Commercial Land with Existing
For Sale
$230,000
40 Martin Luther King Jr Street SE, Grand Rapids, MI 49507
Commercial Sale, Grand Rapids, MI
Property Size595 SF
Lot Size0.25 Acres
Price / SF$386.55
Days on Market795
Property Features for 40 Martin Luther King Jr Street SE
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Directions
Accessible from HWY 131 exit 83B, go East on Martin Luther King Jr SE
Subdivision
Grand Rapids - G
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
Legal 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
Listing Agency:
1st Advantage Realty
(616) 534-4480
Listed By:
Rene Guzman · License #6501383944
(616) 260-8670
Added: Aug 8, 2024
Changed: Oct 8
Last Checked: Oct 11 at 9:06AM
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.
Investment Insights
Based on property information with market context.
This commercial land offering includes a 595-square-foot structure built in 1967. The building features wood siding, forced-air heating, and one bathroom, providing an existing improvement on the 0.25-acre property.
The property is in Grand Rapids, Michigan, within ZIP Code 49507. The offering also includes two additional parcels identified as 41-14-31-301-013 and 41-14-31-301-018. Buyer and agent verification of property information is required.
The property is in Grand Rapids, Michigan, within ZIP Code 49507. The offering also includes two additional parcels identified as 41-14-31-301-013 and 41-14-31-301-018. Buyer and agent verification of property information is required.
Key Highlights
- 0.25‑acre commercial land parcel
- Includes a 595‑square‑foot existing structure
- Structure built in 1967 with wood siding
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,625
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$172,500
$172.5K
Cap Rate 7%
$123,214
$123.2K
Cap Rate 9%
$95,833
$95.8K
Market Conditions
NOI Build-Up for 595 SF
Gross rent
$13.1K $21.96/SF
− Vacancy
−$745 −$1.25/SF
EGI
$12.3K $20.71/SF
− OpEx
−$3.7K −$6.21/SF
NOI
$8.6K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$172,500
Cap Rate 7%
$123,214
Cap Rate 9%
$95,833
Alternative Uses
Best Use
Retail
$123.2K
$107.8K – $143.8K
NOI $8,625 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$138.1K
$120.8K – $161.1K
NOI $9,666 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 47%
Home Improvements & Furnishings 4%
Electronics 2%
Burger King
Dining
9,500 visits/mo
0.0 miles
Dollar Tree
Shops & Services
9,144 visits/mo
0.2 miles
Family Dollar
Shops & Services
6,683 visits/mo
0.3 miles
SUBWAY
Dining
3,211 visits/mo
0.5 miles
BIGGBY COFFEE
Dining
2,099 visits/mo
0.5 miles
Demographics for 49507, MI
38,137
Population
13,773
Households
2.8
Avg Household Size
30
Median Age
27%
College-Educated
78%
High-School Grad
5.5 sq mi
ZIP Area
6,934
Density / Sq Mi
$56,578
Median Household Income
$34,939
Median Earnings
$1,114
Median Rent
$179,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercial land includes an existing small structure with forced-air heating and a bathroom.
Where is this commercial land 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: 0.25‑acre commercial land parcel; Includes a 595‑square‑foot existing structure; Structure built in 1967 with wood siding
