Renovated Single-Story Office
For Sale
$1,296,000
2935 Buchanan Avenue SW, Grand Rapids, MI 49548
Commercial Sale, Grand Rapids, MI
Property Size8,257 SF
Lot Size0.63 Acres
Price / SF$152.96
Days on Market54
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 1, Bathroom 3, Bathroom 2, 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: Sep 12
Last Checked: Sep 26 at 12:06AM
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 in Grand Rapids was constructed in 1984 and renovated in 2017. The property has brick construction, forced-air heating, central air, and natural gas availability. Interior office space occupies one half of the building for an owner occupant, while the remaining half is leased to long-term tenants.
Set on 0.63 acres at 2935 Buchanan Avenue SW, the property is near downtown Grand Rapids and the 131 expressway. Its configuration combines an owner-user component with existing leased space in a commercial building serving office needs.
Set on 0.63 acres at 2935 Buchanan Avenue SW, the property is near downtown Grand Rapids and the 131 expressway. Its configuration combines an owner-user component with existing leased space in a commercial building serving office needs.
Key Highlights
- Single‑story office building renovated in 2017
- 0.63‑acre site at 2935 Buchanan Avenue SW
- One half available for an owner occupant
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
497
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Brick office property with central air, renovated interiors, and a fully leased portion occupied by long-term tenants.
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 renovated in 2017; 0.63‑acre site at 2935 Buchanan Avenue SW; One half available for an owner occupant
