Retail Space with Overhead
For Sale
$700,000
311 28th Street, Grand Rapids, MI 49548
The 3,610-square-foot interior can be configured as two or three units, with spaces starting at 1,300 square feet.
Property Size3,610 SF
Price / SF$193.91
Days on Market24
Property Features for 311 28th Street
General Information
Standard status
Active
Size
3,610 SF
Property subtype
Commercial,Investment
Additional Details
Road Access
Yes
Property Use
dry cleaners/laundromat, title company, general office, retail, daycare, restaurant/bar, medical clinic
Building Details
Year Built
2002
Year Renovated
2017
Buildings
1
Listing Agency:
Keller Williams Realty Rivertown
(616) 288-3244
Listed By:
G.Larry Branscombe · License #6502381307
(616) 299-6846
Source:
Tilleryrealtygroup
Added: Oct 10
Changed: Nov 2
Last Checked: Nov 2 at 2:43AM
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,610-square-foot retail property, built in 2002, received interior and exterior renovations in late 2017. The interior was converted to a white-box finish, while exterior work included refreshed landscaping and facade improvements, along with resealing and restriping the parking lot. An open layout, good clear heights, and an overhead door at the west end add practical flexibility. The building can be divided into two or three units, with the smallest configuration starting at 1,300 square feet.
The property fronts 28th Street and sits across the street from Kellogg’s production campus. Potential uses identified for the space include retail, office, daycare, restaurant or bar, medical clinic, laundromat, and title company operations.
The property fronts 28th Street and sits across the street from Kellogg’s production campus. Potential uses identified for the space include retail, office, daycare, restaurant or bar, medical clinic, laundromat, and title company operations.
Key Highlights
- 3,610‑square‑foot retail building with 28th Street frontage
- Renovated in late 2017, including interior and exterior work
- Can be divided into 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
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
431k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 36%
Dining 32%
Shops & Services 20%
Office Supplies 5%
Meijer
Groceries
131,843 visits/mo
0.3 miles
Meijer Gas Station
Shops & Services
45,160 visits/mo
0.4 miles
McDonald's
Dining
36,530 visits/mo
0.4 miles
Chick-fil-A
Dining
36,430 visits/mo
0.3 miles
Aldi
Groceries
22,476 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
Frequently Asked Questions
What type of property is this?
Retail space - The 3,610-square-foot interior can be configured as two or three units, with spaces starting at 1,300 square feet.
Where is this retail space located?
The property is located at 311 28th Street 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‑square‑foot retail building with 28th Street frontage; Renovated in late 2017, including interior and exterior work; Can be divided into two or three units, with spaces as small as 1,300 SF
