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 Market32
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
(616) 862-1179
Listed By:
Hillary Taatjes Woznick · License #6501394346
(616) 862-1179
Source:
Carwm.resimplifi
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 29 at 1:36PM
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 = 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
$36,554
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
4.60%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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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
