Multi-Tenant Retail
New
For Sale
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3674 Plainfield Avenue Northeast, Grand Rapids, MI 49525
Three retail businesses occupy the property, providing a multi-tenant configuration along Plainfield Avenue.
Property Size5,346 SF
Price / SF$180.13
Days on Market6
Property Features for 3674 Plainfield Avenue Northeast
General Information
Standard status
Active
Size
5,346 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$67,451
Financials
Asking Price
$963,000
Cap Rate
7%
Building Details
Tenancy
Multi
Listing Agency:
APEX Commercial Real Estate Advisors
Listed By:
Sal Yaldo · License #6501443637
(248) 702-0940
Source:
Crexi
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 2:30PM
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 APEX Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This 5,346-square-foot retail center in Grand Rapids is fully occupied by three businesses: Wing-stop, Admiral Tobacco, and Cricket. The multi-tenant setup brings together separate retail operators within one property.
Located at 3674 Plainfield Avenue Northeast, the center is in a Grand Rapids retail corridor. The property is reported at 100% occupancy and a 7% cap rate.
Located at 3674 Plainfield Avenue Northeast, the center is in a Grand Rapids retail corridor. The property is reported at 100% occupancy and a 7% cap rate.
Key Highlights
- 5,346 SF retail center
- 100% occupied by Wing‑stop, Admiral Tobacco, and Cricket
- Three retail tenants
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
$77,495
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
8.05%
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%
$1,549,900
$1.5M
Cap Rate 7%
$1,107,071
$1.1M
Cap Rate 9%
$861,056
$861.1K
Market Conditions
NOI Build-Up for 5,346 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
$117.4K $21.96/SF
− Vacancy
−$6.7K −$1.25/SF
EGI
$110.7K $20.71/SF
− OpEx
−$33.2K −$6.21/SF
NOI
$77.5K $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 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%
$1,549,900
Cap Rate 7%
$1,107,071
Cap Rate 9%
$861,056
Alternative Uses
Best Use
Retail
$1.11M
$968.7K – $1.29M
NOI $77,495 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,846 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
249k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Shops & Services 28%
Dining 23%
Superstores 6%
Meijer
Groceries
79,562 visits/mo
0.3 miles
McDonald's
Dining
26,146 visits/mo
0.3 miles
Meijer Gas Station
Shops & Services
20,335 visits/mo
0.1 miles
Mister Car Wash
Shops & Services
16,739 visits/mo
0.2 miles
Big Lots
Superstores
16,175 visits/mo
0.3 miles
Demographics for 49525, MI
30,275
Population
12,577
Households
2.4
Avg Household Size
39
Median Age
49%
College-Educated
98%
High-School Grad
23.4 sq mi
ZIP Area
1,294
Density / Sq Mi
$87,969
Median Household Income
$45,740
Median Earnings
$1,335
Median Rent
$292,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Similar Off Market Nearby
- Plainfield Plaza Shopping Center — 3144 Plainfield Ave NE, Grand Rapids, MI 49525
- Secretary of State Self-service Station — 3472 Plainfield Ave NE, Grand Rapids, MI 49525
Frequently Asked Questions
What type of property is this?
Shopping center - Three retail businesses occupy the property, providing a multi-tenant configuration along Plainfield Avenue.
Where is this shopping center located?
The property is located at 3674 Plainfield Avenue Northeast Grand Rapids, MI.
What is the asking price?
The asking price for this property is $963,000.
What are key features of this property?
This property features: 5,346 SF retail center; 100% occupied by Wing‑stop, Admiral Tobacco, and Cricket; Three retail tenants
