Remodeled Fully Leased Office
For Sale
$2,950,000
4301 Canal Avenue Sw Grandville, Grandville, MI 49418
Remodeled office building with heated sidewalks, elevator service, and accessible stairways, offered for sale with suites available.
Property Size16,032 SF
Days on Market48
Property Features for 4301 Canal Avenue Sw Grandville
General Information
Standard status
Active
Size
16,032 SF
Zoning
Comm
Occupancy
99%
Amenities
Yes
4
2
No
Real Estate
1.28
236 x 237
Paved
16032.0
1
Building Details
Building Size
16,032 SF
Year Built
1986
Year Renovated
2014
Buildings
1
Tenancy
Multi
Listing Agency:
(269) 399-5881
Listed By:
Elicia Essenburg
(269) 399-5881
Source:
Remax-executive
Added: Jul 13
Changed: Aug 14
Last Checked: Aug 29 at 6:48AM
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 Elicia Essenburg
Investment Insights
Based on property information with market context.
This remodeled office building is offered for sale with adequate parking and high visibility. The property is 98.8% leased, with two smaller office suites still available, including Suite C and Suite H. Leases are written on a gross basis, supporting a straightforward operating structure for an owner.
The building includes heated sidewalks, an elevator, and handicap accessibility. Two exterior staircases provide easy after-hours access, and the space also features two kitchens. In addition, the property includes a fountain in the pond. The building was completely remodeled in 2014.
As presented, the first-floor space is under a long-term primary lease, while short-term rentals are also available. There is also mention of a possibility for condo diversification.
The building includes heated sidewalks, an elevator, and handicap accessibility. Two exterior staircases provide easy after-hours access, and the space also features two kitchens. In addition, the property includes a fountain in the pond. The building was completely remodeled in 2014.
As presented, the first-floor space is under a long-term primary lease, while short-term rentals are also available. There is also mention of a possibility for condo diversification.
Key Highlights
- Remodeled office building built in 1986 with 16,032 SF total building area on a 1.28‑acre lot (236 x 237).
- Heated sidewalks plus elevator service; handicap accessibility and two exterior staircases for after‑hours access.
- Fully leased office property at 98.8% occupancy, with 2 smaller suites available: Suite C (~100 SF) and Suite H (~80 SF).
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
$160,189
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
5.43%
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%
$3,203,780
$3.2M
Cap Rate 7%
$2,288,414
$2.3M
Cap Rate 9%
$1,779,878
$1.8M
Market Conditions
NOI Build-Up for 16,032 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
$234.7K $14.64/SF
− Vacancy
−$21.1K −$1.32/SF
EGI
$213.6K $13.32/SF
− OpEx
−$53.4K −$3.33/SF
NOI
$160.2K $9.99/SF
Area
Kent County, MI
Vacancy
9.00%
Lease Rate
$14.64 /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%
$3,203,780
Cap Rate 7%
$2,288,414
Cap Rate 9%
$1,779,878
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $160,189 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,720 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
98.8%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 49418, MI
30,520
Population
12,801
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
1,606
Density / Sq Mi
$83,485
Median Household Income
$48,260
Median Earnings
$1,218
Median Rent
$296,300
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?
Office building - Remodeled office building with heated sidewalks, elevator service, and accessible stairways, offered for sale with suites available.
Where is this office building located?
The property is located at 4301 Canal Avenue Sw Grandville Grandville, MI.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Remodeled office building built in 1986 with 16,032 SF total building area on a 1.28‑acre lot (236 x 237).; Heated sidewalks plus elevator service; handicap accessibility and two exterior staircases for after‑hours access.; Fully leased office property at 98.8% occupancy, with 2 smaller suites available: Suite C (~100 SF) and Suite H (~80 SF).
