Highly Visible Corner Commercial
For Sale
$4,990,000
14345 Ironwood Drive NW, Grand Rapids, MI 49534
COMMERCIAL - Grand Rapids, MI
Property Size14,430 SF
Lot Size9.39 Acres
Price / SF$345.81
Days on Market48
Property Features for 14345 Ironwood Drive NW
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 7, Bathroom 8, Bathroom 10, Bathroom 9, Bathroom 11, Bathroom 3, Bathroom 5, Bathroom 12, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 6
Interior features
Broadband
Elementary school district
Kenowa Hills
Middle school district
Kenowa Hills
High school district
Kenowa Hills
Standard status
Active
APN
70-10-01-151-038
Size
14,430 SF
Lot size
9.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
37468
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Water source
Well
Building Details
Year built
2001
Number of units
7
Listing Agency:
Five Star Real Estate (Tallmadge)
(616) 901-9632
Listed By:
Charles M Stafford
(616) 446-9288
Added: Jun 26
Changed: Aug 4
Last Checked: Aug 12 at 11:06AM
MLS# 26032293
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Offered for sale as a complete assemblage: a +/-9.39-acre site comprising eight contiguous parcels with approximately 14,430 square feet of existing improvements. The package includes a 6,504-square-foot commercial building and five residential homes, along with approximately 1,550 feet of combined road frontage.
The property is located on a highly visible corner of Ironwood Drive (M-11) and 8th Avenue in Marne, Michigan, along the Ironwood Corridor. Access is described as convenient to I-96.
The listed parcels are 70-10-01-151-001, 70-10-01-151-002, 70-10-01-151-004, 70-10-01-151-005, 70-10-01-151-007, 70-10-01-151-031, 70-10-01-151-034, and 70-10-01-151-038. Buyer should verify zoning, permitted uses, and development requirements for any proposed redevelopment, as the offering is presented for commercial, mixed-use, multifamily, office, retail, or service development.
The property is located on a highly visible corner of Ironwood Drive (M-11) and 8th Avenue in Marne, Michigan, along the Ironwood Corridor. Access is described as convenient to I-96.
The listed parcels are 70-10-01-151-001, 70-10-01-151-002, 70-10-01-151-004, 70-10-01-151-005, 70-10-01-151-007, 70-10-01-151-031, 70-10-01-151-034, and 70-10-01-151-038. Buyer should verify zoning, permitted uses, and development requirements for any proposed redevelopment, as the offering is presented for commercial, mixed-use, multifamily, office, retail, or service development.
Key Highlights
- Approx. 9.39‑acre assemblage of 8 contiguous parcels at the corner of Ironwood Drive (M‑11) and 8th Avenue in Marne, MI.
- Approximately 1,550 ft of combined road frontage on Ironwood Drive (M‑11) and 8th Avenue.
- Includes approx. 14,430 SF of existing improvements: a 6,504‑SF commercial building plus five residential homes.
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
—
—
no second resolved use
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
Lease Details
Yes
Highway access
Yes
Paved road access
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 49534, MI
23,996
Population
9,713
Households
2.5
Avg Household Size
37
Median Age
34%
College-Educated
95%
High-School Grad
35.3 sq mi
ZIP Area
680
Density / Sq Mi
$78,846
Median Household Income
$44,176
Median Earnings
$1,161
Median Rent
$270,200
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Large corner assemblage with a 6,504-square-foot commercial building and multiple existing homes, offered as eight contiguous parcels.
Where is this retail space located?
The property is located at 14345 Ironwood Drive 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: Approx. 9.39‑acre assemblage of 8 contiguous parcels at the corner of Ironwood Drive (M‑11) and 8th Avenue in Marne, MI.; Approximately 1,550 ft of combined road frontage on Ironwood Drive (M‑11) and 8th Avenue.; Includes approx. 14,430 SF of existing improvements: a 6,504‑SF commercial building plus five residential homes.
