Historic Grand Rapids Mixed-Use
For Sale
$5,250,000
Pending
25 Sheldon Ave SE, Grand Rapids, MI 49503
Landmark property in downtown Grand Rapids with historic architecture.
Property Size48,211 SF
Days on Market496
Property Features for 25 Sheldon Ave SE
General Information
Standard status
Pending
Size
48,211 SF
Property subtype
Commercial
Site & Location
Neighborhood
Oldtown-Heartside
Building Details
Year Built
1921
Listing Agency:
Keller Williams GR North
Listed By:
Roger Ackerman · License #6501295615
(810) 423-9296
Source:
Vmrealestatemichigan
Added: Jun 24, 2025
Changed: Oct 31
Last Checked: Oct 30 at 2:38PM
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 Keller Williams GR North
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Investment Insights
Based on property information with market context.
Located in downtown Grand Rapids, 25 Sheldon SE is a property suitable for developers, hotel operators, and hospitality groups. Constructed in 1921 and renovated in 2016, the 48,211 square foot building includes four stories and a walkout lower level, combining historic architecture with modern upgrades. The building's layout features a historic ballroom, offices, conference rooms, and a full basketball court, offering adaptability for hospitality, entertainment, mixed-use redevelopment, or large-scale institutional use. The property is also suited for nonprofit services, educational programming, wellness organizations, creative studios, and recreation-based users. Off-street parking is included. The property is located off the Division and Fulton corridors and near Corewell Health, Trinity Health, Van Andel Arena, the Amway Grand Plaza, and the Acrisure Amphitheatre, placing it in Grand Rapids' cultural, medical, and entertainment district. The bike score is 66, making it bikeable. The walk score is 81, indicating it is very walkable. The transit score is 42, indicating some transit options are available.
Key Highlights
- Prime downtown Grand Rapids location with high walkability (Walk Score: 81)
- Large 48,211 SF building with historic architecture and modern upgrades (renovated in 2016)
- Versatile layout suitable for hospitality, entertainment, mixed‑use redevelopment, or large‑scale institutional use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$266,009
Cap Rate
5.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,320,180
$5.3M
Cap Rate 7%
$3,800,129
$3.8M
Cap Rate 9%
$2,955,656
$3.0M
Market Conditions
NOI Build-Up for 48,211 SF
Gross rent
$636.4K $13.20/SF
− Vacancy
−$76.4K −$1.58/SF
EGI
$560.0K $11.62/SF
− OpEx
−$294.0K −$6.10/SF
NOI
$266.0K $5.52/SF
Area
Grand Rapids, MI
Vacancy
12.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,320,180
Cap Rate 7%
$3,800,129
Cap Rate 9%
$2,955,656
Alternative Uses
Best Use
Mixed Use
$7.60M
$6.65M – $8.87M
NOI $532,249 @ 7.0% cap · market cap 10.14%
Second Best
Hotel Hospitality
$3.80M
$3.33M – $4.43M
NOI $266,009 @ 7.0% cap · market cap 5.07%
Theoretical Best
Specialty Retail
$11.19M
$9.79M – $13.05M
NOI $783,188 @ 7.0% cap · market cap 14.92%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
7,826
Businesses Nearby
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Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Hotel - Landmark property in downtown Grand Rapids with historic architecture.
Where is this hotel located?
The property is located at 25 Sheldon Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Prime downtown Grand Rapids location with high walkability (Walk Score: 81); Large 48,211 SF building with historic architecture and modern upgrades (renovated in 2016); Versatile layout suitable for hospitality, entertainment, mixed‑use redevelopment, or large‑scale institutional use
