Mixed-Use Building in Boston
For Sale
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1353 Kalamazoo Ave SE, Grand Rapids, MI 49507
Two-story mixed-use building in revitalizing Boston Square neighborhood.
Property Size4,095 SF
Price / SF$148.96
Days on Market1072
Property Features for 1353 Kalamazoo Ave SE
General Information
Standard status
Active
Size
4,095 SF
Property subtype
Retail, Mixed Use
Zoning
TN-TBA
Building Details
Year Built
1910
Year Renovated
1960
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Signature Associates Grand Rapids
Listed By:
Joe Rizqallah · License #MI
(616) 235-0900
Source:
Crexi
Added: Sep 29, 2023
Changed: Aug 31
Last Checked: Aug 31 at 6:38PM
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 Signature Associates Grand Rapids
Investment Insights
Based on property information with market context.
This two-story mixed-use building is located in the heart of Boston Square, which is part of Grand Rapids Amplify 2.0’s neighborhood revitalization project. Zoned TN-TBA, the property offers an opportunity to live and work within a growing community. It is suitable as an investment property and ideal for businesses such as a coffee shop, cafe, restaurant, or clothing store. The building features ample street parking and two points of entry and exit. A new furnace was installed in 2017, and a new AC/HVAC system, tankless water heater, and roof were installed in 2018. The roof has a 15-year transferable warranty. The second floor contains two 2-bedroom, one-bath units. One unit is vacant, and the other is occupied. The property size is 4095 square feet.
Key Highlights
- Zoned TN‑TBA, suitable for diverse commercial and residential uses, including live/work spaces, cafes, retail, and investment opportunities.
- Located in Boston Square, benefiting from the Grand Rapids Amplify 2.0 neighborhood revitalization project.
- Two 2‑bedroom, 1‑bath units on the second floor (one vacant, one occupied).
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
$45,209
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
7.41%
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%
$904,180
$904.2K
Cap Rate 7%
$645,843
$645.8K
Cap Rate 9%
$502,322
$502.3K
Market Conditions
NOI Build-Up for 4,095 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
$78.6K $19.20/SF
− Vacancy
−$6.3K −$1.54/SF
EGI
$72.3K $17.66/SF
− OpEx
−$27.1K −$6.62/SF
NOI
$45.2K $11.04/SF
Area
Grand Rapids, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$904,180
Cap Rate 7%
$645,843
Cap Rate 9%
$502,322
Alternative Uses
Best Use
Mixed Use
$645.8K
$565.1K – $753.5K
NOI $45,209 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$950.3K
$831.5K – $1.11M
NOI $66,523 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
Explore this area
Business Placement
Demographics for 49507, MI
38,137
Population
13,773
Households
2.8
Avg Household Size
30
Median Age
27%
College-Educated
78%
High-School Grad
5.5 sq mi
ZIP Area
6,934
Density / Sq Mi
$56,578
Median Household Income
$34,939
Median Earnings
$1,114
Median Rent
$179,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building in revitalizing Boston Square neighborhood.
Where is this mixed-use property located?
The property is located at 1353 Kalamazoo Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Zoned TN‑TBA, suitable for diverse commercial and residential uses, including live/work spaces, cafes, retail, and investment opportunities.; Located in Boston Square, benefiting from the Grand Rapids Amplify 2.0 neighborhood revitalization project.; Two 2‑bedroom, 1‑bath units on the second floor (one vacant, one occupied).
