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    High-Traffic Area Retail Opportunity Title is generated by Realmo AI

    40 Martin Luther King Jr Street SE, Grand Rapids, MI 49507

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    For Sale
    $230,000

    COMMERCIAL - Grand Rapids, MI

    Type:Retail
    Property size:
    595 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $386/SF
    Added:
    Aug 8, 2024
    Days on Market:
    652
    Last Refresh:
    May 21 at 9:06 am

    Property Features for 40 Martin Luther King Jr Street SE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    1
    Rooms
    Bathroom 1
    Standard status
    Active
    APN
    41-14-31-301-014
    Size
    595 SF
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    LOT 493* DORAN S ASSESSOR S PLAT NO 15* OF LOTS 2, 3, 4, 5 & 6 OF A CAMPAU S SUBDIVISION OF THE W 1/2 OF THE SW 1/4 SEC

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1967
    Number of units
    1
    Building materials
    Wood Siding

    We can help!

    Listing Contact
    Rene Guzman
    Rene Guzman

    Listing agent Rene Guzman

    Listing office 1st Advantage Realty 2180 - 44th St SE Ste 208, Kentwood, MI

    Listing date Aug 8, 2024

    MLS# 24041297

    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 location in a high‑traffic area.
    • Valuable land with redevelopment/expansion potential.
    • Includes two additional parcels (41‑14‑31‑301‑013 and 41‑14‑31‑301‑018).
    • Suitable for a small business.
    • Located at 30 Martin Luther King Jr SE, Grand Rapids, MI 49507 and 807 Sheldon Ave SE, Grand Rapids, MI 49507.
    • Forced air heating.

    Overview

    This property presents a strategic opportunity in a high-traffic area suitable for a small business. While the existing building is modest at 595 square feet, the value is primarily in the land, which measures 0.25 acres. The location offers redevelopment or expansion possibilities. The property includes two additional parcels, identified as 41-14-31-301-013 and 41-14-31-301-018. The land is addressed as 30 Martin Luther King Jr SE and 807 Sheldon Ave SE, both in Grand Rapids, MI 49507. This property is located in Grand Rapids, Kent County, Michigan.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail properties & Spaces

    Map

    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.666004
    Latitude
    42.948525

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    FAQs

    What type of property is this?
    Retail property - Prime location with redevelopment potential in a high-traffic area.
    Where is this retail property located?
    The property is located at 40 Martin Luther King Jr Street SE Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $230,000.
    What are key features of this property?
    This property features: Prime location in a high‑traffic area.; Valuable land with redevelopment/expansion potential.; Includes two additional parcels (41‑14‑31‑301‑013 and 41‑14‑31‑301‑018).
    (616) 260-8670
    We can help!
    Listing Contact
    Rene Guzman
    Rene Guzman
    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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