Leased Office Condo
For Sale
$795,000
3230 Broadmoor Ave SE, Grand Rapids, MI 49512
I1-zoned office units with remodeled suites, updated finishes, and established lease terms.
Property Size6,510 SF
Price / SF$122.12
Days on Market385
Property Features for 3230 Broadmoor Ave SE
General Information
Standard status
Active
Size
6,510 SF
Property subtype
Office
Zoning
I1
Occupancy
100%
Additional Details
Office Units
2
Building Details
Tenancy
Multi
Listing Agency:
NAI Wisinski of West Michigan
(616) 575-7054
Listed By:
Paul Oosterbaan · License #6501357172
(616) 575-7054
Source:
Carwm.resimplifi
Added: Aug 10, 2025
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This 9,840 SF office condo portfolio includes three suites across a west endcap unit and a center condo unit. The endcap was comprehensively remodeled in 2018, while the property received interior and exterior repainting in 2023. A new roof was also installed with a 30-year warranty.
Suite A comprises 3,330 SF and includes five private offices, two conference rooms, a kitchenette with island, two restrooms, new carpet, and fresh paint. Suite C contains 3,933 SF with four private offices, a conference room, kitchenette, shared restroom, and remodeled carpet and paint. Suite B is occupied under a 10-year lease; Suites A and C each have 5-year leases.
The property is positioned near the intersection of 28th St and East Beltline, south of West Michigan’s main retail corridor and near Woodland Mall, CenterPoint Mall, Starbucks, Chick-fil-A, Lowe’s, Trader Joe’s, and Whole Foods. Zoning is I1.
Suite A comprises 3,330 SF and includes five private offices, two conference rooms, a kitchenette with island, two restrooms, new carpet, and fresh paint. Suite C contains 3,933 SF with four private offices, a conference room, kitchenette, shared restroom, and remodeled carpet and paint. Suite B is occupied under a 10-year lease; Suites A and C each have 5-year leases.
The property is positioned near the intersection of 28th St and East Beltline, south of West Michigan’s main retail corridor and near Woodland Mall, CenterPoint Mall, Starbucks, Chick-fil-A, Lowe’s, Trader Joe’s, and Whole Foods. Zoning is I1.
Key Highlights
- 9,840 SF office condo portfolio with three suites
- New roof installed with a 30‑year warranty
- Interior and exterior repainting completed in 2023
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
$60,846
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
7.65%
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%
$1,216,920
$1.2M
Cap Rate 7%
$869,229
$869.2K
Cap Rate 9%
$676,067
$676.1K
Market Conditions
NOI Build-Up for 6,510 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
$104.7K $16.08/SF
− Vacancy
−$23.6K −$3.62/SF
EGI
$81.1K $12.46/SF
− OpEx
−$20.3K −$3.12/SF
NOI
$60.8K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /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%
$1,216,920
Cap Rate 7%
$869,229
Cap Rate 9%
$676,067
Alternative Uses
Best Use
Office B
$869.2K
$760.6K – $1.01M
NOI $60,846 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,755 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
645
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 units - I1-zoned office units with remodeled suites, updated finishes, and established lease terms.
Where is this office units located?
The property is located at 3230 Broadmoor Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 9,840 SF office condo portfolio with three suites; New roof installed with a 30‑year warranty; Interior and exterior repainting completed in 2023
