Renovated Single-Story Office
For Sale
$1,296,000
2935 Buchanan Avenue SW, Grand Rapids, MI 49548
COMMERCIAL - Grand Rapids, MI
Property Size8,257 SF
Lot Size0.63 Acres
Price / SF$152.96
Days on Market8
Property Features for 2935 Buchanan Avenue SW
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Light Industria
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4
Parking
25
High school
Wyoming High School
Elementary school district
Wyoming
Middle school district
Wyoming
High school district
Wyoming
Standard status
Active
APN
41-17-13-202-009
Size
8,473 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lots 12 & 3 CK Jones Plat
Tax Annual Amount
10126
Legal Description
Lots 12 & 3 CK Jones Plat
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1984
Number of units
9
Building materials
Brick
Listing Agency:
Greenridge Realty (Lowell)
(616) 897-9239
Listed By:
Todd M Pearson
(616) 717-8220
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 26041907
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 single-story office building occupies 0.63 acres and was renovated in 2017. The brick construction is supported by forced-air heating, central air conditioning, and natural gas availability. The interior is arranged with one portion available for owner occupancy while the remaining half is fully leased to long-term tenants, creating a practical combination of business-use space and existing tenancy.
The property is positioned near downtown and the 131 expressway in Grand Rapids. Four bathrooms are identified within the building, adding functional support for its office layout. Its combination of updated improvements, divided occupancy, and accessible regional positioning suits an owner-user seeking an office property with an established leased component.
The property is positioned near downtown and the 131 expressway in Grand Rapids. Four bathrooms are identified within the building, adding functional support for its office layout. Its combination of updated improvements, divided occupancy, and accessible regional positioning suits an owner-user seeking an office property with an established leased component.
Key Highlights
- Single‑story office building on 0.63 acres
- Renovated in 2017
- One‑half of the building is fully leased to long‑term tenants
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
$79,193
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
6.11%
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%
$1,583,860
$1.6M
Cap Rate 7%
$1,131,329
$1.1M
Cap Rate 9%
$879,922
$879.9K
Market Conditions
NOI Build-Up for 8,473 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
$136.2K $16.08/SF
− Vacancy
−$30.7K −$3.62/SF
EGI
$105.6K $12.46/SF
− OpEx
−$26.4K −$3.12/SF
NOI
$79.2K $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%
$1,583,860
Cap Rate 7%
$1,131,329
Cap Rate 9%
$879,922
Alternative Uses
Best Use
Office B
$1.13M
$989.9K – $1.32M
NOI $79,193 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.29M
NOI $137,644 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Explore this area
Business Placement
Demographics for 49548, MI
34,741
Population
13,174
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
86%
High-School Grad
10.8 sq mi
ZIP Area
3,217
Density / Sq Mi
$62,218
Median Household Income
$35,831
Median Earnings
$1,129
Median Rent
$149,500
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 - Renovated in 2017 with space for owner occupancy alongside an established leased component.
Where is this office building located?
The property is located at 2935 Buchanan Avenue SW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,296,000.
What are key features of this property?
This property features: Single‑story office building on 0.63 acres; Renovated in 2017; One‑half of the building is fully leased to long‑term tenants
