Mixed-Use Property with
New
For Sale
$295,000
2164 Division Avenue S, Grand Rapids, MI 49507
Commercial Sale, Grand Rapids, MI
Property Size2,583 SF
Lot Size0.01 Acres
Price / SF$114.21
Days on Market2
Property Features for 2164 Division Avenue S
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
COM-IMP
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Directions
On division between Burton and Alger
Standard status
Active
APN
41-18-07-103-012
Size
2,583 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 10 BLK 7* KENWOOD ADDITION - REPLATTED
Tax Annual Amount
4422
Legal Description
LOT 10 BLK 7* KENWOOD ADDITION - REPLATTED
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1984
Number of units
3
Building materials
Vinyl Siding, Wood Siding
Roof type
Composition
Listing Agency:
Keller Williams GR East · Keller Williams Realty
(616) 575-1800
Listed By:
Jeffrey Bode · License #6506049042
(616) 856-6442
Added: Aug 31
Last Checked: Sep 1 at 5:06AM
MLS# 26046183
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.
Investment Insights
Based on property information with market context.
This 2,583-square-foot mixed-use property at 2164 Division Avenue S combines one commercial unit with two attached apartments. All three units are currently occupied. The building was constructed in 1984 and features vinyl and wood siding, forced-air heating, and a composition roof.
The property is located in Grand Rapids, MI 49507, within Kent County. Cable service is available, and the site measures 0.01 acres. The configuration brings office or commercial space together with residential units in a single building.
The property is located in Grand Rapids, MI 49507, within Kent County. Cable service is available, and the site measures 0.01 acres. The configuration brings office or commercial space together with residential units in a single building.
Key Highlights
- 2,583‑square‑foot mixed‑use property with one commercial unit and two apartments
- All three units are currently occupied
- Located at 2164 Division Avenue S, Grand Rapids, MI 49507
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
$24,518
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
8.31%
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%
$490,360
$490.4K
Cap Rate 7%
$350,257
$350.3K
Cap Rate 9%
$272,422
$272.4K
Market Conditions
NOI Build-Up for 2,583 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
$47.4K $18.36/SF
− Vacancy
−$2.8K −$1.10/SF
EGI
$44.6K $17.26/SF
− OpEx
−$20.1K −$7.77/SF
NOI
$24.5K $9.49/SF
Area
Grand Rapids, MI
Vacancy
6.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$490,360
Cap Rate 7%
$350,257
Cap Rate 9%
$272,422
Alternative Uses
Best Use
Mixed Use
$407.4K
$356.5K – $475.3K
NOI $28,516 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$350.3K
$306.5K – $408.6K
NOI $24,518 @ 7.0% cap · market cap 8.31%
Theoretical Best
Specialty Retail
$599.4K
$524.5K – $699.4K
NOI $41,961 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
472
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines a commercial unit with two attached apartments, all currently occupied.
Where is this mixed-use property located?
The property is located at 2164 Division Avenue S Grand Rapids, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2,583‑square‑foot mixed‑use property with one commercial unit and two apartments; All three units are currently occupied; Located at 2164 Division Avenue S, Grand Rapids, MI 49507
