Historic Four-Story Mixed-Use
For Sale
$1,500,000
188 Monroe Ave NW, Grand Rapids, MI 49503
Downtown property offers adaptive-reuse potential for hospitality, office, restaurant, or residential concepts.
Property Size11,880 SF
Lot Size0.07 Acres
Price / SF$126.26
Days on Market112
Property Features for 188 Monroe Ave NW
General Information
Standard status
Active
Size
11,880 SF
Lot size
0.07 Acres
Property subtype
Retail
Zoning
CC
Additional Details
Liquor License
No
Amenities
Vacant
Building Details
Year Built
1910
Buildings
1
Stories
4
Construction
Chicago School
Listing Agency:
NAI Wisinski of West Michigan
(616) 575-7006
Listed By:
Chandler Kennell · License #6501460922
(616) 575-7006
Source:
Carwm.resimplifi
Added: May 11
Changed: Aug 30
Last Checked: Aug 30 at 1:29AM
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
Investment Insights
Based on property information with market context.
Built in 1910, this four-story mixed-use building provides 11,880 SF across 0.069 acres. The property features Chicago School architectural character and is listed on the National Register of Historic Places. The former Bull’s Head Tavern layout included 2,970 SF on the first floor, along with mezzanine and basement areas. The building is not subject to local historic preservation restrictions.
Positioned at 188 Monroe Ave NW in downtown Grand Rapids, the property is across from the Amway Grand Plaza Hotel and next to the city’s convention, hospitality, and entertainment district. Restaurants, entertainment venues, offices, hotels, and riverfront attractions are within walking distance. The site supports consideration of adaptive reuse for boutique hospitality, office, restaurant, or residential conversion, subject to applicable requirements. A Class C Kent County liquor license is available separately.
Positioned at 188 Monroe Ave NW in downtown Grand Rapids, the property is across from the Amway Grand Plaza Hotel and next to the city’s convention, hospitality, and entertainment district. Restaurants, entertainment venues, offices, hotels, and riverfront attractions are within walking distance. The site supports consideration of adaptive reuse for boutique hospitality, office, restaurant, or residential conversion, subject to applicable requirements. A Class C Kent County liquor license is available separately.
Key Highlights
- Four stories above grade totaling 11,880 SF on 0.069 acres
- 1910 building with Chicago School architectural character
- Listed on the National Register of Historic Places
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
$131,155
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
8.74%
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%
$2,623,100
$2.6M
Cap Rate 7%
$1,873,643
$1.9M
Cap Rate 9%
$1,457,278
$1.5M
Market Conditions
NOI Build-Up for 11,880 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
$228.1K $19.20/SF
− Vacancy
−$18.2K −$1.54/SF
EGI
$209.8K $17.66/SF
− OpEx
−$78.7K −$6.62/SF
NOI
$131.2K $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 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%
$2,623,100
Cap Rate 7%
$1,873,643
Cap Rate 9%
$1,457,278
Alternative Uses
Best Use
Specialty Retail
$2.76M
$2.41M – $3.22M
NOI $192,991 @ 7.0% cap · market cap 12.87%
Second Best
Mixed Use
$1.87M
$1.64M – $2.19M
NOI $131,155 @ 7.0% cap · market cap 8.74%
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
6,609
Businesses Nearby
44k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Hotels & Casinos 38%
Shops & Services 2%
Burger King
Dining
13,932 visits/mo
0.4 miles
Condado Tacos
Dining
9,146 visits/mo
0.4 miles
Holiday Inn Grand Rapids Downtown, an IHG Hotel
Hotels & Casinos
8,712 visits/mo
0.3 miles
Residence Inn Grand Rapids Downtown
Hotels & Casinos
8,031 visits/mo
0.4 miles
Big Boy
Dining
3,218 visits/mo
0.3 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown property offers adaptive-reuse potential for hospitality, office, restaurant, or residential concepts.
Where is this mixed-use property located?
The property is located at 188 Monroe Ave NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Four stories above grade totaling 11,880 SF on 0.069 acres; 1910 building with Chicago School architectural character; Listed on the National Register of Historic Places
