Mixed-Use Office
1628 Madison Avenue SE, Grand Rapids, MI 49507
For Sale
$400,000
Commercial Sale, Grand Rapids, MI
Property Size3,168 SF
Lot Size0.07 Acres
Price / SF$126.26
Days on Market971
Property Features for 1628 Madison Avenue SE
General Information
Property type
Property subtype
Bathrooms
Full bathrooms
Rooms
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Building Details
Year built
Floors in Building
Number of units
Listing Agency:
LCB & Associates Realty
Listed By:
Latasha Black · License MI #6502431261
(616) 485-2795
Added: Mar 15, 2024
Changed: Oct 8
Last Checked: Nov 10 at 6:06PM
MLS# 24012772
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.
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Investment Insights
Based on property information with market context.
This mixed-use commercial property combines office and showroom functionality within a building constructed in 1936. The interior includes a bathroom, while forced-air heating serves the premises.
Located at 1628 Madison Avenue SE in Grand Rapids, Michigan, the property occupies a 0.07-acre site in the 49507 postal area. Its mixed-use configuration supports a range of commercial applications, subject to buyer verification of measurements and suitability.
Located at 1628 Madison Avenue SE in Grand Rapids, Michigan, the property occupies a 0.07-acre site in the 49507 postal area. Its mixed-use configuration supports a range of commercial applications, subject to buyer verification of measurements and suitability.
Key Highlights
- Mixed‑use property with office and showroom configuration
- 0.07‑acre site
- Building constructed in 1936
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,975
Cap Rate
8.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$699,500
$699.5K
Cap Rate 7%
$499,643
$499.6K
Cap Rate 9%
$388,611
$388.6K
Market Conditions
NOI Build-Up for 3,168 SF
Gross rent
$60.8K $19.20/SF
− Vacancy
−$4.9K −$1.54/SF
EGI
$56.0K $17.66/SF
− OpEx
−$21.0K −$6.62/SF
NOI
$35.0K $11.04/SF
Area
Grand Rapids, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$699,500
Cap Rate 7%
$499,643
Cap Rate 9%
$388,611
Alternative Uses
Best Use
Retail
$656.0K
$574.0K – $765.4K
NOI $45,923 @ 7.0% cap · market cap 11.48%
Second Best
Mixed Use
$499.6K
$437.2K – $582.9K
NOI $34,975 @ 7.0% cap · market cap 8.74%
Theoretical Best
Specialty Retail
$735.2K
$643.3K – $857.7K
NOI $51,464 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
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Business Placement
Demographics for 49507, MI
38,137
Population
13,773
Households
2.8
Avg Household Size
30
Median Age
27%
College-Educated
78%
High-School Grad
5.5 sq mi
ZIP Area
6,934
Density / Sq Mi
$56,578
Median Household Income
$34,939
Median Earnings
$1,114
Median Rent
$179,600
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Grand Rapids, MI
Properties on Market for Mixed-use properties in Grand Rapids
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile commercial property combining office and showroom functionality in a mixed-use setting.
Where is this mixed-use property located?
The property is located at 1628 Madison Avenue SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Mixed‑use property with office and showroom configuration; 0.07‑acre site; Building constructed in 1936
