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    Industrial Space Near US-131 Title is generated by Realmo AI

    345 32nd St SW, Grand Rapids, MI 49548

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    For Lease
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    40,177 SF industrial space for lease, immediate availability.

    Type:Industrial
    Property size:
    40,177 SF
    Lot size:
    0.75 Acres
    Added:
    May 18, 2022
    Days on Market:
    1456
    Last Refresh:
    Mar 25 at 7:58 am

    Property Features for 345 32nd St SW

    General Information

    Standard status
    Active
    Size
    40,177 SF
    Lot size
    0.75 Acres
    Property subtype
    Industrial

    Building Details

    Year Built
    1952

    Spaces For Lease

    at 345 32nd St SW Contact us

    Suite A $5 /Mo

    Size
    40,177 SF
    Type
    Industrial
    Centrally located multi-tenant industrial building for lease with close proximity...
    show more
    Contact us

    Suite A + Outside Storage $6 /Mo

    Size
    40,177 SF
    Type
    Industrial
    Contact us

    We can help!

    Listing Contact
    Tim Van Noord
    Tim Van Noord

    Listing agent Tim Van Noord License #MI 6501244633

    Listing office Advantage Commercial Real Estate

    Listing date May 18, 2022

    Source Crexi

    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 Advantage Commercial Real Estate

    HighLights

    • Prime central location, less than one mile from US‑131 on/off ramps at 28th Street and 36th Street.
    • Large 40,177 SF industrial space available for immediate lease.
    • Ability to accommodate 0.75 acres of outside parking or storage.
    • Recently upgraded fire suppression and new roof.
    • Ample power supply: 400 amps of 480‑volt 3‑phase power.
    • Two drive‑in doors and two dock doors (one shared) for efficient loading/unloading.

    Overview

    This centrally located 40,177 SF industrial space is available for lease immediately. The property is less than one mile from US-131 on/off ramps at 28th Street and 36th Street. The lease space features a new roof and recently upgraded fire suppression system. It also offers the ability to accommodate 0.75 acres of outside parking or storage. The space includes 1,467 SF of office space with its own entrance and 38,710 SF of warehouse or manufacturing space. Property features include two drive-in doors, two dock doors (one of which is shared), 16'-20' ceilings, access to 400 amps of 480-volt 3-phase power, and LED lighting. It is ideal for a variety of uses including manufacturing, warehousing, and distribution.
    Location Intelligence

    Current Use by Public Records

    Precision Property Management Property Management Company Galactic Toys (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.674593
    Latitude
    42.907139

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    FAQs

    What type of property is this?
    Flex space - 40,177 SF industrial space for lease, immediate availability.
    Where is this flex space located?
    The property is located at 345 32nd St SW Grand Rapids, MI.
    What are key features of this property?
    This property features: Prime central location, less than one mile from US‑131 on/off ramps at 28th Street and 36th Street.; **Large 40,177 SF industrial space available for immediate lease.**; Ability to accommodate 0.75 acres of outside parking or storage.
    (616) 327-2616 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tim Van Noord
    Tim Van Noord
    Real Estate License ID: MI 6501244633
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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