, followed by a second-floor layout that adds a 1-bedroom/1-bath unit and a 2-bedroom/1-bath unit, each with private entrances, plus a separate office. The third floor has hardwood flooring and is currently configured as storage, with potential to be converted into a third apartment pending Plainfield Township approval.
Located on the corner of West River Dr. and Lamoreaux Dr. in Comstock Park’s NE area, the property offers easy access to highways and sits along the Alpine Ave commercial corridor. The building’s frontage is positioned for visibility, with large traffic counts at slow speeds.
The property includes a full basement, a new flat roof, and a newer arched steel roof, and totals approximately 4,931 square feet.
Located on the corner of West River Dr. and Lamoreaux Dr. in Comstock Park’s NE area, the property offers easy access to highways and sits along the Alpine Ave commercial corridor. The building’s frontage is positioned for visibility, with large traffic counts at slow speeds.
The property includes a full basement, a new flat roof, and a newer arched steel roof, and totals approximately 4,931 square feet.
Key Highlights
- Highly visible commercial building on the corner of West River Dr. and Lamoreaux Dr. with large traffic counts at slow speeds
- Building includes a large showroom floor with reception area, plus six separate offices, an office kitchen, 2 half baths, and multiple storage areas
- Two apartments upstairs with separate utilities and separate entrances
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
$53,727
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
6.34%
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%
$1,074,540
$1.1M
Cap Rate 7%
$767,529
$767.5K
Cap Rate 9%
$596,967
$597.0K
Market Conditions
NOI Build-Up for 4,931 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
$81.1K $16.44/SF
− Vacancy
−$4.3K −$0.87/SF
EGI
$76.8K $15.57/SF
− OpEx
−$23.0K −$4.67/SF
NOI
$53.7K $10.90/SF
Area
Kent County, MI
Vacancy
5.32%
Lease Rate
$16.44 /SF/Yr
Expense Ratio
30.00%
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%
$1,074,540
Cap Rate 7%
$767,529
Cap Rate 9%
$596,967
Alternative Uses
Best Use
Multifamily LT 5
$767.5K
$671.6K – $895.5K
NOI $53,727 @ 7.0% cap · market cap 6.34%
Second Best
Retail
$731.3K
$639.9K – $853.1K
NOI $51,188 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$881.9K
$771.7K – $1.03M
NOI $61,736 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 49321, MI
16,764
Population
6,693
Households
2.5
Avg Household Size
36
Median Age
29%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
637
Density / Sq Mi
$74,691
Median Household Income
$41,855
Median Earnings
$1,073
Median Rent
$244,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Corner commercial building with showroom and offices plus three upstairs apartments, each with private entry access.
Where is this retail space located?
The property is located at 3955 W River Drive NE Comstock Park, MI.
What is the asking price?
The asking price for this property is $846,900.
What are key features of this property?
This property features: Highly visible commercial building on the corner of West River Dr. and Lamoreaux Dr. with large traffic counts at slow speeds; Building includes a large showroom floor with reception area, plus six separate offices, an office kitchen, 2 half baths, and multiple storage areas; Two apartments upstairs with separate utilities and separate entrances
