Building Details

Year Built 1971

Listing Agency: NAI Wisinski of West Michigan

Listed By: Mary Anne Wisinski-Rosely Show Phone

Source: Carwm.resimplifi

Added: Sep 11, 2024 Changed: Oct 8 Last Checked: Oct 20 at 5:14PM

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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

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Investment Insights

Based on property information with market context.

The property, situated near the Michigan and Fuller Interchange, offers convenient access to I-196 and proximity to the Medical Mile. The vacant space is currently configured as an Emergency Veterinarian Clinic, with potential for medical or general office adaptation. The property features a parking ratio of 5.5/1000, providing ample parking. The facility is located on a bus route and has signage on Michigan Street. The property size is 32613 square feet. There are two additional tenants that occupy the building.

Key Highlights

• Excellent access to I‑196 near the Medical Mile.
• High parking ratio of 5.5/1000, offering free parking for employees.
• Located on a bus route and has signage on busy Michigan Street.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$339,295

Cap Rate

7.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,785,900 $6.8M

Cap Rate 7%

$4,847,071 $4.8M

Cap Rate 9%

$3,769,944 $3.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 28,955 SF

Gross rent

$608.1K $21.00/SF

− Vacancy

−$42.6K −$1.47/SF

EGI

$565.5K $19.53/SF

− OpEx

−$226.2K −$7.81/SF

NOI

$339.3K $11.72/SF

Area

Grand Rapids, MI

Vacancy

7.00%

Lease Rate

$21.00 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,785,900

Cap Rate 7%

$4,847,071

Cap Rate 9%

$3,769,944

Alternative Uses

Best Use

Healthcare Medical

$4.85M

$4.24M – $5.65M (±1% cap)

NOI $339,295 @ 7.0% cap · market cap 7.80%

Second Best

Office B

$3.87M

$3.38M – $4.51M (±1% cap)

NOI $270,628 @ 7.0% cap · market cap 6.22%

Theoretical Best

Specialty Retail

$6.72M

$5.88M – $7.84M (±1% cap)

NOI $470,374 @ 7.0% cap · market cap 10.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Thomas Pfennig Physician Theresa Bosworth Physician Nora Lignell Physician Robert Meleca Physician Claudell Cox Physician

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Restaurant Dental Office Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

757

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

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

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Similar Off Market Nearby

• BluePearl Pet Hospital — 1425 Michigan St NE Suite F, Grand Rapids, MI 49503
• Hoover Beth DVM — 1527 Michigan St NE, Grand Rapids, MI 49503
• Northeast Cat & Dog Hospital: Froman Roe DVM — 1527 michigan st ne, grand rapids, mi 49503

Frequently Asked Questions

What type of property is this?

Medical Office Space - Located near Medical Mile with excellent access and parking.

Where is this medical office space located?

The property is located at 1425 MICHIGAN ST NE Grand Rapids, MI.

What is the asking price?

The asking price for this property is $4,350,000.

What are key features of this property?

This property features: Excellent access to I‑196 near the Medical Mile.; High parking ratio of 5.5/1000, offering free parking for employees.; Located on a bus route and has signage on busy Michigan Street.