Office Building with Loading
For Sale
$4,250,000
4500 60th St SE, Grand Rapids, MI 49512
LI-zoned office property with training, catering, storage, and loading facilities for adaptable business operations.
Property Size32,477 SF
Price / SF$130.86
Days on Market119
Property Features for 4500 60th St SE
General Information
Standard status
Active
Size
32,477 SF
Property subtype
Office
Zoning
LI
Amenities
loading dock
storage space
large training room
catering kitchen
Building Details
Year Built
1993
Listing Agency:
NAI Wisinski of West Michigan
(616) 242-1114
Listed By:
Todd Leinberger · License #6501394346
(616) 242-1114
Source:
Carwm.resimplifi
Added: May 4
Changed: Aug 29
Last Checked: Aug 29 at 8:24PM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
The 32,477-square-foot office building, constructed in 1993, offers a practical configuration for office, training, and light industrial operations. Interior features include a substantial training room, catering kitchen, storage space, and a loading dock that supports receiving and day-to-day logistics.
The property is positioned on 60th Street SE between East Paris Avenue and Broadmoor Avenue, with convenient access to the Gerald R. Ford International Airport. LI zoning supports the stated office, training, and light industrial use potential, while the combination of workspace and operational areas provides flexibility for businesses requiring both professional accommodations and functional support space.
The property is positioned on 60th Street SE between East Paris Avenue and Broadmoor Avenue, with convenient access to the Gerald R. Ford International Airport. LI zoning supports the stated office, training, and light industrial use potential, while the combination of workspace and operational areas provides flexibility for businesses requiring both professional accommodations and functional support space.
Key Highlights
- 32,477‑square‑foot office building constructed in 1993
- LI zoning supports office, training, and light industrial uses
- Loading dock with adjacent storage area
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
$345,276
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
8.12%
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%
$6,905,520
$6.9M
Cap Rate 7%
$4,932,514
$4.9M
Cap Rate 9%
$3,836,400
$3.8M
Market Conditions
NOI Build-Up for 32,477 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
$565.1K $17.40/SF
− Vacancy
−$33.9K −$1.04/SF
EGI
$531.2K $16.36/SF
− OpEx
−$185.9K −$5.72/SF
NOI
$345.3K $10.63/SF
Area
Grand Rapids, MI
Vacancy
6.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
35.00%
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%
$6,905,520
Cap Rate 7%
$4,932,514
Cap Rate 9%
$3,836,400
Alternative Uses
Best Use
Flex RnD
$4.93M
$4.32M – $5.75M
NOI $345,276 @ 7.0% cap · market cap 8.12%
Second Best
Industrial
$4.84M
$4.23M – $5.64M
NOI $338,690 @ 7.0% cap · market cap 7.97%
Theoretical Best
Specialty Retail
$7.54M
$6.59M – $8.79M
NOI $527,589 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 49512, MI
18,558
Population
8,870
Households
2.1
Avg Household Size
33
Median Age
38%
College-Educated
91%
High-School Grad
23.0 sq mi
ZIP Area
807
Density / Sq Mi
$70,955
Median Household Income
$41,538
Median Earnings
$1,229
Median Rent
$279,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - LI-zoned office property with training, catering, storage, and loading facilities for adaptable business operations.
Where is this office building located?
The property is located at 4500 60th St SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 32,477‑square‑foot office building constructed in 1993; LI zoning supports office, training, and light industrial uses; Loading dock with adjacent storage area
