Restored Loft Office
For Sale
$795,000
120 Stevens St SW, Grand Rapids, MI 49507
Renovated workspace includes collaborative areas, private offices, a café, smart systems, and on-site parking.
Property Size3,911 SF
Price / SF$203.27
Days on Market77
Property Features for 120 Stevens St SW
General Information
Standard status
Active
Size
3,911 SF
Total Parking Spaces
12
Property subtype
Office
Zoning
TBA
Additional Details
Furnished
Yes
Highway Access
Yes
Amenities
café
private offices
collaborative work areas
multiple entrances
smart building technology
Water
Sewer
Building Details
Year Built
1925
Year Renovated
2014
Buildings
1
Construction
industrial loft
Listing Agency:
NAI Wisinski of West Michigan
Listed By:
Hillary Taatjes Woznick · License #6501357172
(616) 862-1179
Source:
Carwm.resimplifi
Added: Jul 30
Changed: Oct 5
Last Checked: Oct 12 at 4:39PM
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
Investment Insights
Based on property information with market context.
Originally constructed in 1925 as a paint factory, the building was renovated in 2014 and now provides 3,911 SF of office space. The interior combines exposed architectural details with modern finishes, natural light, premium furnishings, and technology supporting thermostats, lighting, speakers, and computer networking. Its flexible arrangement includes private offices, shared work areas, a café, and multiple entrances, with 12 on-site parking spaces.
The property is located at 120 Stevens St SW in Grand Rapids, near US-131 and within a mixed-use neighborhood. TBA zoning is identified for the property. The configuration supports either an owner-occupant or a multi-tenant office arrangement, with distinct work settings that can accommodate both individual and collaborative use.
The property is located at 120 Stevens St SW in Grand Rapids, near US-131 and within a mixed-use neighborhood. TBA zoning is identified for the property. The configuration supports either an owner-occupant or a multi-tenant office arrangement, with distinct work settings that can accommodate both individual and collaborative use.
Key Highlights
- 3,911 SF office building originally constructed in 1925
- Renovated in 2014 from a former paint factory
- Flexible layout with private offices, collaborative areas, café, and multiple entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,554
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$731,080
$731.1K
Cap Rate 7%
$522,200
$522.2K
Cap Rate 9%
$406,156
$406.2K
Market Conditions
NOI Build-Up for 3,911 SF
Gross rent
$62.9K $16.08/SF
− Vacancy
−$14.1K −$3.62/SF
EGI
$48.7K $12.46/SF
− OpEx
−$12.2K −$3.12/SF
NOI
$36.6K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$731,080
Cap Rate 7%
$522,200
Cap Rate 9%
$406,156
Alternative Uses
Best Use
Office B
$522.2K
$456.9K – $609.2K
NOI $36,554 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$907.6K
$794.2K – $1.06M
NOI $63,534 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 49507, MI
38,137
Population
13,773
Households
2.8
Avg Household Size
30
Median Age
27%
College-Educated
78%
High-School Grad
5.5 sq mi
ZIP Area
6,934
Density / Sq Mi
$56,578
Median Household Income
$34,939
Median Earnings
$1,114
Median Rent
$179,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Renovated workspace includes collaborative areas, private offices, a café, smart systems, and on-site parking.
Where is this office building located?
The property is located at 120 Stevens St SW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 3,911 SF office building originally constructed in 1925; Renovated in 2014 from a former paint factory; Flexible layout with private offices, collaborative areas, café, and multiple entrances
