Retail Property with Strong Corridor
For Sale
$775,000
857 4 Mile Road Northwest, Grand Rapids, MI 49544
Retail building on a busy corridor with strong access and signage, offering flexibility for qualified uses.
Property Size2,488 SF
Lot Size0.85 Acres
Price / SF$311.50
Days on Market80
Property Features for 857 4 Mile Road Northwest
General Information
Standard status
Active
Size
2,488 SF
Lot size
0.85 Acres
Property subtype
Retail
Listing Agency:
(616) 799-6629
Listed By:
Russ Bono, CCIM · License #MI 6501380200
(616) 799-6629
Source:
Cbre
Added: Jun 3
Changed: Aug 14
Last Checked: Aug 20 at 8:55AM
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 Russ Bono, CCIM
Investment Insights
Based on property information with market context.
The property is a standalone retail building totaling 2,488 square feet on 0.85 acres. It is positioned along a busy retail corridor and is supported by convenient access and prominent signage.
The site is located at 857 4 Mile Road Northwest in Grand Rapids, Michigan, within a retail-focused stretch described as a busy Alpine Ave retail corridor. The property’s visibility and ease of access are key considerations for businesses seeking exposure to passing shoppers and drivers.
The current public remarks indicate a financial institution deed restriction associated with Fifth Third/Comerica sales, and that those transactions will not close until September. Prospective buyers should review the deed restriction requirements before planning any alternative uses, and confirm eligibility for their specific concept. With its retail configuration, accessible site layout, and corridor signage, the property may be suitable for qualified operators looking for a fixed retail presence with established roadside visibility.
The site is located at 857 4 Mile Road Northwest in Grand Rapids, Michigan, within a retail-focused stretch described as a busy Alpine Ave retail corridor. The property’s visibility and ease of access are key considerations for businesses seeking exposure to passing shoppers and drivers.
The current public remarks indicate a financial institution deed restriction associated with Fifth Third/Comerica sales, and that those transactions will not close until September. Prospective buyers should review the deed restriction requirements before planning any alternative uses, and confirm eligibility for their specific concept. With its retail configuration, accessible site layout, and corridor signage, the property may be suitable for qualified operators looking for a fixed retail presence with established roadside visibility.
Key Highlights
- 2,488 SF retail building on a busy Alpine Ave retail corridor
- 0.85‑acre site with strong access and signage
- Financial institution deed restriction: all Fifth Third/Comerica sales will not close until September
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
$40,418
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
5.22%
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%
$808,360
$808.4K
Cap Rate 7%
$577,400
$577.4K
Cap Rate 9%
$449,089
$449.1K
Market Conditions
NOI Build-Up for 2,488 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
$56.7K $22.80/SF
− Vacancy
−$2.8K −$1.14/SF
EGI
$53.9K $21.66/SF
− OpEx
−$13.5K −$5.42/SF
NOI
$40.4K $16.25/SF
Area
Grand Rapids, MI
Vacancy
5.00%
Lease Rate
$22.80 /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%
$808,360
Cap Rate 7%
$577,400
Cap Rate 9%
$449,089
Alternative Uses
Best Use
Specialty Retail
$577.4K
$505.2K – $673.6K
NOI $40,418 @ 7.0% cap · market cap 5.22%
Second Best
Retail
$515.2K
$450.8K – $601.1K
NOI $36,066 @ 7.0% cap · market cap 4.65%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Explore this area
Business Placement
Demographics for 49544, MI
9,514
Population
4,195
Households
2.3
Avg Household Size
35
Median Age
34%
College-Educated
94%
High-School Grad
19.9 sq mi
ZIP Area
478
Density / Sq Mi
$69,706
Median Household Income
$43,785
Median Earnings
$1,119
Median Rent
$247,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Retail building on a busy corridor with strong access and signage, offering flexibility for qualified uses.
Where is this bank located?
The property is located at 857 4 Mile Road Northwest Grand Rapids, MI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 2,488 SF retail building on a busy Alpine Ave retail corridor; 0.85‑acre site with strong access and signage; Financial institution deed restriction: all Fifth Third/Comerica sales will not close until September
