C-2 Commercial Land
For Sale
$4,990,000
14345 Ironwood Dr NW, Grand Rapids, MI 49544
Eight contiguous parcels combine existing improvements with commercial, office, retail, service, and mixed-use planning options.
Property Size14,430 SF
Price / SF$345.81
Days on Market67
Property Features for 14345 Ironwood Dr NW
General Information
Standard status
Active
Size
14,430 SF
Property subtype
Retail
Zoning
C-2
Listing Agency:
Five Star Real Estate (Main)
(616) 446-9288
Listed By:
Charlie Stafford
(616) 446-9288
Source:
Carwm.resimplifi
Added: Jun 26
Changed: Aug 30
Last Checked: Aug 30 at 1:57PM
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 Five Star Real Estate (Main)
Investment Insights
Based on property information with market context.
This commercial land assemblage combines eight contiguous parcels at the intersection of Ironwood Drive (M-11) and 8th Avenue. The property encompasses approximately 9.39 acres with about 1,550 feet of combined road frontage. Existing improvements total more than 14,000 square feet, including a 6,504-square-foot commercial building and several residential structures.
The site has convenient access to I-96 and carries C-2 zoning. The assemblage is offered as a single package, with the component parcels spanning addresses on both Ironwood Drive and 8th Avenue. Potential applications identified for the property include commercial, mixed-use, multifamily, office, retail, service, and redevelopment uses. Buyers should independently confirm zoning, permitted uses, and applicable development requirements.
The site has convenient access to I-96 and carries C-2 zoning. The assemblage is offered as a single package, with the component parcels spanning addresses on both Ironwood Drive and 8th Avenue. Potential applications identified for the property include commercial, mixed-use, multifamily, office, retail, service, and redevelopment uses. Buyers should independently confirm zoning, permitted uses, and applicable development requirements.
Key Highlights
- Approximately 9.39 acres assembled across eight contiguous parcels
- Approximately 1,550 feet of combined road frontage
- More than 14,000 square feet of existing improvements
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
$209,174
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
4.19%
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%
$4,183,480
$4.2M
Cap Rate 7%
$2,988,200
$3.0M
Cap Rate 9%
$2,324,156
$2.3M
Market Conditions
NOI Build-Up for 14,430 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
$316.9K $21.96/SF
− Vacancy
−$18.1K −$1.25/SF
EGI
$298.8K $20.71/SF
− OpEx
−$89.6K −$6.21/SF
NOI
$209.2K $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%
$4,183,480
Cap Rate 7%
$2,988,200
Cap Rate 9%
$2,324,156
Alternative Uses
Best Use
Retail
$2.99M
$2.61M – $3.49M
NOI $209,174 @ 7.0% cap · market cap 4.19%
Second Best
Mixed Use
$2.28M
$1.99M – $2.66M
NOI $159,307 @ 7.0% cap · market cap 3.19%
Theoretical Best
Specialty Retail
$3.35M
$2.93M – $3.91M
NOI $234,415 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
12,251 visits/mo
0.2 miles
Demographics for 49544, MI
9,514
Population
4,195
Households
2.3
Avg Household Size
35
Median Age
34%
College-Educated
94%
High-School Grad
19.9 sq mi
ZIP Area
478
Density / Sq Mi
$69,706
Median Household Income
$43,785
Median Earnings
$1,119
Median Rent
$247,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Eight contiguous parcels combine existing improvements with commercial, office, retail, service, and mixed-use planning options.
Where is this commercial land located?
The property is located at 14345 Ironwood Dr NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $4,990,000.
What are key features of this property?
This property features: Approximately 9.39 acres assembled across eight contiguous parcels; Approximately 1,550 feet of combined road frontage; More than 14,000 square feet of existing improvements
