Restaurant Space with
For Sale
$785,000
2115 Plainfield Ave NE, Grand Rapids, MI 49505
Existing restaurant layout includes dedicated parking and outdoor seating along Plainfield Avenue.
Property Size2,940 SF
Price / SF$267.01
Days on Market33
Property Features for 2115 Plainfield Ave NE
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Retail
Zoning
LDR
Restaurant
Seating Capacity
81
Patio
Yes
Listing Agency:
M Retail LLC
(616) 745-2938
Listed By:
Justin Coulson
(616) 745-2938
Source:
Carwm.resimplifi
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 31 at 1:03PM
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 M Retail LLC
Investment Insights
Based on property information with market context.
The 2,940-square-foot property is configured for restaurant use, with an initial layout accommodating 81 seats. The building includes an adjacent private parking lot and patio space oriented toward Plainfield Avenue. FF&E is negotiable, and a Class C liquor license is available while currently in escrow.
Located at 2115 Plainfield Ave NE in Grand Rapids, the property carries LDR zoning. The existing restaurant configuration provides a defined starting point for continued food-service use, subject to applicable approvals and licensing requirements.
Located at 2115 Plainfield Ave NE in Grand Rapids, the property carries LDR zoning. The existing restaurant configuration provides a defined starting point for continued food-service use, subject to applicable approvals and licensing requirements.
Key Highlights
- 2,940‑square‑foot restaurant property
- Initial restaurant layout designed for 81 seats
- Adjacent private parking lot
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
$47,760
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
6.08%
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%
$955,200
$955.2K
Cap Rate 7%
$682,286
$682.3K
Cap Rate 9%
$530,667
$530.7K
Market Conditions
NOI Build-Up for 2,940 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
$67.0K $22.80/SF
− Vacancy
−$3.4K −$1.14/SF
EGI
$63.7K $21.66/SF
− OpEx
−$15.9K −$5.42/SF
NOI
$47.8K $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%
$955,200
Cap Rate 7%
$682,286
Cap Rate 9%
$530,667
Alternative Uses
Best Use
Specialty Retail
$682.3K
$597.0K – $796.0K
NOI $47,760 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
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
247
Businesses Nearby
21k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Dining 18%
Dollar General
Shops & Services
7,945 visits/mo
0.5 miles
Marathon
Shops & Services
6,299 visits/mo
0.1 miles
Sunoco
Shops & Services
2,876 visits/mo
0.1 miles
Papa John's Pizza
Dining
2,056 visits/mo
0.1 miles
Hungry Howie's Pizza
Dining
1,734 visits/mo
0.1 miles
Demographics for 49505, MI
31,444
Population
14,197
Households
2.2
Avg Household Size
36
Median Age
40%
College-Educated
96%
High-School Grad
8.8 sq mi
ZIP Area
3,573
Density / Sq Mi
$71,692
Median Household Income
$43,778
Median Earnings
$1,248
Median Rent
$227,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing restaurant layout includes dedicated parking and outdoor seating along Plainfield Avenue.
Where is this conventional restaurant located?
The property is located at 2115 Plainfield Ave NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: 2,940‑square‑foot restaurant property; Initial restaurant layout designed for 81 seats; Adjacent private parking lot
