Retail Space in City Center
For Sale
$1,475,000
407 Turner Avenue NW, Grand Rapids, MI 49504
Commercial Sale, Grand Rapids, MI
Property Size7,316 SF
Lot Size0.32 Acres
Price / SF$201.61
Days on Market1815
Property Features for 407 Turner Avenue NW
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
TCC
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
40
Interior features
Broadband
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Directions
If coming from Bridge St NW: Turn North on to Broadway Ave NW and East on to First St NW and then South on to Turner Ave NW and the property is on the right side of the road.
Subdivision
Grand Rapids - G
Standard status
Active
APN
41-13-24-384-007
Size
7,316 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2021
Tax Description
S 35 FT OF LOT 8 BLK 21 & E 1/2 OF GORE LOT 1 BLK 21 * SCRIBNER & TURNER'S ADDITION
Tax Annual Amount
5597
Legal Description
S 35 FT OF LOT 8 BLK 21 & E 1/2 OF GORE LOT 1 BLK 21 * SCRIBNER & TURNER'S ADDITION
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1963
Floors in Building
1
Number of units
1
Building materials
Block, Concrete
Roof type
Stone, Rubber
Listing Agency:
Grand Rapids Realty & Investments LLC
(419) 494-4008
Listed By:
Frank N Roberts · License #6501385632
(616) 264-3180
Added: Oct 6, 2021
Changed: Sep 16
Last Checked: Sep 24 at 6:06PM
MLS# 21109595
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.
Located at 407 Turner Avenue NW, this retail property comprises 7,316 square feet on a 0.32-acre parcel. Constructed in 1963, the building uses block and concrete construction and includes a bathroom. Central air conditioning and forced-air heating serve the interior, while broadband is listed among the interior features. Natural gas is available, and the roof incorporates stone and rubber materials.
The property falls within the City Center Zoning District, where regulations allow development up to 20 stories. Downtown shuttle service operates until midnight on weekdays and 1:00 AM Saturdays. The district does not require minimum parking, and parking spaces are present.
The property falls within the City Center Zoning District, where regulations allow development up to 20 stories. Downtown shuttle service operates until midnight on weekdays and 1:00 AM Saturdays. The district does not require minimum parking, and parking spaces are present.
Key Highlights
- 7,316‑square‑foot retail property on 0.32 acres
- City Center Zoning District with regulations allowing up to 20 stories
- Block and concrete construction completed in 1963
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
$106,051
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
7.19%
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%
$2,121,020
$2.1M
Cap Rate 7%
$1,515,014
$1.5M
Cap Rate 9%
$1,178,344
$1.2M
Market Conditions
NOI Build-Up for 7,316 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
$160.7K $21.96/SF
− Vacancy
−$9.2K −$1.25/SF
EGI
$151.5K $20.71/SF
− OpEx
−$45.5K −$6.21/SF
NOI
$106.1K $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 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%
$2,121,020
Cap Rate 7%
$1,515,014
Cap Rate 9%
$1,178,344
Alternative Uses
Best Use
Retail
$1.52M
$1.33M – $1.77M
NOI $106,051 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.70M
$1.49M – $1.98M
NOI $118,848 @ 7.0% cap · market cap 8.06%
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
3,644
Businesses Nearby
51k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 32%
Hotels & Casinos 17%
Burger King
Dining
13,932 visits/mo
0.3 miles
Meijer Gas Station
Shops & Services
10,740 visits/mo
0.3 miles
Condado Tacos
Dining
9,146 visits/mo
0.1 miles
Holiday Inn Grand Rapids Downtown, an IHG Hotel
Hotels & Casinos
8,712 visits/mo
0.3 miles
Dollar General
Shops & Services
5,481 visits/mo
0.3 miles
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Retail space - The building offers central air, forced-air heat, broadband, and a bathroom.
Where is this retail space located?
The property is located at 407 Turner Avenue NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: 7,316‑square‑foot retail property on 0.32 acres; City Center Zoning District with regulations allowing up to 20 stories; Block and concrete construction completed in 1963
