Shopping Center with Dual
For Sale
$3,990,000
3094 28th St SE, Kentwood, MI 49512
Two-level retail configuration with C-2 zoning and substantial on-site parking.
Property Size19,652 SF
Price / SF$203.03
Days on Market221
Property Features for 3094 28th St SE
General Information
Standard status
Active
Size
19,652 SF
Property subtype
Retail
Zoning
C-2
Additional Details
Corner Location
Yes
Amenities
Water
Sewer
Building Details
Year Built
2006
Tenancy
Multi
Listing Agency:
Signature Associates
(616) 235-6007
Listed By:
Joe Rizqallah
(616) 235-6007
Source:
Carwm.resimplifi
Added: Jan 22
Changed: Aug 30
Last Checked: Aug 30 at 7:34PM
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 19,652-square-foot shopping center, built in 2006, provides more than 9,500 square feet of retail area on the main level, along with a comparable lower level oriented toward 29th Street. The property is zoned C-2 and offers signage exposure from both 28th Street and 29th Street.
The site occupies the lighted intersection across from Woodland Mall, Whole Foods, and REI. It includes over 100 feet of visible frontage on each street and 150+ parking spaces. A bus route is located across the street, adding transit access to the surrounding retail setting.
The site occupies the lighted intersection across from Woodland Mall, Whole Foods, and REI. It includes over 100 feet of visible frontage on each street and 150+ parking spaces. A bus route is located across the street, adding transit access to the surrounding retail setting.
Key Highlights
- 19,652 SF shopping center built in 2006
- Main level includes over 9,500 SF of retail space
- Lower level faces 29th Street
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
$204,005
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
5.11%
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%
$4,080,100
$4.1M
Cap Rate 7%
$2,914,357
$2.9M
Cap Rate 9%
$2,266,722
$2.3M
Market Conditions
NOI Build-Up for 19,652 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
$304.2K $15.48/SF
− Vacancy
−$12.8K −$0.65/SF
EGI
$291.4K $14.83/SF
− OpEx
−$87.4K −$4.45/SF
NOI
$204.0K $10.38/SF
Area
Kent County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$4,080,100
Cap Rate 7%
$2,914,357
Cap Rate 9%
$2,266,722
Alternative Uses
Best Use
Retail
$2.91M
$2.55M – $3.40M
NOI $204,005 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.51M
$3.08M – $4.10M
NOI $246,042 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
664k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 35%
Dining 32%
Shops & Services 16%
Home Improvements & Furnishings 8%
JCPenney
Apparel
85,610 visits/mo
0.4 miles
Barnes & Noble
Shops & Services
53,199 visits/mo
0.3 miles
Macy's
Apparel
50,845 visits/mo
0.3 miles
Kohl's
Apparel
47,204 visits/mo
0.5 miles
The Cheesecake Factory
Dining
45,891 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Southridge Center — 2948 28th St SE, Grand Rapids, MI 49512
- Plaza 28 — 3734 28th St SE, Grand Rapids, MI 49512
- Woodland Mall — 3195 28th St SE, Kentwood, MI 49512
- Woodbrook Center — 2650 E Beltline Ave SE, Grand Rapids, MI 49546
- Secretary of State Self-service Station — 3601 28th St SE, Grand Rapids, MI 49512
Frequently Asked Questions
What type of property is this?
Shopping center - Two-level retail configuration with C-2 zoning and substantial on-site parking.
Where is this shopping center located?
The property is located at 3094 28th St SE Kentwood, MI.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: 19,652 SF shopping center built in 2006; Main level includes over 9,500 SF of retail space; Lower level faces 29th Street
