Storefront Property with Theater
For Sale
$1,395,000
Pending
11699 Northland Dr NE, Rockford, MI 49341
C-2-zoned commercial building on a multi-acre site with prominent positioning near US-131.
Property Size12,301 SF
Lot Size3.25 Acres
Days on Market75
Property Features for 11699 Northland Dr NE
General Information
Standard status
Pending
Size
12,301 SF
Total Parking Spaces
160
Lot size
3.25 Acres
Property subtype
Retail
Zoning
C-2
Site & Location
Corner Location
Yes
Traffic Count
17,381 vehicles/day
Highway Access
Yes
Road Access
Yes
Amenities
160 Parking Spaces
Building Details
Year Built
2001
Buildings
1
Listing Agency:
Liv Communities
(616) 293-1484
Listed By:
Charles May · License #6501292456
(616) 293-1484
Source:
Carwm.resimplifi
Added: Jun 17
Changed: Aug 29
Last Checked: Aug 30 at 1:10PM
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 Liv Communities
Investment Insights
Based on property information with market context.
This 12,301-square-foot commercial building was constructed in 2001 and has historically supported movie theater operations. The property occupies 3.25 acres and is designated C-2, providing a storefront-oriented commercial setting at the southwest corner of M-57 and Northland Drive NE.
The site is approximately 1/2 mile east of US-131, with access positioned for travel between Greenville, Grand Rapids, Rockford, and Cedar Springs. M-57 carries 17,381 cars per day. Surrounding commercial businesses include a Subway, automobile dealership, auto service and collision center, and powersports operation. The location, acreage, building size, and existing commercial context support evaluation for a range of uses consistent with the property’s zoning.
The site is approximately 1/2 mile east of US-131, with access positioned for travel between Greenville, Grand Rapids, Rockford, and Cedar Springs. M-57 carries 17,381 cars per day. Surrounding commercial businesses include a Subway, automobile dealership, auto service and collision center, and powersports operation. The location, acreage, building size, and existing commercial context support evaluation for a range of uses consistent with the property’s zoning.
Key Highlights
- 12,301‑square‑foot commercial building constructed in 2001
- 3.25‑acre commercial site at the southwest corner of M‑57 and Northland Drive NE
- C‑2 zoning
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
$127,695
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
9.15%
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%
$2,553,900
$2.6M
Cap Rate 7%
$1,824,214
$1.8M
Cap Rate 9%
$1,418,833
$1.4M
Market Conditions
NOI Build-Up for 12,301 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
$190.4K $15.48/SF
− Vacancy
−$8.0K −$0.65/SF
EGI
$182.4K $14.83/SF
− OpEx
−$54.7K −$4.45/SF
NOI
$127.7K $10.38/SF
Area
Kent County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$2,553,900
Cap Rate 7%
$1,824,214
Cap Rate 9%
$1,418,833
Alternative Uses
Best Use
Retail
$1.82M
$1.60M – $2.13M
NOI $127,695 @ 7.0% cap · market cap 9.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,008 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17,381 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
144
Businesses Nearby
40k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 38%
Exxon
Shops & Services
24,840 visits/mo
0.1 miles
Burger King
Dining
11,328 visits/mo
0.1 miles
SUBWAY
Dining
3,618 visits/mo
0.2 miles
Demographics for 49341, MI
38,250
Population
15,070
Households
2.5
Avg Household Size
39
Median Age
49%
College-Educated
97%
High-School Grad
84.5 sq mi
ZIP Area
453
Density / Sq Mi
$112,932
Median Household Income
$57,775
Median Earnings
$1,251
Median Rent
$347,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - C-2-zoned commercial building on a multi-acre site with prominent positioning near US-131.
Where is this storefront property located?
The property is located at 11699 Northland Dr NE Rockford, MI.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 12,301‑square‑foot commercial building constructed in 2001; 3.25‑acre commercial site at the southwest corner of M‑57 and Northland Drive NE; C‑2 zoning
