Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    59 Commerce Avenue Southwest Grand Rapids, MI 49503

    Sponsored
    For Sale
    $799,000

    Downtown Grand Rapids investment opportunity. Renovation ready.

    Property size:
    4,545 SF

    Property Features for 59 Commerce Avenue Southwest

    General Information

    Property type
    Other investment properties
    Square Feet
    4,545 SF
    Price / Square Foot
    $175
    Class
    C
    Elevators
    N/A
    Lot Size
    5,227 SF

    Building Details

    Year Built
    1920

    Overview

    Heartside District Commercial Renovation Opportunity

    Located at 59 Commerce Avenue Southwest in Grand Rapids, Michigan, this 4,545 square foot commercial property offers an investment opportunity in the Heartside District. The building features high ceilings and a receiving area with an overhead door. A recent demolition has left the space ready for customization. A 2023 Phase 1 environmental site assessment and survey are available. The property is near Stella's Lounge, Hotel Mertens, Lambert Edwards Public Relations, and The Pyramid Scheme. A new multi-story development is planned for the adjacent lot. Two parking ramps and market-rate apartments are within one block, while Peppino's, Luna, a new indoor golf facility, and Studio Park are within two blocks. The 0.12-acre lot allows for future expansion or outdoor amenities.

    We can help!

    Listing Contact
    Jason Carpenter

    Learn more

    Property Insight Report

    HighLights

    • 4,545 square foot commercial space in Grand Rapids' Heartside District, ideal for renovation.
    • Prime location near popular restaurants, hotels, and entertainment venues.
    • Phase 1 survey from 2023 available, streamlining the purchase process.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ford Tree Service Landscaping

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Law Firm Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    State
    Michigan
    Longitude
    -85.669475
    Latitude
    42.961543

    Nearby Similar for Sale

    • $897,500
      0.36 Acres

      Historic Grand Rapids Multifamily Property

      Spacious, historic multifamily home in Grand Rapids' Heritage Hill district.
      400 Fulton St E, Grand Rapids, MI 49503
      View Details
    • $799,999
      Pending

      Mixed-Use Block in Grand Rapids

      Seven buildings with apartments, commercial units, and a single-family home.
      1200-1210 White St NW, Grand Rapids, MI 49504
      View Details
    • $499,900
      0.10 Acres

      East Grand Rapids Multifamily Property

      Two-unit building in prime East Grand Rapids location.
      437 Rosewood Ave SE, Grand Rapids, MI 49506
      View Details
    • $930,000
      Pending

      Renovated Two-Unit Home Near Downtown

      Spectacularly renovated two-unit home near Heritage Hill and downtown.
      643 Madison Ave SE, Grand Rapids, MI 49503
      View Details
    • $330,000
      Pending

      Grand Rapids Home with Rental Suite

      Spacious Grand Rapids home with suite and historic charm.
      1019 Calvin Ave SE, Grand Rapids, MI 49506
      View Details
    • $314,999
      Pending

      Multifamily Property in Grand Rapids

      Multifamily property with two units near downtown Grand Rapids.
      1014 Jennette Ave NW, Grand Rapids, MI 49504
      View Details
    • $2,298,000
      Pending

      Eastown Grand Rapids Liquor Store

      Iconic liquor store with apartment in vibrant Eastown neighborhood.
      1485-1489 Lake Dr SE, Grand Rapids, MI 49506
      View Details
    • $249,900
      Pending

      Grand Rapids Church with Potential

      Spacious church with conversion potential in a desirable location.
      602 Lafayette Ave NE, Grand Rapids, MI 49503
      View Details
    • $439,900
      Pending

      Grand Rapids Multifamily Property

      Multifamily property for sale in Grand Rapids, Michigan.
      1222 Wealthy St SE, Grand Rapids, MI 49506
      View Details
    • $1,200,000
      10,000 SF

      Fulton Street Business District Opportunity

      Corner lot with existing buildings and development potential.
      935 Fulton St E, Grand Rapids, MI 49503
      View Details
    • $584,900
      8,446 SF

      Versatile Commercial Property, Grand Rapids

      Mixed-use property with strong income potential and flexible business options.
      4000 Remembrance Rd NW, Grand Rapids, MI 49534
      View Details
    • $1,050,000
      4,614 SF

      Versatile Commercial Building in Grand Rapids

      Renovated commercial building with retail and apartment income potential.
      953 Fulton St E, Grand Rapids, MI 49503
      View Details

    FAQs

    What type of property is this?
    Investment property - Downtown Grand Rapids investment opportunity. Renovation ready.
    Where is this investment property located?
    The property is located at 59 Commerce Avenue Southwest Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: 4,545 square foot commercial space in Grand Rapids' Heartside District, ideal for renovation.; Prime location near popular restaurants, hotels, and entertainment venues.; Phase 1 survey from 2023 available, streamlining the purchase process.
    (616) 334-2630
    Request Owner's contact information
    59 Commerce Avenue Southwest Grand Rapids, MI 49503
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    59 Commerce Avenue Southwest
    Grand Rapids, MI 49503
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    59 Commerce Avenue Southwest Grand Rapids, MI 49503
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jason Carpenter
    (616) 334-2630
    Learn more
    Google sign-in failed. Please try again or use another login method.