Remodeled Office Building with Heated
For Sale
$2,950,000
4301 Canal Avenue SW, Grandville, MI 49418
COMMERCIAL - Grandville, MI
Property Size16,032 SF
Lot Size1.28 Acres
Price / SF$184.01
Days on Market355
Property Features for 4301 Canal Avenue SW
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Comm
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
Elementary school district
Grandville
Middle school district
Grandville
High school district
Grandville
Directions
Rivertown Parkway or 44th St to Canal, North to address.
Standard status
Active
APN
41-17-19-377-007
Size
16,032 SF
Lot size
1.28 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
UNITs 1 -7* CANAL BUSINESS CENTRE KENT COUNTY CONDOMINIUM SUBDIVISION PLAN NO.453 LIBER 4590 PAGE 408
Legal Description
UNITs 1 -7* CANAL BUSINESS CENTRE KENT COUNTY CONDOMINIUM SUBDIVISION PLAN NO.453 LIBER 4590 PAGE 408
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water front features
Pond
Amenities
Heated sidewalks
Handicap accessibility
Two exterior staircases
Two kitchens
Fountain in the Pond
Building Details
Year built
1986
Floors in Building
2
Number of units
7
Listing Agency:
Keller Williams Realty Rivertown
(616) 288-3244
Listed By:
G.Larry Branscombe
(616) 299-6846
Added: Sep 1, 2025
Changed: Aug 4
Last Checked: Aug 21 at 2:06AM
MLS# 26014878
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completely remodeled in 2014, this office building offers heated sidewalks, an elevator, and handicap accessibility, along with two exterior staircases for convenient after-hours access. The property also includes two kitchens and a fountain in the pond. Adequate parking is noted for tenant and visitor use.
The building is listed for sale with strong occupancy, reported as 98.8% leased, and a solid tenant mix. Leases are described as gross, with the first floor noted for a long-term primary lease and short-term rentals also available. Two smaller office suites are currently available: Suite C (approximately 100 square feet) and Suite H (approximately 80 square feet).
Located at 4301 Canal Avenue SW in Grandville, Michigan (49418), the property is situated on a 1.28-acre lot and totals 16,032 square feet.
The building is listed for sale with strong occupancy, reported as 98.8% leased, and a solid tenant mix. Leases are described as gross, with the first floor noted for a long-term primary lease and short-term rentals also available. Two smaller office suites are currently available: Suite C (approximately 100 square feet) and Suite H (approximately 80 square feet).
Located at 4301 Canal Avenue SW in Grandville, Michigan (49418), the property is situated on a 1.28-acre lot and totals 16,032 square feet.
Key Highlights
- Fully leased office building with solid tenant mix; 98.8% leased with Suites C (~100 SF) and H (~80 SF) available
- 2014 complete remodel; includes heated sidewalks, elevator, handicap accessibility, and two exterior staircases
- Gross leases in place
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 units - Completely remodeled office building with elevator, handicap accessibility, and heated sidewalks.
Where is this office units located?
The property is located at 4301 Canal Avenue SW 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: Fully leased office building with solid tenant mix; 98.8% leased with Suites C (~100 SF) and H (~80 SF) available; 2014 complete remodel; includes heated sidewalks, elevator, handicap accessibility, and two exterior staircases; Gross leases in place
