Corner Warehouse
For Sale
$500,000
335 Lexington Ave NW, Grand Rapids, MI 49504
Warehouse property positioned at a prominent street intersection.
Property Size3,243 SF
Price / SF$154.18
Days on Market182
Property Features for 335 Lexington Ave NW
General Information
Standard status
Active
Size
3,243 SF
Property subtype
Industrial
Zoning
TN-TBA
Additional Details
Road Access
Yes
Listing Agency:
Signature Associates
Listed By:
Joe Rizqallah
(616) 235-6007
Source:
Carwm.resimplifi
Added: Mar 5
Changed: Aug 30
Last Checked: Sep 2 at 1:51PM
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 warehouse property contains 3,243 square feet and is located at 335 Lexington Ave NW. The building occupies the corner of Lexington Street and Douglas Avenue in Grand Rapids, Michigan.
Key Highlights
- 3,243‑square‑foot warehouse property
- Corner location at Lexington Street and Douglas Avenue
- 335 Lexington Ave NW, Grand Rapids, MI 49504
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
$39,612
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
7.92%
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%
$792,240
$792.2K
Cap Rate 7%
$565,886
$565.9K
Cap Rate 9%
$440,133
$440.1K
Market Conditions
NOI Build-Up for 3,243 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
$48.6K $15.00/SF
− Vacancy
−$2.0K −$0.63/SF
EGI
$46.6K $14.37/SF
− OpEx
−$7.0K −$2.16/SF
NOI
$39.6K $12.21/SF
Area
Grand Rapids, MI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$792,240
Cap Rate 7%
$565,886
Cap Rate 9%
$440,133
Alternative Uses
Best Use
Warehouse
$565.9K
$495.2K – $660.2K
NOI $39,612 @ 7.0% cap · market cap 7.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$752.6K
$658.5K – $878.1K
NOI $52,683 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,206
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Self Storage — 55 Division Ave N, Grand Rapids, MI 49503
- ESJ Certified Solutions — 321 Pine Ave NW, Grand Rapids, MI 49504
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property positioned at a prominent street intersection.
Where is this warehouse located?
The property is located at 335 Lexington Ave NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3,243‑square‑foot warehouse property; Corner location at Lexington Street and Douglas Avenue; 335 Lexington Ave NW, Grand Rapids, MI 49504
