Multi-Tenant Office
For Sale
$1,000,000
2426 Burton Street SE, Grand Rapids, MI 49546
Commercial Sale, Grand Rapids, MI
Property Size4,081 SF
Lot Size0.53 Acres
Price / SF$245.04
Days on Market185
Property Features for 2426 Burton Street SE
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 2, Bathroom 1, Bathroom 5, Bathroom 3, Basement, Bathroom 7, Bathroom 6, Bathroom 4
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: Sep 16
Last Checked: Oct 2 at 2:06AM
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 4,081-square-foot office building contains four suites within a brick structure built in 1968. Suite 1 is occupied by a dental office, while Suite 3 is leased to a wellness center. Suites 2 and 4 are vacant and were previously configured for dental-related operations. The property includes seven bathrooms, a basement, central air conditioning, forced-air heating, a rubber roof, and broadband availability.
Situated at 2426 Burton Street SE in Grand Rapids, the 0.53-acre property is positioned along a high-traffic corridor with access to major roadways. Residential neighborhoods and local businesses surround the site. Cable is available, and the property includes four separate suites that can support continued multi-tenant office use or an owner-user configuration.
Situated at 2426 Burton Street SE in Grand Rapids, the 0.53-acre property is positioned along a high-traffic corridor with access to major roadways. Residential neighborhoods and local businesses surround the site. Cable is available, and the property includes four separate suites that can support continued multi-tenant office use or an owner-user configuration.
Key Highlights
- 4,081‑square‑foot office building on 0.53 acres
- Four suites with Suites 1 and 3 occupied
- Suites 2 and 4 vacant; both 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
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Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
467
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Four-suite office property with two occupied suites and flexible space for professional users.
Where is this office building 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: 4,081‑square‑foot office building on 0.53 acres; Four suites with Suites 1 and 3 occupied; Suites 2 and 4 vacant; both previously used for dental‑related operations
