Office Building For
For Sale
$1,200,000
3012 Shaffer Ave SE, Kentwood, MI 49512
Office building offered for sale at 3012 Shaffer Ave SE in Kentwood, Michigan.
Property Size9,988 SF
Days on Market74
Property Features for 3012 Shaffer Ave SE
General Information
Standard status
Active
Size
9,988 SF
Class
B
Property subtype
Office
Building Details
Building Size
9,988 SF
Year Built
1975
Listing Agency:
Signature Associates
Listed By:
Joe Rizqallah
(616) 822-6310
Source:
Tcnworldwide
Added: Jun 23
Changed: Sep 3
Last Checked: Sep 4 at 3:28AM
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 Signature Associates
Investment Insights
Based on property information with market context.
This is a for-sale office building at 3012 Shaffer Ave SE in Kentwood, Michigan. The property is marketed under office building and office space categories, making it suitable for users seeking an established commercial office asset.
The listing provides the property’s address for access and due diligence purposes. No additional details on unit configuration, size, condition, or improvements were included in the provided information.
Interested parties should review the building details directly with the listing team to confirm layout and suitability for intended office use.
The listing provides the property’s address for access and due diligence purposes. No additional details on unit configuration, size, condition, or improvements were included in the provided information.
Interested parties should review the building details directly with the listing team to confirm layout and suitability for intended office use.
Key Highlights
- Office building built in 1975
- For sale at 3012 Shaffer Ave SE in Kentwood, Michigan
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
$99,798
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
8.32%
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%
$1,995,960
$2.0M
Cap Rate 7%
$1,425,686
$1.4M
Cap Rate 9%
$1,108,867
$1.1M
Market Conditions
NOI Build-Up for 9,988 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
$146.2K $14.64/SF
− Vacancy
−$13.2K −$1.32/SF
EGI
$133.1K $13.32/SF
− OpEx
−$33.3K −$3.33/SF
NOI
$99.8K $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%
$1,995,960
Cap Rate 7%
$1,425,686
Cap Rate 9%
$1,108,867
Alternative Uses
Best Use
Office B
$1.43M
$1.25M – $1.66M
NOI $99,798 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.56M – $2.08M
NOI $125,049 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
792
Businesses Nearby
Explore this area
Business Placement
Demographics for 49512, MI
18,558
Population
8,870
Households
2.1
Avg Household Size
33
Median Age
38%
College-Educated
91%
High-School Grad
23.0 sq mi
ZIP Area
807
Density / Sq Mi
$70,955
Median Household Income
$41,538
Median Earnings
$1,229
Median Rent
$279,900
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 - Office building offered for sale at 3012 Shaffer Ave SE in Kentwood, Michigan.
Where is this office building located?
The property is located at 3012 Shaffer Ave SE Kentwood, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Office building built in 1975; For sale at 3012 Shaffer Ave SE in Kentwood, Michigan
