Grocery-Anchored Retail
For Sale
$925,000
6511 28th Street Southeast, Grand Rapids, MI 49546
For-sale grocery-anchored retail center with easy access, suited for neighborhood retail and financial uses.
Property Size2,503 SF
Lot Size0.76 Acres
Price / SF$369.56
Days on Market80
Property Features for 6511 28th Street Southeast
General Information
Standard status
Active
Size
2,503 SF
Lot size
0.76 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 2:07PM
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.
This for-sale grocery-anchored retail center offers 2,503 SF on 0.76 acres. The property is positioned as a retail option within a shopping center environment, with the grocery anchor providing a built-in draw for day-to-day shopping traffic.
Located at 6511 28th Street Southeast in Grand Rapids, MI 49546, the center is described as having easy access. The available information also notes activity involving Fifth Third and Comerica transactions tied to a financial institution deed restriction, with those sales not closing until September.
The asset is a practical fit for buyers or operators seeking a retail configuration anchored by grocery, where day-to-day consumer traffic is supported by the center’s existing tenant mix. Because the remarks reference deed restrictions associated with financial institutions, this property may be particularly relevant for plans involving bank or other financial services, or for stakeholders coordinating with the referenced Fifth Third and Comerica timing requirements.
Located at 6511 28th Street Southeast in Grand Rapids, MI 49546, the center is described as having easy access. The available information also notes activity involving Fifth Third and Comerica transactions tied to a financial institution deed restriction, with those sales not closing until September.
The asset is a practical fit for buyers or operators seeking a retail configuration anchored by grocery, where day-to-day consumer traffic is supported by the center’s existing tenant mix. Because the remarks reference deed restrictions associated with financial institutions, this property may be particularly relevant for plans involving bank or other financial services, or for stakeholders coordinating with the referenced Fifth Third and Comerica timing requirements.
Key Highlights
- Grocery‑anchored retail center with 2,503 SF and 0.76 acres
- Strong demographics and easy access, suited for neighborhood retail and financial uses
- Financial Institution deed restriction applies to all Fifth Third/Comerica sales; closings won’t occur 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
$40,661
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
4.40%
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%
$813,220
$813.2K
Cap Rate 7%
$580,871
$580.9K
Cap Rate 9%
$451,789
$451.8K
Market Conditions
NOI Build-Up for 2,503 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
$57.1K $22.80/SF
− Vacancy
−$2.9K −$1.14/SF
EGI
$54.2K $21.66/SF
− OpEx
−$13.6K −$5.42/SF
NOI
$40.7K $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%
$813,220
Cap Rate 7%
$580,871
Cap Rate 9%
$451,789
Alternative Uses
Best Use
Specialty Retail
$580.9K
$508.3K – $677.7K
NOI $40,661 @ 7.0% cap · market cap 4.40%
Second Best
Retail
$518.3K
$453.5K – $604.7K
NOI $36,283 @ 7.0% cap · market cap 3.92%
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
509
Businesses Nearby
348k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 43%
Dining 27%
Shops & Services 21%
Hotels & Casinos 4%
Meijer
Groceries
131,843 visits/mo
0.1 miles
Meijer Gas Station
Shops & Services
45,160 visits/mo
0.3 miles
Chick-fil-A
Dining
36,430 visits/mo
0.3 miles
Gordon Food Service
Groceries
18,671 visits/mo
0.4 miles
Citgo
Shops & Services
16,617 visits/mo
0.5 miles
Demographics for 49546, MI
35,536
Population
13,561
Households
2.6
Avg Household Size
38
Median Age
61%
College-Educated
96%
High-School Grad
17.9 sq mi
ZIP Area
1,985
Density / Sq Mi
$97,386
Median Household Income
$48,008
Median Earnings
$1,275
Median Rent
$389,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Target Grocery — 5120 28th St SE, Grand Rapids, MI 49512
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - For-sale grocery-anchored retail center with easy access, suited for neighborhood retail and financial uses.
Where is this grocery and convenience store located?
The property is located at 6511 28th Street Southeast Grand Rapids, MI.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Grocery‑anchored retail center with 2,503 SF and 0.76 acres; Strong demographics and easy access, suited for neighborhood retail and financial uses; Financial Institution deed restriction applies to all Fifth Third/Comerica sales; closings won’t occur until September
