Divisible Retail
New
For Sale
$700,000
311 28th Street SE, Grand Rapids, MI 49548
Commercial Sale, Grand Rapids, MI
Property Size3,610 SF
Lot Size0.37 Acres
Price / SF$193.91
Days on Market6
Property Features for 311 28th Street SE
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
COMMERCIAL - IM
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Directions
US 131 to 28th St, East to address. Property is on the North side of the Rd before Madison Ave.
Standard status
Active
APN
41-18-07-381-033
Size
3,610 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
N 128 FT OF LOTS 46, 47, & 48 EX WLY 25 FT OF LOT 46 * HOOLSEMA-DUMMERING ADDITION SPLIT ON 01/19/2006 FROM
Tax Annual Amount
8612
Legal Description
N 128 FT OF LOTS 46, 47, & 48 EX WLY 25 FT OF LOT 46 * HOOLSEMA-DUMMERING ADDITION SPLIT ON 01/19/2006 FROM
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
2002
Floors in Building
1
Number of units
1
Building materials
Stucco
Listing Agency:
Keller Williams Realty Rivertown
(616) 288-3244
Listed By:
G.Larry Branscombe
(616) 299-6846
Added: Oct 10
Changed: Oct 14
Last Checked: Oct 15 at 6:06AM
MLS# 26054838
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,610-square-foot retail property sits on 0.37 acres and was renovated in late 2017. The work included a white-box interior, updated facade and landscaping, and a resealed, restriped parking lot. An open floor plan, good clear heights, and an overhead door at the west end add to the building’s physical flexibility.
The building fronts 28th Street SE and is across from Kellogg’s production campus. It can be configured as two or three units, with spaces starting at 1,300 square feet. The property was built in 2002 and includes forced-air heating, broadband, and cable availability.
The building fronts 28th Street SE and is across from Kellogg’s production campus. It can be configured as two or three units, with spaces starting at 1,300 square feet. The property was built in 2002 and includes forced-air heating, broadband, and cable availability.
Key Highlights
- 3,610 SF retail property on 0.37 acres
- Renovated in late 2017 with white‑box interior and exterior improvements
- Configurable as two or three units, with spaces as small as 1,300 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,330
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,046,600
$1.0M
Cap Rate 7%
$747,571
$747.6K
Cap Rate 9%
$581,444
$581.4K
Market Conditions
NOI Build-Up for 3,610 SF
Gross rent
$79.3K $21.96/SF
− Vacancy
−$4.5K −$1.25/SF
EGI
$74.8K $20.71/SF
− OpEx
−$22.4K −$6.21/SF
NOI
$52.3K $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%
$1,046,600
Cap Rate 7%
$747,571
Cap Rate 9%
$581,444
Alternative Uses
Best Use
Retail
$747.6K
$654.1K – $872.2K
NOI $52,330 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$837.8K
$733.1K – $977.4K
NOI $58,644 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
69k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 71%
Shops & Services 28%
Hotels & Casinos 1%
McDonald's
Dining
26,124 visits/mo
0.2 miles
BP
Shops & Services
13,911 visits/mo
0.2 miles
Taco Bell
Dining
11,604 visits/mo
0.4 miles
Checkers
Dining
7,846 visits/mo
0.3 miles
Pizza Hut
Dining
3,051 visits/mo
0.5 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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Frequently Asked Questions
What type of property is this?
Retail space - A 2017 renovation and flexible suite layout support a range of commercial configurations.
Where is this retail space located?
The property is located at 311 28th Street 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: 3,610 SF retail property on 0.37 acres; Renovated in late 2017 with white‑box interior and exterior improvements; Configurable as two or three units, with spaces as small as 1,300 SF
