Multi-Tenant Retail Building with C-4
For Sale
Contact for pricing
2611 Alpine Avenue NW, Grand Rapids, MI 49544
High-visibility multi-tenant retail building with 100 feet of direct road frontage on Alpine Ave.
Property Size5,884 SF
Lot Size0.59 Acres
Price / SF$212.44
Days on Market62
Property Features for 2611 Alpine Avenue NW
General Information
Standard status
Active
Size
5,884 SF
Lot size
0.59 Acres
Property subtype
Retail
Zoning
C-4
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1970
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Professionals
(734) 459-4700
Listed By:
Jeff Glover · License #MI 6501317808
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 9 at 7:12AM
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 Professionals
Investment Insights
Based on property information with market context.
This 5,884-square-foot, multi-tenant retail building is set on a 0.59-acre lot and offers flexible C-4 commercial zoning. The property includes storefront suite space divided into functional units, with independent customer restrooms and utility separations. Site features include a dedicated pylon street sign for brand visibility and a deep 280-foot lot depth that can support a range of parking layouts.
Located on Alpine Avenue NW in Grand Rapids, Michigan, the property is positioned on a dominant, heavily trafficked retail corridor. It sits just south of the major I-96 and M-37 highway exchange, providing convenient access to commuter flow and regional traffic. The parcel includes 100 feet of direct road frontage on Alpine Avenue, with vehicle access suited to customer use from the main thoroughfare.
The current layout and suite design make this property practical for investors and owner-users seeking configurable retail and service-oriented space. Under its C-4 zoning, the building can support a range of intensive commercial uses, including general retail, specialized personal services, and medical or office configurations, subject to applicable approvals. The City of Walker is referenced as providing a business-friendly permitting environment for local processing.
Located on Alpine Avenue NW in Grand Rapids, Michigan, the property is positioned on a dominant, heavily trafficked retail corridor. It sits just south of the major I-96 and M-37 highway exchange, providing convenient access to commuter flow and regional traffic. The parcel includes 100 feet of direct road frontage on Alpine Avenue, with vehicle access suited to customer use from the main thoroughfare.
The current layout and suite design make this property practical for investors and owner-users seeking configurable retail and service-oriented space. Under its C-4 zoning, the building can support a range of intensive commercial uses, including general retail, specialized personal services, and medical or office configurations, subject to applicable approvals. The City of Walker is referenced as providing a business-friendly permitting environment for local processing.
Key Highlights
- 5,884‑SF multi‑tenant retail building on a 0.59‑acre lot
- 100 feet of direct road frontage on Alpine Ave with a dedicated pylon street sign
- C‑4 commercial zoning supports a wide range of intensive commercial uses
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
$85,293
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
6.82%
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%
$1,705,860
$1.7M
Cap Rate 7%
$1,218,471
$1.2M
Cap Rate 9%
$947,700
$947.7K
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
$129.2K $21.96/SF
− Vacancy
−$7.4K −$1.25/SF
EGI
$121.8K $20.71/SF
− OpEx
−$36.6K −$6.21/SF
NOI
$85.3K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /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%
$1,705,860
Cap Rate 7%
$1,218,471
Cap Rate 9%
$947,700
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.42M
NOI $85,293 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.37M
$1.19M – $1.59M
NOI $95,586 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
39k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 43%
Kum & Go
Shops & Services
15,946 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
9,996 visits/mo
0.4 miles
Mobil
Shops & Services
6,552 visits/mo
0.1 miles
BIGGBY COFFEE
Dining
4,730 visits/mo
0.5 miles
Pizza Hut
Dining
1,896 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - High-visibility multi-tenant retail building with 100 feet of direct road frontage on Alpine Ave.
Where is this storefront property located?
The property is located at 2611 Alpine Avenue NW Grand Rapids, 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‑SF multi‑tenant retail building on a 0.59‑acre lot; 100 feet of direct road frontage on Alpine Ave with a dedicated pylon street sign; C‑4 commercial zoning supports a wide range of intensive commercial uses
