Restaurant Space with
2401 Eastern Ave SE, Grand Rapids, MI 49507
For Sale
$499,000
Existing restaurant equipment and on-site parking support a range of restaurant operations.
Property Size1,365 SF
Price / SF$365.57
Days on Market407
Property Features for 2401 Eastern Ave SE
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Neighborhood
Additional Details
Equipment Included
Amenities
Water
Sewer
6 Parking Spaces
Building Details
Year Built
Listing Agency:
Northshore CRE
Listed By:
Erin Peterson · License MI #6506047999
(616) 648-4864
Source:
Carwm.resimplifi
Added: Sep 30, 2025
Changed: Nov 7
Last Checked: Nov 10 at 5:16AM
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 Northshore CRE
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,365-square-foot restaurant space was built in 1964 and includes existing equipment. The property has six on-site parking spaces, with additional street parking nearby.
At the corner of Eastern and Alger in Grand Rapids, the site is positioned within the Alger Heights community. Zoning is listed as TBA.
At the corner of Eastern and Alger in Grand Rapids, the site is positioned within the Alger Heights community. Zoning is listed as TBA.
Key Highlights
- 1,365‑square‑foot restaurant space
- Existing equipment included in the sale
- Six on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,174
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$443,480
$443.5K
Cap Rate 7%
$316,771
$316.8K
Cap Rate 9%
$246,378
$246.4K
Market Conditions
NOI Build-Up for 1,365 SF
Gross rent
$31.1K $22.80/SF
− Vacancy
−$1.6K −$1.14/SF
EGI
$29.6K $21.66/SF
− OpEx
−$7.4K −$5.42/SF
NOI
$22.2K $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 Rate 5%
$443,480
Cap Rate 7%
$316,771
Cap Rate 9%
$246,378
Alternative Uses
Best Use
Specialty Retail
$316.8K
$277.2K – $369.6K
NOI $22,174 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
635
Businesses Nearby
13k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 22%
Home Improvements & Furnishings 7%
Family Dollar
Shops & Services
7,030 visits/mo
0.5 miles
Little Caesars Pizza
Dining
2,912 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
2,230 visits/mo
0.1 miles
Aaron's
Home Improvements & Furnishings
904 visits/mo
0.5 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Conventional restaurants in Kent County
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing restaurant equipment and on-site parking support a range of restaurant operations.
Where is this conventional restaurant located?
The property is located at 2401 Eastern Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,365‑square‑foot restaurant space; Existing equipment included in the sale; Six on‑site parking spaces
