For Sale
Contact for pricing
2203 Division Ave S, Grand Rapids, MI 49507
Auto shops
Property Size1,840 SF
Price / SF$190.22
Days on Market155
Property Features for 2203 Division Ave S
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Retail
Zoning
TBA - Traditional Business Area
Building Details
Year Built
1929
Listing Agency:
NAI Wisinski of West Michigan - Grand Rapids
(616) 242-1114
Listed By:
Douglas Taatjes · License #MI 6502343179
Source:
Crexi
Added: Mar 20
Changed: Aug 8
Last Checked: Aug 19 at 3:18PM
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 - Grand Rapids
Investment Insights
Based on property information with market context.
Key Highlights
- Open, functional layout suitable for many uses
- Two overhead doors provide easy access
- Former repair shop
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
$26,672
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
7.62%
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%
$533,440
$533.4K
Cap Rate 7%
$381,029
$381.0K
Cap Rate 9%
$296,356
$296.4K
Market Conditions
NOI Build-Up for 1,840 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
$40.4K $21.96/SF
− Vacancy
−$2.3K −$1.25/SF
EGI
$38.1K $20.71/SF
− OpEx
−$11.4K −$6.21/SF
NOI
$26.7K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$533,440
Cap Rate 7%
$381,029
Cap Rate 9%
$296,356
Alternative Uses
Best Use
Retail
$381.0K
$333.4K – $444.5K
NOI $26,672 @ 7.0% cap · market cap 7.62%
Second Best
Industrial
$274.1K
$239.9K – $319.8K
NOI $19,189 @ 7.0% cap · market cap 5.48%
Theoretical Best
Specialty Retail
$427.0K
$373.6K – $498.2K
NOI $29,891 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
23k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 47%
Electronics 5%
Popeyes Louisiana Kitchen
Dining
10,885 visits/mo
0.3 miles
Mobil
Shops & Services
5,425 visits/mo
0.5 miles
Family Dollar
Shops & Services
5,297 visits/mo
0.1 miles
Boost Mobile
Electronics
1,127 visits/mo
0.2 miles
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
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
Where is this auto shop located?
The property is located at 2203 Division Ave S Grand Rapids, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Open, functional layout suitable for many uses; Two overhead doors provide easy access; Former repair shop
