Single-Story Brick Office
For Sale
$1,664,325
2969 Prairie St SW, Grandville, MI 49418
Fully leased office property with tenant build-outs, basement storage, and a brick-and-glass exterior.
Property Size14,794 SF
Price / SF$112.50
Days on Market488
Property Features for 2969 Prairie St SW
General Information
Standard status
Active
Size
14,794 SF
Total Parking Spaces
76
Property subtype
Office
Zoning
OS-1
Occupancy
100%
Additional Details
Cap Rate
9%
Highway Access
Yes
Amenities
monument signage
skylight
ceramic tile common area
basement storage
Power
Water
Sewer
76 Parking Spaces
Building Details
Year Built
1998
Buildings
1
Stories
1
Tenancy
Multiple Tenants
Construction
brick and glass
Parking Ratio
5 per 1,000 SF
Listing Agency:
Colliers - Grand Rapids
(616) 292-3455
Listed By:
Scott Morgan · License #6502112210
(616) 292-3455
Source:
Carwm.resimplifi
Added: Apr 30, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:32PM
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 Colliers - Grand Rapids
Investment Insights
Based on property information with market context.
Located at 2969 Prairie St SW in Grandville, this 14,794-square-foot office building offers a single-story layout with brick-and-glass construction. The property was built in 1998 and is fully leased to four tenants, each with recent build-outs. Interior features include a skylit common area with ceramic tile and basement storage for practical building support.
The site provides 75 parking spaces, equating to 5/1000, along with individual monument signage for each tenant along Prairie Street. Access to M-6 and I-196 supports connectivity within the Southwest Market. The property is zoned OS-1 and is offered at a 9% cap rate.
The site provides 75 parking spaces, equating to 5/1000, along with individual monument signage for each tenant along Prairie Street. Access to M-6 and I-196 supports connectivity within the Southwest Market. The property is zoned OS-1 and is offered at a 9% cap rate.
Key Highlights
- Fully leased 14,794‑square‑foot office building with 4 tenants
- Single‑story brick‑and‑glass construction built in 1998
- 75 parking spaces with a 5/1000 parking ratio
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
$147,819
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
8.88%
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%
$2,956,380
$3.0M
Cap Rate 7%
$2,111,700
$2.1M
Cap Rate 9%
$1,642,433
$1.6M
Market Conditions
NOI Build-Up for 14,794 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
$216.6K $14.64/SF
− Vacancy
−$19.5K −$1.32/SF
EGI
$197.1K $13.32/SF
− OpEx
−$49.3K −$3.33/SF
NOI
$147.8K $9.99/SF
Area
Kent County, MI
Vacancy
9.00%
Lease Rate
$14.64 /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%
$2,956,380
Cap Rate 7%
$2,111,700
Cap Rate 9%
$1,642,433
Alternative Uses
Best Use
Office B
$2.11M
$1.85M – $2.46M
NOI $147,819 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,220 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 49418, MI
30,520
Population
12,801
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
1,606
Density / Sq Mi
$83,485
Median Household Income
$48,260
Median Earnings
$1,218
Median Rent
$296,300
Median Home Value
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 - Fully leased office property with tenant build-outs, basement storage, and a brick-and-glass exterior.
Where is this office building located?
The property is located at 2969 Prairie St SW Grandville, MI.
What is the asking price?
The asking price for this property is $1,664,325.
What are key features of this property?
This property features: Fully leased 14,794‑square‑foot office building with 4 tenants; Single‑story brick‑and‑glass construction built in 1998; 75 parking spaces with a 5/1000 parking ratio
