1550 3 Mile Rd NW, Walker, MI 49544

Building Details

Building Size 13,800 SF More

Tenancy Multi More

Listing Agency: NAI Wisinski of West Michigan - Grand Rapids

Listed By: Mary Anne Wisinski-Rosely, SIOR, CCIM · License #MI 6501268486 Show Phone

Source: Crexi

Added: Nov 3 Changed: Nov 8 Last Checked: Nov 8 at 5:23PM

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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 - Grand Rapids

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

The 13,800-square-foot medical office building is fully occupied by two established medical tenants. The property is described as well maintained and includes monument signage.

The building sits along 3 Mile Road NW in Walker, between Walker Avenue NW and Alpine Avenue NW, near the intersection of 3 Mile Road and Alpine Avenue. I-96 is accessible via either Alpine Avenue or Walker Avenue.

Key Highlights

• 13,800 SF medical office building
• Fully leased to 2 established, long‑term medical tenants
• Monument signage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$137,887

Cap Rate

4.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,757,740 $2.8M

Cap Rate 7%

$1,969,814 $2.0M

Cap Rate 9%

$1,532,078 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,800 SF

Gross rent

$202.0K $14.64/SF

− Vacancy

−$18.2K −$1.32/SF

EGI

$183.8K $13.32/SF

− OpEx

−$46.0K −$3.33/SF

NOI

$137.9K $9.99/SF

Area

Kent County, MI

Vacancy

9.00%

Lease Rate

$14.64 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,757,740

Cap Rate 7%

$1,969,814

Cap Rate 9%

$1,532,078

Alternative Uses

Best Use

Office B

$1.97M

$1.72M – $2.30M (±1% cap)

NOI $137,887 @ 7.0% cap · market cap 4.60%

Second Best

Healthcare Medical

$1.75M

$1.53M – $2.05M (±1% cap)

NOI $122,791 @ 7.0% cap · market cap 4.10%

Theoretical Best

Office A

$2.47M

$2.16M – $2.88M (±1% cap)

NOI $172,775 @ 7.0% cap · market cap 5.77%

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

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Restaurant Spa & Massage Center Hair Salon

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

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

147

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

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

Market

Average Price Trend$/SF for Medical Office Space in Kent County, MI

$165 Jul

$170 Aug

$162 Sep

$152 Oct

Properties on Market for Medical Office Space in Kent County

Jul

Aug

Sep

Oct

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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Frequently Asked Questions

What type of property is this?

Medical Office Space - Two medical tenants occupy the building, with monument signage and access to I-96 via Alpine Avenue and Walker Avenue.

Where is this medical office space located?

The property is located at 1550 3 Mile Rd NW Walker, MI.

What is the asking price?

The asking price for this property is $2,995,000.

What are key features of this property?

This property features: 13,800 SF medical office building; Fully leased to 2 established, long‑term medical tenants; Monument signage