Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    89 Ionia Ave NW Grand Rapids, MI 49503

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,250,000

    Office building in the heart of Grand Rapids' Central Business District.

    Building Details

    Year built
    1916

    We can help!

    Listing Contact
    Chip Bowling
    Source: Bradleyco

    Listing Agent: Chip Bowling

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

    Learn more

    Overview

    Cornerstone Building in Central Business District

    The Cornerstone Building is located on the corner of Ionia and Fountain, in the heart of the Grand Rapids Central Business District. The property has undergone a complete renovation on the 6th, 5th and 4th floors. The 1st, 2nd and 3rd floors are available for lease. The building is surrounded by restaurants, bars, office users, hotels and many other retail uses. The elevator can open directly into tenant suites for single floor users. Common areas and restrooms have been recently renovated. The property is located in close proximity to VanAndel Arena, GLC Live at 20 Monroe, the Grand Rapids Civic Theatre and Grand Rapids Art Museum. It is suitable as an investment purchase with upside or an owner-occupied long-term investment.
    Location Intelligence

    Current Use by Public Records

    Kanazeh Julienee Y Lawyer Beers Lafayette Insurance Attorney Trust Building Legal ... Legal Services Retirement Wealth Advisors Financial Planner FormulaFolios Financial Institution

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center 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
    -85.6693411
    Latitude
    42.9652868

    Nearby Similar for Sale

    • $897,500
      0.36 Acres

      Historic Grand Rapids Multifamily Property

      Spacious, historic multifamily home in Grand Rapids' Heritage Hill district.
      400 Fulton St E, Grand Rapids, MI 49503
      View Details
    • $1,749,900
      Pending

      Historic Boutique Hotel Opportunity

      Turn-key boutique hotel in downtown Grand Rapids with luxury suites.
      22 Jefferson Ave SE, Grand Rapids, MI 49503
      View Details
    • $799,999
      0.17 Acres

      Mixed-Use Block in Grand Rapids

      Seven buildings with apartments, commercial units, and a single-family home.
      1200-1210 White St NW, Grand Rapids, MI 49504
      View Details
    • $930,000
      Pending

      Renovated Two-Unit Home Near Downtown

      Spectacularly renovated two-unit home near Heritage Hill and downtown.
      643 Madison Ave SE, Grand Rapids, MI 49503
      View Details
    • $330,000
      0.11 Acres

      Grand Rapids Home with Rental Suite

      Spacious Grand Rapids home with suite and historic charm.
      1019 Calvin Ave SE, Grand Rapids, MI 49506
      View Details
    • $2,298,000
      Pending

      Eastown Grand Rapids Liquor Store

      Iconic liquor store with apartment in vibrant Eastown neighborhood.
      1485-1489 Lake Dr SE, Grand Rapids, MI 49506
      View Details
    • $249,900
      Pending

      Grand Rapids Church with Potential

      Spacious church with conversion potential in a desirable location.
      602 Lafayette Ave NE, Grand Rapids, MI 49503
      View Details
    • $439,900
      Pending

      Grand Rapids Multifamily Property

      Multifamily property for sale in Grand Rapids, Michigan.
      1222 Wealthy St SE, Grand Rapids, MI 49506
      View Details
    • $634,900
      8,446 SF

      Versatile Commercial Property, Grand Rapids

      Five rentable units with income potential in Grand Rapids, MI.
      4000 Remembrance Rd NW, Grand Rapids, MI 49534
      View Details
    • $1,050,000
      4,614 SF

      Versatile Commercial Building in Grand Rapids

      Renovated commercial building with retail and apartment income potential.
      953 Fulton St E, Grand Rapids, MI 49503
      View Details
    • $337,900
      Pending

      Updated Duplex in Grand Rapids

      Modernized two-family home with off-street parking and garage.
      27 Rose St SW, Grand Rapids, MI 49507
      View Details
    • $385,000
      Pending

      Grand Rapids Multifamily Investment Opportunity

      Two-unit property with additional studio apartment near Wealthy Street Corridor.
      607 Fuller Ave SE, Grand Rapids, MI 49506
      View Details

    FAQs

    What type of property is this?
    Office building - Office building in the heart of Grand Rapids' Central Business District.
    Where is this office building located?
    The property is located at 89 Ionia Ave NW Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $4,250,000.
    What are key features of this property?
    This property features: - Prime location in the heart of the Grand Rapids Central Business District.; - Opportunity for investment purchase with upside or owner-occupied long-term investment.; - Recently renovated 6th, 5th, and 4th floors.
    (616) 915-9080
    Request Owner's contact information
    89 Ionia Ave NW 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.
    89 Ionia Ave NW
    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
    89 Ionia Ave NW 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
    Chip Bowling
    (616) 915-9080
    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.