Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    124 Fulton St East Grand Rapids, MI 49503

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $16 SF/Yr

    Versatile office suites in the iconic Loraine Building.

    We can help!

    Listing Contact
    Katie Lovley
    Source: Bradleyco

    Listing Agent: Katie Lovley

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Downtown Grand Rapids Office

    Located in the heart of Downtown Grand Rapids, the historic Loraine Building at 124 East Fulton Street offers two office suites on the 3rd floor of this six-story property. Suite 1 features 600 square feet of open-concept space, suitable for collaborative work environments. Suite 2 offers 1,450 square feet with two private offices, a kitchenette, and a private restroom. The suites can be leased individually or combined for a total of 2,050 square feet. A shared common restroom is available on the floor. The property has separate metered electric for tenant use. One dedicated parking spot is available for a monthly fee. Temporary guest parking and metered street parking are available. Daily parking is available across Fulton Street for a separate fee. The Loraine Building is suitable for architecture firms, financial services, technology companies, or other professional office uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Post Associates Architect Tax Resolution Specialists ... Tax Consultant CertifID Software Company Reeder Murphy, P.C. Attorney West MI Roots Real Estate Agent

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Law Firm Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.66558
    Latitude
    42.962834

    Nearby Similar for Lease

    • $10 SF/Yr
      5,000 SF

      Two-Story Office Building For Rent

      Two-story office building with elevator and handicap access for rent.
      825 Leonard St NE, Grand Rapids, MI 49503
      View Details
    • $18 SF/Yr
      5,311 SF

      Goei Center Office Space

      Historic Grand Rapids office space with modern amenities for lease.
      818 Butterworth St SW, Grand Rapids, MI 49504
      View Details
    • $17 SF/Yr
      2,480 SF

      Grand Rapids Restaurant Ready Space

      Fully built-out restaurant space within a busy, well-established hotel.
      6569 Clay Ave SW, Grand Rapids, MI 49548
      View Details
    • $19 SF/Yr
      1,760 SF

      Grand Rapids Commercial Building For Lease

      Free-standing commercial building in vibrant Grand Rapids corridor.
      1052 Wealthy St SE, Grand Rapids, MI 49506
      View Details
    • $19 SF/Yr
      3,126 SF

      Modern Retail Suites on Cesar Chavez

      New retail suites in a growing Grand Rapids commercial district.
      1010 E Chavez Ave SW, Grand Rapids, MI 49503
      View Details
    • $7 SF/Yr
      Pending

      Versatile Commercial Space, Grand Rapids

      Office and warehouse space with loading dock in Grand Rapids.
      833 Ottawa Ave NW, Grand Rapids, MI 49503
      View Details
    • $9 SF/Yr
      9,696 SF

      Grand Rapids Commercial Building For Rent

      Commercial building for rent in Grand Rapids, Michigan.
      1001 S Unit, Grand Rapids, MI 49507
      View Details
    • $19 SF/Yr
      4,505 SF

      Grand Rapids Class A Office

      Class A office space available for lease in Grand Rapids.
      5211 Cascade Rd SE, Grand Rapids, MI 49546
      View Details
    • $16 SF/Yr
      3,707 SF

      Grand Rapids Commercial Lease Opportunity

      Open-box commercial space in high-traffic Grand Rapids location.
      1163 Giddings Ave SE, Grand Rapids, MI 49506
      View Details
    • $14 SF/Yr
      2,000 SF

      Grand Rapids Retail/Manufacturing Space

      2,000 sq ft space suitable for retail or manufacturing.
      1612 Diamond Ave NE, Grand Rapids, MI 49505
      View Details
    • $17 SF/Yr
      45,784 SF

      Grand Rapids Class A Office

      Class A office space available for lease in Grand Rapids.
      5211 Cascade Rd SE, Grand Rapids, MI 49546
      View Details
    • $9 SF/Yr
      9,696 SF

      Grand Rapids Commercial Building ForRent

      Commercial building in Grand Rapids, MI, with ample parking.
      1001 S Unit, Grand Rapids, MI 49507
      View Details

    FAQs

    What type of property is this?
    Office space - Versatile office suites in the iconic Loraine Building.
    Where is this office space located?
    The property is located at 124 Fulton St East Grand Rapids, MI.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: - Prime downtown Grand Rapids location in the historic Loraine Building.; - Flexible suite options: Choose from 600 SF open-concept or 1,450 SF with private offices/kitchenette/restroom, or combine for 2,050 SF.; - Versatile space suitable for architecture firms, financial services, and technology companies.
    (616) 889-9217
    Request Owner's contact information
    124 Fulton St East 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.
    124 Fulton St East
    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
    124 Fulton St East 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
    Katie Lovley
    Real Estate License ID: #6501411222
    (616) 889-9217
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.