Nicely Finished Office
For Sale
Contact for pricing
2930 & 2750 Lucerne Dr SE, Grand Rapids, MI 49546
Small office building on 3.38 acres in Cascade Township.
Property Size4,583 SF
Lot Size3.38 Acres
Price / SF$217.98
Days on Market103
Property Features for 2930 & 2750 Lucerne Dr SE
General Information
Standard status
Active
Size
4,583 SF
Class
B
Total Parking Spaces
20
Lot size
3.38 Acres
Property subtype
Office
Zoning
PUD-39
Investment Type
Owner/User
Building Details
Year Built
1997
Stories
1
Listing Agency:
NAI Wisinski of West Michigan
(616) 262-8532
Listed By:
Jason Makowski, SIOR · License #MI
Source:
Crexi
Added: May 12
Changed: Aug 8
Last Checked: Aug 21 at 10:12AM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This is a nicely-finished office building located in Cascade Township. The property sits on 3.38 acres and features a wooded setting on the backside of the building. The existing layout includes 14 private offices with windows, a conference room, a kitchenette, a reception area, and two bullpen areas suitable for workstations. The property also includes bonus basement space for storage. Recent upgrades to the building include a new roof, new HVAC units, and a new tankless water heater. The interior of the building was remodeled in 2021/2022. Monument signage is available along Lucerne Drive. The parking lot can accommodate 20-25 vehicles. The building size is 4,583 square feet.
Key Highlights
- Recently remodeled interior (2021/2022) with new roof, HVAC units, and tankless water heater.
- Situated on a 3.38‑acre property in Cascade Township with a beautiful wooded setting.
- Features 14 private offices with windows, a conference room, kitchenette, reception area, and two bullpen areas.
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
$42,835
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
4.29%
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%
$856,700
$856.7K
Cap Rate 7%
$611,929
$611.9K
Cap Rate 9%
$475,944
$475.9K
Market Conditions
NOI Build-Up for 4,583 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
$73.7K $16.08/SF
− Vacancy
−$16.6K −$3.62/SF
EGI
$57.1K $12.46/SF
− OpEx
−$14.3K −$3.12/SF
NOI
$42.8K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
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%
$856,700
Cap Rate 7%
$611,929
Cap Rate 9%
$475,944
Alternative Uses
Best Use
Office B
$611.9K
$535.4K – $713.9K
NOI $42,835 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.06M
$930.6K – $1.24M
NOI $74,451 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
776
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 building - Small office building on 3.38 acres in Cascade Township.
Where is this office building located?
The property is located at 2930 & 2750 Lucerne Dr SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Recently remodeled interior (2021/2022) with new roof, HVAC units, and tankless water heater.; Situated on a 3.38‑acre property in Cascade Township with a beautiful wooded setting.; Features 14 private offices with windows, a conference room, kitchenette, reception area, and two bullpen areas.
