Retail Space with Overhead
New
For Sale
$700,000
311 28th St SE, Grand Rapids, MI 49548
The interior can be arranged as two or three suites for a range of commercial layouts.
Property Size3,600 SF
Price / SF$194.44
Days on Market2
Property Features for 311 28th St SE
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,612
Building Details
Year Built
2002
Year Renovated
2017
Buildings
1
Units
1
Building Size
3,600 SF
Listing Agency:
Keller Williams Realty Rivertown
Listed By:
G.Larry Branscombe
(616) 299-6846
Source:
Elliman
Added: Oct 16
Last Checked: Oct 16 at 1:59PM
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
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Investment Insights
Based on property information with market context.
This 3,600+ SF retail property was renovated in late 2017, including a white-box interior and exterior improvements. The open layout can be divided into two or three units, with options as small as 1,300 SF. The building also has good clear heights and an overhead door at its west end. The site was built in 2002.
The property fronts 28th Street SE and sits across the street from Kellogg's production campus. WalkScore is 75, rated Very Walkable; BikeScore is 68, rated Bikeable; and TransitScore is 39, rated Some Transit.
The property fronts 28th Street SE and sits across the street from Kellogg's production campus. WalkScore is 75, rated Very Walkable; BikeScore is 68, rated Bikeable; and TransitScore is 39, rated Some Transit.
Key Highlights
- 3,600+ SF retail property
- Divisible into two or three units, with configurations as small as 1,300 SF
- Renovated in late 2017; interior converted to white‑box condition
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,185
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,043,700
$1.0M
Cap Rate 7%
$745,500
$745.5K
Cap Rate 9%
$579,833
$579.8K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$79.1K $21.96/SF
− Vacancy
−$4.5K −$1.25/SF
EGI
$74.5K $20.71/SF
− OpEx
−$22.4K −$6.21/SF
NOI
$52.2K $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 Rate 5%
$1,043,700
Cap Rate 7%
$745,500
Cap Rate 9%
$579,833
Alternative Uses
Best Use
Retail
$745.5K
$652.3K – $869.8K
NOI $52,185 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$835.5K
$731.0K – $974.7K
NOI $58,482 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
86k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 42%
McDonald's
Dining
26,124 visits/mo
0.1 miles
Dollar Tree
Shops & Services
16,787 visits/mo
0.5 miles
BP
Shops & Services
13,911 visits/mo
0.1 miles
Taco Bell
Dining
11,604 visits/mo
0.2 miles
Checkers
Dining
7,846 visits/mo
0.1 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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Retail space - The interior can be arranged as two or three suites for a range of commercial layouts.
Where is this retail space located?
The property is located at 311 28th St SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,600+ SF retail property; Divisible into two or three units, with configurations as small as 1,300 SF; Renovated in late 2017; interior converted to white‑box condition
