5-Suite Mixed-Use
For Sale
$650,000
1809 Plainfield Ave NE, Grand Rapids, MI 49503
All five commercial suites are leased, including a restaurant space with kitchen infrastructure.
Property Size5,000 SF
Price / SF$130
Days on Market25
Property Features for 1809 Plainfield Ave NE
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Occupancy
100%
Building Details
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
Mantle Realty Co.
Listed By:
John McMahon · License #6501437598
(616) 802-7889
Source:
Vmrealestatemichigan
Added: Sep 12
Changed: Oct 3
Last Checked: Oct 5 at 7:02PM
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 Mantle Realty Co.
Investment Insights
Based on property information with market context.
Built in 1910, this five-suite mixed-use property contains approximately 5,000 square feet of rentable space. The tenant roster includes a restaurant suite with a commercial hood, fire-suppression system, grease trap, and kitchen, plus four additional commercial suites. Renovated basement offices are also part of the building, and all five suites are currently leased.
The property is on Plainfield Avenue in Grand Rapids’ Creston neighborhood, near restaurants, retailers, residential areas, and public transportation.
The property is on Plainfield Avenue in Grand Rapids’ Creston neighborhood, near restaurants, retailers, residential areas, and public transportation.
Key Highlights
- Five commercial suites; all are currently leased
- Approximately 5,000 square feet of rentable area
- Restaurant suite includes a commercial hood, fire‑suppression system, grease trap, and kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,200
Cap Rate
8.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,104,000
$1.1M
Cap Rate 7%
$788,571
$788.6K
Cap Rate 9%
$613,333
$613.3K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$96.0K $19.20/SF
− Vacancy
−$7.7K −$1.54/SF
EGI
$88.3K $17.66/SF
− OpEx
−$33.1K −$6.62/SF
NOI
$55.2K $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%
$1,104,000
Cap Rate 7%
$788,571
Cap Rate 9%
$613,333
Alternative Uses
Best Use
Retail
$1.04M
$906.0K – $1.21M
NOI $72,479 @ 7.0% cap · market cap 11.15%
Second Best
Mixed Use
$788.6K
$690.0K – $920.0K
NOI $55,200 @ 7.0% cap · market cap 8.49%
Theoretical Best
Specialty Retail
$1.16M
$1.02M – $1.35M
NOI $81,225 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Dining 37%
Sunoco
Shops & Services
2,876 visits/mo
0.4 miles
Papa John's Pizza
Dining
2,056 visits/mo
0.5 miles
Caliber Collision
Shops & Services
553 visits/mo
0.4 miles
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - All five commercial suites are leased, including a restaurant space with kitchen infrastructure.
Where is this mixed-use property located?
The property is located at 1809 Plainfield Ave NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Five commercial suites; all are currently leased; Approximately 5,000 square feet of rentable area; Restaurant suite includes a commercial hood, fire‑suppression system, grease trap, and kitchen
