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Historic Downtown Grand Rapids Building

120 Ottawa Ave NW, Grand Rapids, MI 49503

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For Sale

$6,350,000

Five-story building with premier space and attached parking ramp.

Type:Commercial

Property size:

35,487 SF

Price / SF:

$178/SF

HighLights

Prime downtown Grand Rapids location in a historic building
Multi‑story building with substantial square footage (over 43,000 sf) suitable for diverse uses
Building in great condition with updated mechanicals and technology
Existing leases on multiple floors provide immediate income
Direct access to attached parking ramp
High walkability and bikeability scores (77 and 71 respectively)

We can help!

Listing Contact

Gerald Feenstra

Learn more

For Sale

$6,350,000

Five-story building with premier space and attached parking ramp.

Type:Commercial

Property size:

35,487 SF

Price / SF:

$178/SF

Added:: Apr 24, 2026
Days on Market:: 58
Last Refresh:: Apr 24 at 4:30 pm

Property Features for 120 Ottawa Ave NW

General Information

Standard status: Active
Size: 35,487 SF
Property subtype: Commercial

Building Details

Year Built: 1956

We can help!

Listing Contact

Gerald Feenstra

Listing agent Gerald Feenstra

Listing office RE/MAX of Grand Rapids

Listing date Apr 24, 2026

Source Elliman

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 RE/MAX of Grand Rapids

HighLights

Prime downtown Grand Rapids location in a historic building
Multi‑story building with substantial square footage (over 43,000 sf) suitable for diverse uses
Building in great condition with updated mechanicals and technology
Existing leases on multiple floors provide immediate income
Direct access to attached parking ramp
High walkability and bikeability scores (77 and 71 respectively)

Overview

Located in downtown Grand Rapids, the former historic Peninsular Club building offers an extraordinary opportunity. This five-story building is in great condition, featuring updated technology and mechanicals. It includes direct access to an attached parking ramp. The main floor comprises 6457 square feet and is currently leased. The second and third floors each offer 5825 square feet of event and leisure space, suitable for entertaining and catered events. The fourth floor provides 11,386 square feet of office space, which is currently occupied. The fifth floor also contains occupied office space, measuring 6494 square feet. The basement, spanning 7229 square feet, is primarily used for storage. The building has a bike score of 71, indicating it is very bikeable, and a walk score of 77, meaning it is very walkable. The transit score is 50, indicating good transit options.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$570.6k	$16.08
− Vacancy	−$128.4k	−$3.62
EGI	$442.2k	$12.46
− OpEx	−$110.6k	−$3.12
NOI	$331.7k	$9.35

35,487 SF · lease $16.08/SF/yr · vacancy 22.50% · expense 25.00%

Alternative Uses

Best Use

Office B

$4.74M

$4.15M – $5.53M (±1% cap)

NOI $331,679 @ 7.0% cap · market cap 5.22%

Second Best

—

no second resolved use

Theoretical Best

Specialty Retail

$8.24M

$7.21M – $9.61M (±1% cap)

NOI $576,486 @ 7.0% cap · market cap 9.08%

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

Location Intelligence

Current Use by Public Records

Studio Park(ing) Parking Lot & Garage

Suggested Use

Location Insight

Map
Local Demand

City: Grand Rapids
County: Kent
State: Michigan
Longitude: -85.66998
Latitude: 42.965678

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For sale
Office buildings
MI
Grand Rapids
49503
120 Ottawa Ave NW

What type of property is this?

Office building - Five-story building with premier space and attached parking ramp.

Where is this office building located?

The property is located at 120 Ottawa Ave NW Grand Rapids, MI.

What is the asking price?

The asking price for this property is $6,350,000.

What are key features of this property?

This property features: Prime downtown Grand Rapids location in a historic building; Multi‑story building with substantial square footage (over 43,000 sf) suitable for diverse uses; Building in great condition with updated mechanicals and technology