Modern Industrial Office
1007 Lake Dr SE Grand Rapids, MI 49506
For Sale
Contact for pricing
Two combined office condo units totaling 2,488 SF with an open layout, conference room, and private rooftop deck.
Property Size2,488 SF
Price / SF$333.20
Days on Market120
Property Features for 1007 Lake Dr SE
General Information
- Standard status
- Active
- Size
- 2,488 SF
- Property subtype
- Office
Listing Agency:
NAI Wisinski of West Michigan - Grand Rapids
Listed By:
Douglas Taatjes · License #MI 6502343179
Source:
Crexi
Added: Mar 27
Changed: Jul 23
Last Checked: Jul 23 at 4:56AM
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 NAI Wisinski of West Michigan - Grand Rapids
Investment Insights
Based on property information with market context.
This modern industrial-style office workspace totals 2,488 SF across two combined commercial condo units. The layout includes a reception area, kitchenette, private office, large conference room, and two restrooms, one of which includes a shower. The space also features a private rooftop deck.
Located in the heart of the East Hills neighborhood, the property offers walkable access to nearby restaurants, retail, and other amenities.
The offering includes 7 dedicated parking spaces, supporting convenient day-to-day access for staff and visitors.
Located in the heart of the East Hills neighborhood, the property offers walkable access to nearby restaurants, retail, and other amenities.
The offering includes 7 dedicated parking spaces, supporting convenient day-to-day access for staff and visitors.
Key Highlights
- 2,488 SF across two combined commercial condo units in the East Hills neighborhood
- Open layout with reception area, kitchenette, private office, and large conference room
- Two restrooms, including a shower
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.0k | $16.08 |
| − Vacancy | −$9.0k | −$3.62 |
| EGI | $31.0k | $12.46 |
| − OpEx | −$7.8k | −$3.12 |
| NOI | $23.3k | $9.35 |
2,488 SF · lease $16.08/SF/yr · vacancy 22.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$332.2K
$290.7K – $387.6K
NOI $23,254 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$577.4K
$505.2K – $673.6K
NOI $40,418 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
West Michigan Environmental ...
Charitable Organization
WEMEAC
High School
FAQs
What type of property is this?
Office units - Two combined office condo units totaling 2,488 SF with an open layout, conference room, and private rooftop deck.
Where is this office units located?
The property is located at 1007 Lake Dr SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $829,000.
What are key features of this property?
This property features: 2,488 SF across two combined commercial condo units in the East Hills neighborhood; Open layout with reception area, kitchenette, private office, and large conference room; Two restrooms, including a shower
