Freestanding Bank Building with
For Sale
$899,000
3950 Plainfield Avenue NW, Grand Rapids, MI 49525
Former bank facility with private parking, drive-through service, and C-1 commercial zoning.
Property Size3,030 SF
Lot Size0.93 Acres
Price / SF$296.70
Days on Market92
Property Features for 3950 Plainfield Avenue NW
General Information
Standard status
Active
Size
3,030 SF
Total Parking Spaces
25
Lot size
0.93 Acres
Property subtype
Retail
Zoning
C-1
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Additional Details
Asking Price
$899,000
Building Details
Building Size
3,030 SF
Year Built
1969
Buildings
1
Listing Agency:
Friedman Real Estate
(248) 324-2000
Listed By:
Robert Hibbert · License #6501265610
Source:
Friedmanrealestate
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 31 at 2:17PM
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 Friedman Real Estate
Investment Insights
Based on property information with market context.
This freestanding bank property includes a 3,030+/- SF building on 0.93+/- acres, with 25 private parking spaces and a 2 lane drive-through. Built in 1969, the facility is zoned C-1 (Commercial District) and was formerly occupied by PNC.
The property occupies the hard corner of Plainfield Avenue NW and Vineyard Avenue NW in Grand Rapids, Michigan. It sits within Plainfield Avenue’s commercial corridor and is surrounded by national and big box retailers, providing a retail-oriented setting for the existing bank configuration.
The property occupies the hard corner of Plainfield Avenue NW and Vineyard Avenue NW in Grand Rapids, Michigan. It sits within Plainfield Avenue’s commercial corridor and is surrounded by national and big box retailers, providing a retail-oriented setting for the existing bank configuration.
Key Highlights
- 3,030+/- SF former PNC bank building
- 0.93+/- acres at Plainfield Avenue NW and Vineyard Avenue NW
- 25 private parking spaces
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
$49,222
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
5.48%
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%
$984,440
$984.4K
Cap Rate 7%
$703,171
$703.2K
Cap Rate 9%
$546,911
$546.9K
Market Conditions
NOI Build-Up for 3,030 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
$69.1K $22.80/SF
− Vacancy
−$3.5K −$1.14/SF
EGI
$65.6K $21.66/SF
− OpEx
−$16.4K −$5.42/SF
NOI
$49.2K $16.25/SF
Area
Grand Rapids, MI
Vacancy
5.00%
Lease Rate
$22.80 /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%
$984,440
Cap Rate 7%
$703,171
Cap Rate 9%
$546,911
Alternative Uses
Best Use
Specialty Retail
$703.2K
$615.3K – $820.4K
NOI $49,222 @ 7.0% cap · market cap 5.48%
Second Best
Retail
$627.5K
$549.0K – $732.0K
NOI $43,922 @ 7.0% cap · market cap 4.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
118k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 44%
Home Improvements & Furnishings 2%
Beauty & Spa 1%
McDonald's
Dining
26,146 visits/mo
0.4 miles
Speedway
Shops & Services
23,446 visits/mo
0.2 miles
BIGGBY COFFEE
Dining
8,171 visits/mo
0.1 miles
Citgo
Shops & Services
6,489 visits/mo
0.2 miles
Little Caesars Pizza
Dining
5,631 visits/mo
0.1 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Former bank facility with private parking, drive-through service, and C-1 commercial zoning.
Where is this bank located?
The property is located at 3950 Plainfield Avenue NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 3,030+/- SF former PNC bank building; 0.93+/- acres at Plainfield Avenue NW and Vineyard Avenue NW; 25 private parking spaces
