Fully Leased Mixed-Use
For Sale
$8,868,049
100-114 Monroe Center St NE, Grand Rapids, MI 49503
Historic downtown property combines office occupancy with food, dining, and entertainment uses on the ground floor.
Property Size32,106 SF
Price / SF$276.21
Days on Market197
Property Features for 100-114 Monroe Center St NE
General Information
Standard status
Active
Size
32,106 SF
Property subtype
Office
Zoning
TN-CC
Occupancy
100%
Net Operating Income
$733,671
Financials
Asking Price
$8,868,049
Cap Rate
8.27%
Site & Location
Corner Location
Yes
Anchor Co-Tenants
Smith, Haughey Rice & Roegge, P.C.
Building Details
Year Built
1858
Buildings
1
Tenancy
Multi-Tenant
Listing Agency:
CBRE
Listed By:
Cameron Timmer
(616) 485-4131
Source:
Carwm.resimplifi
Added: Apr 2
Changed: Sep 14
Last Checked: Oct 14 at 7:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE
Investment Insights
Based on property information with market context.
The Flat Iron Building is a 32,106-square-foot mixed-use property constructed in 1858 and currently fully leased. Office occupancy includes Smith, Haughey Rice & Roegge, P.C., while the street-level lineup includes Old World Olive Press, Cinco de Mayo, and Grand Rapids Game Show. The property is zoned TN-CC.
Located at 100-114 Monroe Center St NE in downtown Grand Rapids, the building occupies the corner of Monroe Center Street and Ottawa Avenue. Its tenant mix brings together professional office, specialty food, restaurant, and entertainment uses within one historic commercial asset. The property carries an 8.27% cap rate.
Located at 100-114 Monroe Center St NE in downtown Grand Rapids, the building occupies the corner of Monroe Center Street and Ottawa Avenue. Its tenant mix brings together professional office, specialty food, restaurant, and entertainment uses within one historic commercial asset. The property carries an 8.27% cap rate.
Key Highlights
- 32,106‑square‑foot mixed‑use building constructed in 1858
- Fully leased with office and ground‑floor commercial occupancy
- Tenants include Smith, Haughey Rice & Roegge, P.C., Old World Olive Press, Cinco de Mayo, and Grand Rapids Game Show
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$465,402
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,308,040
$9.3M
Cap Rate 7%
$6,648,600
$6.6M
Cap Rate 9%
$5,171,133
$5.2M
Market Conditions
NOI Build-Up for 32,106 SF
Gross rent
$705.0K $21.96/SF
− Vacancy
−$40.2K −$1.25/SF
EGI
$664.9K $20.71/SF
− OpEx
−$199.5K −$6.21/SF
NOI
$465.4K $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%
$9,308,040
Cap Rate 7%
$6,648,600
Cap Rate 9%
$5,171,133
Alternative Uses
Best Use
Retail
$6.65M
$5.82M – $7.76M
NOI $465,402 @ 7.0% cap · market cap 5.25%
Second Best
Mixed Use
$5.06M
$4.43M – $5.91M
NOI $354,450 @ 7.0% cap · market cap 4.00%
Theoretical Best
Specialty Retail
$7.45M
$6.52M – $8.69M
NOI $521,562 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
7,314
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic downtown property combines office occupancy with food, dining, and entertainment uses on the ground floor.
Where is this mixed-use property located?
The property is located at 100-114 Monroe Center St NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $8,868,049.
What are key features of this property?
This property features: 32,106‑square‑foot mixed‑use building constructed in 1858; Fully leased with office and ground‑floor commercial occupancy; Tenants include Smith, Haughey Rice & Roegge, P.C., Old World Olive Press, Cinco de Mayo, and Grand Rapids Game Show
