Landmark Mixed-Use Investment
For Sale
$8,868,049
100 Monroe Center Street Northwest, Grand Rapids, MI 49503
Fully-leased mixed-use building in downtown Grand Rapids.
Property Size32,106 SF
Price / SF$276.21
Days on Market143
Property Features for 100 Monroe Center Street Northwest
General Information
Standard status
Active
Size
32,106 SF
Property subtype
Office
Listing Agency:
CBRE
Listed By:
Cameron Timmer
(616) 485-4131
Source:
Cbre
Added: Apr 15
Changed: Sep 3
Last Checked: Sep 4 at 2:37AM
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 fully-leased mixed-use investment property located at 100 Monroe Center Street in downtown Grand Rapids. The building is anchored by Smith, Haughey Rice & Roegge, P.C. The ground floor is occupied by Old World Olive Press, Cinco de Mayo, and Grand Rapids Game Show. The property is strategically positioned at the corner of Monroe Center St and Ottawa Ave, benefiting from a prime location in a bustling downtown setting surrounded by dining and entertainment options, as well as convenient access to transportation. The property has a size of 32106 square feet.
Key Highlights
- Landmark, fully‑leased mixed‑use investment property.
- Prime downtown Grand Rapids location at the corner of Monroe Center St and Ottawa Ave.
- Strong Net Operating Income (NOI) of $733,671.
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
$354,450
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
4.00%
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%
$7,089,000
$7.1M
Cap Rate 7%
$5,063,571
$5.1M
Cap Rate 9%
$3,938,333
$3.9M
Market Conditions
NOI Build-Up for 32,106 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
$616.4K $19.20/SF
− Vacancy
−$49.3K −$1.54/SF
EGI
$567.1K $17.66/SF
− OpEx
−$212.7K −$6.62/SF
NOI
$354.5K $11.04/SF
Area
Grand Rapids, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$7,089,000
Cap Rate 7%
$5,063,571
Cap Rate 9%
$3,938,333
Alternative Uses
Best Use
Mixed Use
$5.06M
$4.43M – $5.91M
NOI $354,450 @ 7.0% cap · market cap 4.00%
Second Best
Office B
$4.29M
$3.75M – $5.00M
NOI $300,079 @ 7.0% cap · market cap 3.38%
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.
Property Analytics
Property Profile
Current Use
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 - Fully-leased mixed-use building in downtown Grand Rapids.
Where is this mixed-use property located?
The property is located at 100 Monroe Center Street Northwest 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: Landmark, fully‑leased mixed‑use investment property.; Prime downtown Grand Rapids location at the corner of Monroe Center St and Ottawa Ave.; Strong Net Operating Income (NOI) of $733,671.
