Single-Tenant Office
2960 Lucerne Dr SE, Grand Rapids, MI 49546
For Sale
Contact for pricing
The NNN lease expires December 31, 2038, and includes two additional five-year renewal options.
Property Size33,884 SF
Price / SF$272.40
Days on Market8
Property Features for 2960 Lucerne Dr SE
General Information
Standard status
Size
Property subtype
Net Operating Income
Financials
Asking Price
Cap Rate
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Highway Access
Office Units
Property Use
Building Details
Buildings
Building Size
Tenancy
Listing Agency:
Bradley Company Grand Rapids
Listed By:
Chip Bowling · License #MI
(616) 915-9080
Source:
Crexi
Added: Nov 2
Changed: Nov 8
Last Checked: Nov 8 at 5:32PM
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 Bradley Company Grand Rapids
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Investment Insights
Based on property information with market context.
This 33,884-square-foot office property in Centennial Office Park is occupied by Fleis & VandenBrink Engineering, Inc., which uses the building as its corporate headquarters. The asset is configured for a single tenant and is subject to an NNN lease that runs through December 31, 2038, with two additional five-year renewal options. The reported capitalization rate is 6.27%.
The property is in Southeast Grand Rapids, near the Cascade commercial corridor, I-96 and Gerald R. Ford International Airport.
The property is in Southeast Grand Rapids, near the Cascade commercial corridor, I-96 and Gerald R. Ford International Airport.
Key Highlights
- 33,884‑square‑foot office property occupied by a single tenant
- Fleis & VandenBrink Engineering, Inc. uses the property as its corporate headquarters
- NNN lease through December 31, 2038, plus two five‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$316,697
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,333,940
$6.3M
Cap Rate 7%
$4,524,243
$4.5M
Cap Rate 9%
$3,518,856
$3.5M
Market Conditions
NOI Build-Up for 33,884 SF
Gross rent
$544.9K $16.08/SF
− Vacancy
−$122.6K −$3.62/SF
EGI
$422.3K $12.46/SF
− OpEx
−$105.6K −$3.12/SF
NOI
$316.7K $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 Rate 5%
$6,333,940
Cap Rate 7%
$4,524,243
Cap Rate 9%
$3,518,856
Alternative Uses
Best Use
Office B
$4.52M
$3.96M – $5.28M
NOI $316,697 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.86M
$6.88M – $9.17M
NOI $550,446 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
893
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
$389,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Grand Rapids, MI
Properties on Market for Office buildings in Grand Rapids
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - The NNN lease expires December 31, 2038, and includes two additional five-year renewal options.
Where is this office building located?
The property is located at 2960 Lucerne Dr SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $9,230,000.
What are key features of this property?
This property features: 33,884‑square‑foot office property occupied by a single tenant; Fleis & VandenBrink Engineering, Inc. uses the property as its corporate headquarters; NNN lease through December 31, 2038, plus two five‑year renewal options
