C3-Zoned Restaurant
For Sale
$1,740,800
3333 28th St SE, Kentwood, MI 49512
Restaurant property with C3 zoning and an existing building.
Property Size6,483 SF
Price / SF$268.52
Days on Market709
Property Features for 3333 28th St SE
General Information
Standard status
Active
Size
6,483 SF
Property subtype
Retail
Zoning
C3
Building Details
Year Built
1970
Listing Agency:
NAI Wisinski of West Michigan
(616) 304-6124
Listed By:
Robert Lotzar
(616) 304-6124
Source:
Carwm.resimplifi
Added: Sep 23, 2024
Changed: Aug 31
Last Checked: Aug 31 at 1:49PM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This conventional restaurant property includes a 6,483-square-foot building constructed in 1970. The asset is identified for restaurant use and carries C3 zoning.
Located at 3333 28th St SE in Kentwood, Michigan, the property is situated within the 49512 ZIP code. Its existing restaurant improvements provide a defined commercial building for continued restaurant operations or evaluation under the applicable zoning framework.
Located at 3333 28th St SE in Kentwood, Michigan, the property is situated within the 49512 ZIP code. Its existing restaurant improvements provide a defined commercial building for continued restaurant operations or evaluation under the applicable zoning framework.
Key Highlights
- 6,483‑square‑foot restaurant building
- C3 zoning
- Constructed in 1970
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
$72,106
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
4.14%
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%
$1,442,120
$1.4M
Cap Rate 7%
$1,030,086
$1.0M
Cap Rate 9%
$801,178
$801.2K
Market Conditions
NOI Build-Up for 6,483 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
$100.4K $15.48/SF
− Vacancy
−$4.2K −$0.65/SF
EGI
$96.1K $14.83/SF
− OpEx
−$24.0K −$3.71/SF
NOI
$72.1K $11.12/SF
Area
Kent County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$1,442,120
Cap Rate 7%
$1,030,086
Cap Rate 9%
$801,178
Alternative Uses
Best Use
Specialty Retail
$1.03M
$901.3K – $1.20M
NOI $72,106 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,167 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
732k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 41%
Shops & Services 20%
Dining 19%
Home Improvements & Furnishings 11%
JCPenney
Apparel
85,610 visits/mo
0.3 miles
Barnes & Noble
Shops & Services
53,199 visits/mo
0.2 miles
Macy's
Apparel
50,845 visits/mo
0.4 miles
The Cheesecake Factory
Dining
45,891 visits/mo
0.2 miles
Whole Foods Market
Groceries
43,873 visits/mo
0.4 miles
Demographics for 49512, MI
18,558
Population
8,870
Households
2.1
Avg Household Size
33
Median Age
38%
College-Educated
91%
High-School Grad
23.0 sq mi
ZIP Area
807
Density / Sq Mi
$70,955
Median Household Income
$41,538
Median Earnings
$1,229
Median Rent
$279,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property with C3 zoning and an existing building.
Where is this conventional restaurant located?
The property is located at 3333 28th St SE Kentwood, MI.
What is the asking price?
The asking price for this property is $1,740,800.
What are key features of this property?
This property features: 6,483‑square‑foot restaurant building; C3 zoning; Constructed in 1970
