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    407 Turner Ave NW Grand Rapids, MI 49504

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    For Sale
    $1,475,000

    Prime land in Grand Rapids with development potential.

    Lot size:
    0.32 Acres

    Property Features for 407 Turner Ave NW

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.32 Acres

    Building Details

    Year built
    1963

    We can help!

    Listing Contact
    Frank N Roberts
    Source: Elliman

    Listing Agency: Grand Rapids Realty & Investments LLC Listing Agent: Frank N Roberts

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

    Learn more

    Overview

    Grand Rapids Development Opportunity

    This property presents a development opportunity in Grand Rapids. A new amphitheater and soccer stadium are planned for the area. The Grand Rapids market needs 10,000 new units based on growth stated by the Downtown Development Authority (DDA). The location benefits from a social zone and city incentives for signage, outdoor furniture, heaters, and island barriers, as well as brownfield incentives and tax abatements. New licenses are available for Class C and self-pour breweries. The area is considered a new West Side mini-Chicago district, with waterfront commerce opening upon removal of the fish ladder. There are no parking minimums required, though parking spots are available. The City Center Zoning District allows for up to 20 stories, according to Article 6 and Article 8 of the Zoning regulations. The property's power/voltage is 120/240. The owner is a licensed Realtor in the State of Michigan and open to partnership on development options.
    Location Intelligence

    Current Use by Public Records

    Reyes Auto & Towing ... Auto Repair Shop Guitar Lessons with ... Training Center Frank Roberts, Grand ... Real Estate Agency 407 Turner Ave ... Parking Lot & Garage Commercial Grand Rapids ... Real Estate Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6793244
    Latitude
    42.9710424

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    FAQs

    What type of property is this?
    Commercial land - Prime land in Grand Rapids with development potential.
    Where is this commercial land located?
    The property is located at 407 Turner Ave NW Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $1,475,000.
    What are key features of this property?
    This property features: - City Center Zoning District: Development up to 20 stories allowed.; - Development Incentives: Take advantage of brownfield incentives and tax abatements.; - New Licenses Available: Opportunity for Class C and self-pour brewery licenses.
    (616) 264-3180
    Request Owner's contact information
    407 Turner Ave NW Grand Rapids, MI 49504
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    Grand Rapids, MI 49504
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    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
    407 Turner Ave NW Grand Rapids, MI 49504
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    We can help!
    Listing Contact
    Frank N Roberts
    Real Estate License ID: 6501385632
    (616) 264-3180 (616) 437-1687
    Learn more
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