Turnkey Smoke Shop Retail
For Sale
Contact for pricing
1321 Fulton Street E, Grand Rapids, MI 49503
Turnkey storefront with prominent street frontage and included beer and wine license on a triple-net lease.
Property Size1,122 SF
Price / SF$311.85
Days on Market56
Property Features for 1321 Fulton Street E
General Information
Standard status
Active
Size
1,122 SF
Property subtype
Business for Sale, Retail
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Year Built
1928
Listing Agency:
Keller Williams Professionals
(734) 459-4700
Listed By:
Jeff Glover · License #MI 6501317808
Source:
Crexi
Added: Jun 13
Changed: Jul 10
Last Checked: Aug 6 at 12:20PM
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 Keller Williams Professionals
Investment Insights
Based on property information with market context.
This offering is a turnkey retail business operating as the Drunken Monkey Smoke Shop, presented as a business opportunity for sale and not including the real estate. The storefront includes a manageable retail footprint and offers a broad in-store product selection, including vapes, disposables, glassware, and smoking accessories, as well as groceries and botanical products such as Kratom. The business includes a Beer and Wine License, and it also features an on-site Coinhub Bitcoin ATM partnership. Financial details, lease terms, and a full asset inventory are available upon signing a Non-Disclosure Agreement (NDA).
The business is situated on Fulton Street with 20 linear feet of prominent street frontage, positioned within the Midtown and Uptown business corridors. The location is near I-196 and downtown Grand Rapids, supporting access for both commuters and neighborhood pedestrians.
For the right operator, this configuration supports a ready-to-run retail model centered on established category sales and license-controlled offerings. Please note the buyer assumes the existing lease and becomes responsible for utilities, and the arrangement is described as a triple net lease. Property tax amount is noted as pending verification and will be updated once confirmed.
The business is situated on Fulton Street with 20 linear feet of prominent street frontage, positioned within the Midtown and Uptown business corridors. The location is near I-196 and downtown Grand Rapids, supporting access for both commuters and neighborhood pedestrians.
For the right operator, this configuration supports a ready-to-run retail model centered on established category sales and license-controlled offerings. Please note the buyer assumes the existing lease and becomes responsible for utilities, and the arrangement is described as a triple net lease. Property tax amount is noted as pending verification and will be updated once confirmed.
Key Highlights
- Highly visible retail storefront with 20 linear feet of prominent street frontage on Fulton Street
- Beer and Wine License included with the business offering
- Established retail operation includes inventory mix such as vapes, disposables, glassware, smoking accessories, groceries, and botanical products like Kratom
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
$16,264
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
4.65%
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%
$325,280
$325.3K
Cap Rate 7%
$232,343
$232.3K
Cap Rate 9%
$180,711
$180.7K
Market Conditions
NOI Build-Up for 1,122 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
$24.6K $21.96/SF
− Vacancy
−$1.4K −$1.25/SF
EGI
$23.2K $20.71/SF
− OpEx
−$7.0K −$6.21/SF
NOI
$16.3K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$325,280
Cap Rate 7%
$232,343
Cap Rate 9%
$180,711
Alternative Uses
Best Use
Retail
$232.3K
$203.3K – $271.1K
NOI $16,264 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$260.4K
$227.8K – $303.8K
NOI $18,227 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
1,494
Businesses Nearby
10k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 81%
Electronics 19%
Goodwill
Apparel
7,832 visits/mo
0.5 miles
T-Mobile
Electronics
1,273 visits/mo
0.5 miles
Boost Mobile
Electronics
520 visits/mo
0.5 miles
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Turnkey storefront with prominent street frontage and included beer and wine license on a triple-net lease.
Where is this storefront property located?
The property is located at 1321 Fulton Street E Grand Rapids, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Highly visible retail storefront with 20 linear feet of prominent street frontage on Fulton Street; Beer and Wine License included with the business offering; Established retail operation includes inventory mix such as vapes, disposables, glassware, smoking accessories, groceries, and botanical products like Kratom
