Updated Auto Repair
New
For Sale
$600,000
2960 Division Avenue, Grand Rapids, MI 49548
Automotive property with an updated building, repair equipment, and corner access for owner-operator use.
Property Size2,416 SF
Lot Size0.34 Acres
Price / SF$248.34
Days on Market2
Property Features for 2960 Division Avenue
General Information
Standard status
Active
Size
2,416 SF
Lot size
0.34 Acres
Property subtype
Commercial
Site & Location
Corner Location
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,368
Building Details
Building Size
2,416 SF
Year Built
1961
Buildings
1
Units
1
Listing Agency:
Keller Williams Realty Rivertown
(616) 299-6846
Listed By:
G.Larry Branscombe
(616) 299-6846
Source:
Eliterealtymi
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 2:30AM
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 Realty Rivertown
Investment Insights
Based on property information with market context.
This automotive property includes a 2,416-square-foot updated building on 14,636 square feet of land. The site is currently used for both auto repair and car dealership operations, with a lift included in the sale. Additional furniture, fixtures, and equipment may be available for separate purchase. The dealer’s license is not included.
Positioned on a corner with high visibility, the property provides convenient ingress and egress. Built in 1961, the existing improvements support continued automotive service and vehicle sales uses as currently configured.
Positioned on a corner with high visibility, the property provides convenient ingress and egress. Built in 1961, the existing improvements support continued automotive service and vehicle sales uses as currently configured.
Key Highlights
- 2,416‑square‑foot updated building
- 14,636 square feet of land
- Currently used for auto repair and car dealership operations
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
$35,022
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
5.84%
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%
$700,440
$700.4K
Cap Rate 7%
$500,314
$500.3K
Cap Rate 9%
$389,133
$389.1K
Market Conditions
NOI Build-Up for 2,416 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
$53.1K $21.96/SF
− Vacancy
−$3.0K −$1.25/SF
EGI
$50.0K $20.71/SF
− OpEx
−$15.0K −$6.21/SF
NOI
$35.0K $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%
$700,440
Cap Rate 7%
$500,314
Cap Rate 9%
$389,133
Alternative Uses
Best Use
Retail
$500.3K
$437.8K – $583.7K
NOI $35,022 @ 7.0% cap · market cap 5.84%
Second Best
Industrial
$359.9K
$314.9K – $419.9K
NOI $25,195 @ 7.0% cap · market cap 4.20%
Theoretical Best
Specialty Retail
$560.7K
$490.6K – $654.1K
NOI $39,248 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
18k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Shops & Services 32%
Electronics 6%
Popeyes Louisiana Kitchen
Dining
10,885 visits/mo
0.2 miles
Family Dollar
Shops & Services
5,297 visits/mo
0.5 miles
Boost Mobile
Electronics
1,127 visits/mo
0.3 miles
Devon Self Storage
Shops & Services
395 visits/mo
0.5 miles
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Godwin Body Shop Inc — 3622 Division Ave S, Grand Rapids, MI 49548
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive property with an updated building, repair equipment, and corner access for owner-operator use.
Where is this auto shop located?
The property is located at 2960 Division Avenue Grand Rapids, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 2,416‑square‑foot updated building; 14,636 square feet of land; Currently used for auto repair and car dealership operations
