Multi-Tenant Office
For Sale
$1,000,000
2426 Burton Street SE, Grand Rapids, MI 49546
COMMERCIAL - Grand Rapids, MI
Property Size4,081 SF
Lot Size0.53 Acres
Price / SF$245.04
Days on Market138
Property Features for 2426 Burton Street SE
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 1, Bathroom 6, Bathroom 2, Bathroom 7, Bathroom 5, Basement, Bathroom 4, Bathroom 3
Parking
30
Interior features
Broadband
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Standard status
Active
APN
41-18-10-101-006
Size
4,081 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 7* RIDGEMOOR PROFESSIONAL PARK
Tax Annual Amount
12064
Legal Description
LOT 7* RIDGEMOOR PROFESSIONAL PARK
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1968
Number of units
4
Building materials
Brick
Roof type
Rubber
Listing Agency:
Ensley Real Estate
(616) 696-7653
Listed By:
Laura E Ensley · License #6502396036
(616) 293-5297
Added: Apr 1
Changed: Aug 4
Last Checked: Aug 16 at 8:06PM
MLS# 26012987
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 multi-tenant commercial office building offers four individual suites, creating flexibility for both investors and owner-users. Suite 1 is occupied by a dental office, and Suite 3 is leased to a wellness center, providing existing rental income. Suites 2 and 4 are currently vacant and were previously used for dental-related operations, making them well-suited for similar professional use or other professional office configurations.
The property is located at 2426 Burton Street SE in Grand Rapids and benefits from visibility along a high-traffic corridor with convenient access to major roadways. The surrounding area includes residential neighborhoods and local businesses.
With a compact, four-suite layout and a tenant mix that includes medical or wellness-oriented operations, the building presents a straightforward option for buyers seeking a manageable, multi-tenant commercial property.
The property is located at 2426 Burton Street SE in Grand Rapids and benefits from visibility along a high-traffic corridor with convenient access to major roadways. The surrounding area includes residential neighborhoods and local businesses.
With a compact, four-suite layout and a tenant mix that includes medical or wellness-oriented operations, the building presents a straightforward option for buyers seeking a manageable, multi-tenant commercial property.
Key Highlights
- Multi‑tenant commercial building at 2426 Burton St SE in Grand Rapids with 4 suites
- Suites 1 and 3 are leased/occupied (Suite 1 dental office; Suite 3 wellness center)
- Suites 2 and 4 are currently vacant; previously used for dental‑related operations
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
$47,821
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
4.78%
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%
$956,420
$956.4K
Cap Rate 7%
$683,157
$683.2K
Cap Rate 9%
$531,344
$531.3K
Market Conditions
NOI Build-Up for 4,081 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
$85.7K $21.00/SF
− Vacancy
−$6.0K −$1.47/SF
EGI
$79.7K $19.53/SF
− OpEx
−$31.9K −$7.81/SF
NOI
$47.8K $11.72/SF
Area
Grand Rapids, MI
Vacancy
7.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$956,420
Cap Rate 7%
$683,157
Cap Rate 9%
$531,344
Alternative Uses
Best Use
Healthcare Medical
$683.2K
$597.8K – $797.0K
NOI $47,821 @ 7.0% cap · market cap 4.78%
Second Best
Office B
$544.9K
$476.8K – $635.7K
NOI $38,143 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$947.1K
$828.7K – $1.10M
NOI $66,296 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Explore this area
Business Placement
Demographics for 49546, MI
35,536
Population
13,561
Households
2.6
Avg Household Size
38
Median Age
61%
College-Educated
96%
High-School Grad
17.9 sq mi
ZIP Area
1,985
Density / Sq Mi
$97,386
Median Household Income
$48,008
Median Earnings
$1,275
Median Rent
$389,100
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?
Office units - Four-suite commercial building positioned on a high-traffic corridor with suites suited for medical or professional office use.
Where is this office units located?
The property is located at 2426 Burton Street SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Multi‑tenant commercial building at 2426 Burton St SE in Grand Rapids with 4 suites; Suites 1 and 3 are leased/occupied (Suite 1 dental office; Suite 3 wellness center); Suites 2 and 4 are currently vacant; previously used for dental‑related operations
