Building Details

Year Built 1970

Buildings 1

Tenancy Multi

Listing Agency: Keller Williams Professionals t***@kwglover.com Show Phone

Listed By: Jeffrey Glover · License #6502408794

Source: Vmrealestatemichigan

Added: Mar 22 Changed: Aug 31 Last Checked: Aug 31 at 5:23PM

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Investment Insights

Based on property information with market context.

This 5,884-square-foot retail property contains multiple storefront suites within a 1970-built building. Each suite includes its own customer restroom and separate utility arrangements, supporting distinct occupancy configurations. The 0.59-acre parcel also includes a dedicated pylon sign and 100 feet of frontage along Alpine Avenue.

The property is positioned south of the I-96 and M-37 interchange, less than a minute from an I-96 ramp and approximately five miles north of downtown Grand Rapids. Its C-4 commercial zoning supports general retail, specialized personal services, and medical or office configurations. A 280-foot lot depth provides flexibility for parking organization and vehicle circulation, while any drive-through conversion would require local municipal approval.

Key Highlights

• 5,884‑square‑foot multi‑tenant retail building on a 0.59‑acre lot
• C‑4 commercial zoning supports retail, personal services, medical, and office configurations
• 100 feet of direct frontage on Alpine Avenue with a dedicated pylon street sign

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

$61,081

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

4.89%

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%

$1,221,620 $1.2M

Cap Rate 7%

$872,586 $872.6K

Cap Rate 9%

$678,678 $678.7K

Market Conditions

NOI Build-Up for 5,884 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

$91.1K $15.48/SF

− Vacancy

−$3.8K −$0.65/SF

EGI

$87.3K $14.83/SF

− OpEx

−$26.2K −$4.45/SF

NOI

$61.1K $10.38/SF

Area

Kent County, MI

Vacancy

4.20%

Lease Rate

$15.48 /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%

$1,221,620

Cap Rate 7%

$872,586

Cap Rate 9%

$678,678

Alternative Uses

Best Use

Retail

$872.6K

$763.5K – $1.02M (±1% cap)

NOI $61,081 @ 7.0% cap · market cap 4.89%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.05M

$920.8K – $1.23M (±1% cap)

NOI $73,667 @ 7.0% cap · market cap 5.89%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Restaurant Spa & Massage Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

147

Businesses Nearby

7k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Home Improvements & Furnishings 100%

Great Lakes Ace Home Improvements & Furnishings

6,579 visits/mo 0.4 miles

Demographics for 49544, MI

9,514

Population

4,195

Households

2.3

Avg Household Size

35

Median Age

34%

College-Educated

94%

High-School Grad

19.9 sq mi

ZIP Area

478

Density / Sq Mi

$69,706

Median Household Income

$43,785

Median Earnings

$1,119

Median Rent

$247,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Retail space - C-4-zoned commercial building with separated storefront suites, customer restrooms, and independent utility arrangements.

Where is this retail space located?

The property is located at 2611 Alpine Ave NW Walker, MI.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: 5,884‑square‑foot multi‑tenant retail building on a 0.59‑acre lot; C‑4 commercial zoning supports retail, personal services, medical, and office configurations; 100 feet of direct frontage on Alpine Avenue with a dedicated pylon street sign