Corner Office
For Sale
$414,700
2007 Eastern Ave SE, Grand Rapids, MI 49507
Two single-story buildings provide private offices, conference space, restrooms, and a breakroom in a flexible professional setting.
Property Size3,540 SF
Lot Size0.11 Acres
Price / SF$117.15
Days on Market228
Property Features for 2007 Eastern Ave SE
General Information
Standard status
Active
Size
3,540 SF
Total Parking Spaces
10
Lot size
0.11 Acres
Property subtype
Office
Zoning
TB
Additional Details
Opportunity Zone
Yes
Road Access
Yes
Land Use
office
Amenities
breakroom
conference room
Power
Water
Sewer
Natural Gas
10 Parking Spaces
Building Details
Year Built
1935
Buildings
2
Stories
1
Listing Agency:
RE/MAX of Grand Rapids
(616) 204-9792
Listed By:
Margo Peric
(616) 204-9792
Source:
Carwm.resimplifi
Added: Jan 14
Changed: Aug 29
Last Checked: Aug 30 at 1:38PM
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 RE/MAX of Grand Rapids
Investment Insights
Based on property information with market context.
This office property comprises two single-story buildings with approximately 3,540 SF combined. The layout includes 10 private offices, 4 restrooms, 1 breakroom, and 1 conference room. Building improvements include a new roof installed in 2023 and three separately controlled rooftop HVAC systems with independent thermostats; the rooftop A/C units were replaced in 2017, 2022, and 2023.
The property occupies the corner of Burton St. and Eastern Ave. in Grand Rapids, with access to 7 designated parking spaces available for lease. The combined lots measure approximately 4,443 SF, or .11 acre. Zoning is TB, and the property is within a designated Opportunity Zone. Office, professional services, or mixed-use redevelopment may be considered subject to approvals.
The property occupies the corner of Burton St. and Eastern Ave. in Grand Rapids, with access to 7 designated parking spaces available for lease. The combined lots measure approximately 4,443 SF, or .11 acre. Zoning is TB, and the property is within a designated Opportunity Zone. Office, professional services, or mixed-use redevelopment may be considered subject to approvals.
Key Highlights
- Two single‑story office buildings totaling approximately 3,540 SF
- 10 private offices, 4 restrooms, 1 breakroom, and 1 conference room
- New roof installed in 2023
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
$33,087
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
7.98%
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%
$661,740
$661.7K
Cap Rate 7%
$472,671
$472.7K
Cap Rate 9%
$367,633
$367.6K
Market Conditions
NOI Build-Up for 3,540 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
$56.9K $16.08/SF
− Vacancy
−$12.8K −$3.62/SF
EGI
$44.1K $12.46/SF
− OpEx
−$11.0K −$3.12/SF
NOI
$33.1K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /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%
$661,740
Cap Rate 7%
$472,671
Cap Rate 9%
$367,633
Alternative Uses
Best Use
Office B
$472.7K
$413.6K – $551.5K
NOI $33,087 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$821.5K
$718.8K – $958.5K
NOI $57,507 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two single-story buildings provide private offices, conference space, restrooms, and a breakroom in a flexible professional setting.
Where is this office building located?
The property is located at 2007 Eastern Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $414,700.
What are key features of this property?
This property features: Two single‑story office buildings totaling approximately 3,540 SF; 10 private offices, 4 restrooms, 1 breakroom, and 1 conference room; New roof installed in 2023
