Riverfront Office
For Sale
$450,000
801 Monroe Avenue NW, Grand Rapids, MI 49503
Commercial Sale, Grand Rapids, MI
Property Size1,437 SF
Lot Size0.03 Acres
Price / SF$313.15
Days on Market207
Property Features for 801 Monroe Avenue NW
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
TCC
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Subdivision
Landmark Lofts
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Standard status
Active
APN
41-13-24-441-008
Size
1,437 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 8 * LANDMARK LOFTS KENT COUNTY CONDOMINIUM SUBDIVISION PLAN NO.544 LIBER 5483 PAGE 640 AS AMENDED BY INSTRUMENT NO.
Tax Annual Amount
5547
Legal Description
UNIT 8 * LANDMARK LOFTS KENT COUNTY CONDOMINIUM SUBDIVISION PLAN NO.544 LIBER 5483 PAGE 640 AS AMENDED BY INSTRUMENT NO.
Utilities
Utilities
Electricity Available
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Central Air
Water front
1
Amenities
secure key card access
bike storage
on-site laundry
fitness center access
Building Details
Year built
1900
Number of units
1
Roof type
Rubber
Listing Agency:
Fancy Real Estate
Listed By:
Hannah Greening
(616) 516-5561
Added: Feb 24
Changed: Sep 7
Last Checked: Sep 19 at 9:06AM
MLS# 26006652
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.
Suite 105 is a 1,437-square-foot first-floor commercial condo configured with two private rooms, a kitchenette, bathroom, and storage. The unit includes 12-foot ceilings, a modern industrial character, and sliding doors leading to a private patio. Secure key-card entry, surface parking, bike storage, on-site laundry, and access to a fitness center are also provided.
The property is located at 801 Monroe Avenue NW in Grand Rapids, with river views and direct access to the Riveredge Trail. Heating is provided by a heat pump and forced air, while central air serves the space. The building dates to 1900 and has a rubber roof.
The property is located at 801 Monroe Avenue NW in Grand Rapids, with river views and direct access to the Riveredge Trail. Heating is provided by a heat pump and forced air, while central air serves the space. The building dates to 1900 and has a rubber roof.
Key Highlights
- 1,437 SF first‑floor commercial condo
- Two private rooms, kitchenette, bathroom, and storage
- 12‑foot ceilings with modern industrial character
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
$13,431
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
2.98%
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%
$268,620
$268.6K
Cap Rate 7%
$191,871
$191.9K
Cap Rate 9%
$149,233
$149.2K
Market Conditions
NOI Build-Up for 1,437 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
$23.1K $16.08/SF
− Vacancy
−$5.2K −$3.62/SF
EGI
$17.9K $12.46/SF
− OpEx
−$4.5K −$3.12/SF
NOI
$13.4K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
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%
$268,620
Cap Rate 7%
$191,871
Cap Rate 9%
$149,233
Alternative Uses
Best Use
Office B
$191.9K
$167.9K – $223.9K
NOI $13,431 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$333.5K
$291.8K – $389.1K
NOI $23,344 @ 7.0% cap · market cap 5.19%
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
4,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - First-floor commercial condo with private rooms, patio access, and flexible office or creative-use potential.
Where is this office units located?
The property is located at 801 Monroe Avenue NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,437 SF first‑floor commercial condo; Two private rooms, kitchenette, bathroom, and storage; 12‑foot ceilings with modern industrial character
