Leased Commercial Land
For Sale
$539,000
Pending
1625 ALPINE AVE NW, Grand Rapids, MI 49504
Commercial land currently leased to Twisters Ice Cream and Chase Bank.
Property Size1,280 SF
Days on Market1148
Property Features for 1625 ALPINE AVE NW
General Information
Standard status
Pending
Size
1,280 SF
Property subtype
Retail
Zoning
COMMERCIAL
Amenities
Water
Sewer
Listing Agency:
DAR Commercial Real Estate
(616) 389-5546
Listed By:
Christopher Prins
(616) 389-5546
Source:
Carwm.resimplifi
Added: Jul 10, 2023
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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 DAR Commercial Real Estate
Investment Insights
Based on property information with market context.
This 1.35-acre commercial land parcel is currently leased to Twisters Ice Cream and Chase Bank. Existing tenancy provides an established use profile while preserving the property’s commercial land classification.
The site is near Bridge Street, Leonard Street, and Downtown Grand Rapids. Lease documents and remaining term details are available upon request.
The site is near Bridge Street, Leonard Street, and Downtown Grand Rapids. Lease documents and remaining term details are available upon request.
Key Highlights
- 1.35‑acre commercial land site
- Currently leased to Twisters Ice Cream and Chase Bank
- Near Bridge Street, Leonard Street, and Downtown Grand Rapids
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
$20,794
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
3.86%
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%
$415,880
$415.9K
Cap Rate 7%
$297,057
$297.1K
Cap Rate 9%
$231,044
$231.0K
Market Conditions
NOI Build-Up for 1,280 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
$29.2K $22.80/SF
− Vacancy
−$1.5K −$1.14/SF
EGI
$27.7K $21.66/SF
− OpEx
−$6.9K −$5.42/SF
NOI
$20.8K $16.25/SF
Area
Grand Rapids, MI
Vacancy
5.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$415,880
Cap Rate 7%
$297,057
Cap Rate 9%
$231,044
Alternative Uses
Best Use
Specialty Retail
$297.1K
$259.9K – $346.6K
NOI $20,794 @ 7.0% cap · market cap 3.86%
Second Best
Retail
$265.1K
$231.9K – $309.3K
NOI $18,555 @ 7.0% cap · market cap 3.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 95%
Dining 5%
Mobil
Shops & Services
6,552 visits/mo
0.2 miles
Twisters
Dining
369 visits/mo
0.1 miles
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercial land currently leased to Twisters Ice Cream and Chase Bank.
Where is this commercial land located?
The property is located at 1625 ALPINE AVE NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: 1.35‑acre commercial land site; Currently leased to Twisters Ice Cream and Chase Bank; Near Bridge Street, Leonard Street, and Downtown Grand Rapids
