Comstock Park Mixed-Use Investment
For Sale
Contact for pricing
3955 W River Drive NE, Comstock Park, MI 49321
Highly visible commercial building with apartments in Comstock Park.
Property Size4,931 SF
Price / SF$171.75
Days on Market187
Property Features for 3955 W River Drive NE
General Information
Standard status
Active
Size
4,931 SF
Total Parking Spaces
15
Property subtype
Retail, Office
Zoning
VC-VIL/COM
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1900
Buildings
1
Units
15
Listing Agency:
Cascade Properties Realty LLC
Listed By:
Jordan Nemmers · License #Michigan 6506042764
Source:
Crexi
Added: Feb 5
Changed: Aug 8
Last Checked: Aug 10 at 10:18AM
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 Cascade Properties Realty LLC
Investment Insights
Based on property information with market context.
Located in the heart of Comstock Park, this mixed-use property offers a sought-after NE location with convenient access to highways and the Alpine Ave commercial corridor. The highly visible commercial building is situated on the corner of West River Dr and Lamoreaux Dr, benefiting from high traffic counts at slow speeds. The property features a large showroom floor with a reception area, six separate offices, an office kitchen, and two half baths, along with ample storage space. In addition to the commercial space, the building includes two apartments on the second floor, each with separate utilities and entrances for additional income. One apartment is a 1-bedroom, 1-bath unit, while the other is a 2-bedroom, 1-bath unit. The third floor, currently used for storage and featuring hardwood flooring, presents the potential for conversion into a third apartment, subject to Plainfield Township approval. The property also includes a full basement, a new flat roof, and a newer arched steel roof. The building's total size is 4931 square feet.
Key Highlights
- High‑visibility commercial building in a sought‑after NE location with easy highway access.
- Two upstairs apartments with separate utilities and entrances offer additional income.
- Large showroom floor features a reception area, six offices, and ample storage.
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
$56,744
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
6.70%
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%
$1,134,880
$1.1M
Cap Rate 7%
$810,629
$810.6K
Cap Rate 9%
$630,489
$630.5K
Market Conditions
NOI Build-Up for 4,931 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
$105.3K $21.36/SF
− Vacancy
−$14.5K −$2.95/SF
EGI
$90.8K $18.41/SF
− OpEx
−$34.0K −$6.90/SF
NOI
$56.7K $11.51/SF
Area
Kent County, MI
Vacancy
13.80%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
37.50%
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%
$1,134,880
Cap Rate 7%
$810,629
Cap Rate 9%
$630,489
Alternative Uses
Best Use
Mixed Use
$810.6K
$709.3K – $945.7K
NOI $56,744 @ 7.0% cap · market cap 6.70%
Second Best
Multifamily LT 5
$767.5K
$671.6K – $895.5K
NOI $53,727 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$881.9K
$771.7K – $1.03M
NOI $61,736 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 49321, MI
16,764
Population
6,693
Households
2.5
Avg Household Size
36
Median Age
29%
College-Educated
91%
High-School Grad
26.3 sq mi
ZIP Area
637
Density / Sq Mi
$74,691
Median Household Income
$41,855
Median Earnings
$1,073
Median Rent
$244,300
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?
Mixed-use property - Highly visible commercial building with apartments in Comstock Park.
Where is this mixed-use property located?
The property is located at 3955 W River Drive NE Comstock Park, MI.
What is the asking price?
The asking price for this property is $846,900.
What are key features of this property?
This property features: High‑visibility commercial building in a sought‑after NE location with easy highway access.; Two upstairs apartments with separate utilities and entrances offer additional income.; Large showroom floor features a reception area, six offices, and ample storage.
