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    Fully Leased Two-Unit Retail Building Title is generated by Realmo AI

    4342 Division Avenue S, Grand Rapids, MI 49548

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    Two fully leased retail units with built-in 3% annual increases and tenant-paid utilities under modified gross terms.

    Type:Retail, Office, Industrial
    Property size:
    5,408 SF
    Price / SF:
    $83/SF
    Added:
    Jun 1, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 6 at 2:21 am

    Property Features for 4342 Division Avenue S

    General Information

    Standard status
    Active
    Size
    5,408 SF
    Property subtype
    Retail, Office, Industrial

    Building Details

    Year Built
    1940

    We can help!

    Listing Contact
    Chad Monroe

    Listing agent Chad Monroe License #6501450578

    Listing office Colburn Commercial Properties

    Listing date Jun 1, 2026

    Source Crexi

    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 Colburn Commercial Properties

    HighLights

    • Two‑unit retail/commercial building (5,000 SF total) with both units fully leased
    • Unit 1: 3,224 SF leased for $2,000/month with 3% annual increases
    • Unit 2: 2,184 SF leased for $1,400/month with 3% annual increases
    • Combined rent $3,400/month ($40,800 annual); tenant expense structure is gross modified with tenants responsible for all utilities
    • Year built: 1940

    Overview

    This for-sale property is a two-unit retail/commercial building configured for separate tenants. The total building size is approximately 5,000 SF and both units are currently leased. Unit 1 is 3,224 SF and Unit 2 is 2,184 SF. The lease structure is described as gross modified, with tenants responsible for all utilities. Both leases include 3% annual increases, supporting consistent rental step-ups over time.

    The property is located on Division Avenue South at 44th Street in Kentwood. Public remarks note traffic of approximately 24,000 to 40,000 vehicles passing daily, which can provide strong day-to-day visibility for the operating businesses.

    For investors or owner-operators looking for current income, the key consideration here is that the building is fully occupied and producing rent at acquisition. Combined monthly income is listed at $3,400, with annual income noted as $40,800, along with the stated built-in 3% increases on both units. The modified gross structure also shifts responsibility for utilities to the tenants, which may simplify operating cost management compared with leases where the landlord assumes utility expenses.
    Location Intelligence

    Current Use by Public Records

    Xclusive Beauty Supplies (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.66431
    Latitude
    42.884432

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    FAQs

    What type of property is this?
    Retail space - Two fully leased retail units with built-in 3% annual increases and tenant-paid utilities under modified gross terms.
    Where is this retail space located?
    The property is located at 4342 Division Avenue S Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: Two‑unit retail/commercial building (5,000 SF total) with both units fully leased; Unit 1: 3,224 SF leased for $2,000/month with 3% annual increases; Unit 2: 2,184 SF leased for $1,400/month with 3% annual increases
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Chad Monroe
    Real Estate License ID: 6501450578
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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