Freestanding Office Building
For Sale
$1,500,000
1750 Leonard St NE, Grand Rapids, MI 49505
Well-maintained freestanding office building with a renovated main level, lower-level support space, and 60 parking spaces.
Property Size7,500 SF
Price / SF$200
Days on Market29
Property Features for 1750 Leonard St NE
General Information
Standard status
Active
Size
7,500 SF
Total Parking Spaces
60
Property subtype
Office
Amenities
training room
break room
storage
monument signage
Building Details
Year Renovated
2019
Listing Agency:
Grand Rapids
(616) 988-5814
Listed By:
Scott Morgan · License #6502112210
(616) 988-5814
Source:
Colliers
Added: Jul 24
Changed: Jul 25
Last Checked: Aug 21 at 3:53AM
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 Grand Rapids
Investment Insights
Based on property information with market context.
This well-maintained freestanding office building offers approximately 7,500 SF of total space, featuring a main level and a lower level totaling 2,500 SF. The lower level includes a training room, break room, and storage. The property was originally expanded and comprehensively renovated in 2019, and the capital improvements include a new roof, mechanical systems updates, and a resurfaced parking lot.
Set in a highly visible corner location at Leonard Street and Plymouth Road, the building benefits from strong street presence and prominent monument signage at the intersection. Ample on-site parking is available with approximately 60 surface spaces.
The combination of updated building systems, dedicated support space, and off-street parking makes this a straightforward, turnkey office asset for an owner-user or investor.
Set in a highly visible corner location at Leonard Street and Plymouth Road, the building benefits from strong street presence and prominent monument signage at the intersection. Ample on-site parking is available with approximately 60 surface spaces.
The combination of updated building systems, dedicated support space, and off-street parking makes this a straightforward, turnkey office asset for an owner-user or investor.
Key Highlights
- 7,500 SF freestanding office building on a corner at Leonard Street and Plymouth Road
- Originally expanded and comprehensively renovated in 2019 with a 5,000 SF addition
- 2019/major capital improvements include a new roof, mechanical systems, and resurfaced parking lot
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
$70,099
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
4.67%
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%
$1,401,980
$1.4M
Cap Rate 7%
$1,001,414
$1.0M
Cap Rate 9%
$778,878
$778.9K
Market Conditions
NOI Build-Up for 7,500 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
$120.6K $16.08/SF
− Vacancy
−$27.1K −$3.62/SF
EGI
$93.5K $12.46/SF
− OpEx
−$23.4K −$3.12/SF
NOI
$70.1K $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%
$1,401,980
Cap Rate 7%
$1,001,414
Cap Rate 9%
$778,878
Alternative Uses
Best Use
Office B
$1.00M
$876.2K – $1.17M
NOI $70,099 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,838 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Explore this area
Business Placement
Demographics for 49505, MI
31,444
Population
14,197
Households
2.2
Avg Household Size
36
Median Age
40%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
3,573
Density / Sq Mi
$71,692
Median Household Income
$43,778
Median Earnings
$1,248
Median Rent
$227,900
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 - Well-maintained freestanding office building with a renovated main level, lower-level support space, and 60 parking spaces.
Where is this office building located?
The property is located at 1750 Leonard St NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,500 SF freestanding office building on a corner at Leonard Street and Plymouth Road; Originally expanded and comprehensively renovated in 2019 with a 5,000 SF addition; 2019/major capital improvements include a new roof, mechanical systems, and resurfaced parking lot
