Renovated Mixed-Use
For Sale
$925,000
2400 Eastern Ave SE, Grand Rapids, MI 49507
Fully occupied property combining main-floor retail, patio space, and upper-level professional offices.
Property Size4,637 SF
Price / SF$199.48
Days on Market292
Property Features for 2400 Eastern Ave SE
General Information
Standard status
Active
Size
4,637 SF
Property subtype
Retail
Zoning
TN-TBA
Amenities
Water
Sewer
Natural Gas
Building Details
Year Built
2021
Listing Agency:
MOXIE Real Estate + Development
(616) 890-7794
Listed By:
Max Grover
(616) 890-7794
Source:
Carwm.resimplifi
Added: Nov 11, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:52AM
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 MOXIE Real Estate + Development
Investment Insights
Based on property information with market context.
This 4,637-square-foot mixed-use building was renovated in 2021 and is fully occupied by a combination of main-floor retail, patio-oriented commercial space, and upper-level professional offices. Updated systems and finishes support the current configuration, while shared parking provides direct access for the property and its occupants. The building is zoned TN-TBA.
Positioned at the corner of Eastern Ave and Alger Street in Grand Rapids’ Alger Heights district, the property benefits from corner exposure and signage opportunity. The surrounding commercial corridor includes Real Food Café, Brass Ring Brewing, Ken’s Fruit Market, and The Old Goat. The address is within a walkable neighborhood characterized by local businesses and nearby residential streets.
Positioned at the corner of Eastern Ave and Alger Street in Grand Rapids’ Alger Heights district, the property benefits from corner exposure and signage opportunity. The surrounding commercial corridor includes Real Food Café, Brass Ring Brewing, Ken’s Fruit Market, and The Old Goat. The address is within a walkable neighborhood characterized by local businesses and nearby residential streets.
Key Highlights
- 4,637‑square‑foot mixed‑use building
- Renovated in 2021 with updated systems and finishes
- 100% occupied by retail and upper‑level professional office tenants
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
$67,217
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
7.27%
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%
$1,344,340
$1.3M
Cap Rate 7%
$960,243
$960.2K
Cap Rate 9%
$746,856
$746.9K
Market Conditions
NOI Build-Up for 4,637 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
$101.8K $21.96/SF
− Vacancy
−$5.8K −$1.25/SF
EGI
$96.0K $20.71/SF
− OpEx
−$28.8K −$6.21/SF
NOI
$67.2K $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%
$1,344,340
Cap Rate 7%
$960,243
Cap Rate 9%
$746,856
Alternative Uses
Best Use
Retail
$960.2K
$840.2K – $1.12M
NOI $67,217 @ 7.0% cap · market cap 7.27%
Second Best
Mixed Use
$731.3K
$639.9K – $853.2K
NOI $51,192 @ 7.0% cap · market cap 5.53%
Theoretical Best
Specialty Retail
$1.08M
$941.6K – $1.26M
NOI $75,328 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
635
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 - Fully occupied property combining main-floor retail, patio space, and upper-level professional offices.
Where is this mixed-use property located?
The property is located at 2400 Eastern Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 4,637‑square‑foot mixed‑use building; Renovated in 2021 with updated systems and finishes; 100% occupied by retail and upper‑level professional office tenants
