Standalone Industrial Flex
For Sale
$1,950,000
4748 E Paris Ave SE, Grand Rapids, MI 49512
Temperature-controlled facility with substantial power, dedicated office space, and warehouse functionality.
Property Size14,880 SF
Price / SF$131.05
Days on Market558
Property Features for 4748 E Paris Ave SE
General Information
Standard status
Active
Size
14,880 SF
Property subtype
Industrial
Zoning
I1
Warehouse & Industrial
Clear Height
14 ft
Office Build-Out
3,770 SF
Drive-In Doors
1
Power
1,200 amps
Voltage
480 V
Three-Phase Power
Yes
Sprinkler System
Yes
Conditioned Warehouse
Yes
Amenities
conference room
kitchen
data room
Building Details
Year Built
2000
Buildings
1
Building Size
14,880 SF
Listing Agency:
Advantage Commercial Real Estate
(616) 901-3500
Listed By:
John Kuiper · License #6501296614
(616) 901-3500
Source:
Carwm.resimplifi
Added: Feb 18, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:53AM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This standalone flex building contains 14,880 SF with approximately 3,770 SF of office area and a warehouse component. The office layout includes private offices, a conference room, kitchen, supervisor’s office, and data room. Building systems include full air conditioning, new fire suppression, new LED warehouse lighting, a backup generator, and 1,200 amps of 480v/3-phase power.
Warehouse features include 14’ clear heights, one 12’ x 10’ drive-in door, and floor drains. Constructed in 2000, the property is located at 4748 E Paris Ave SE in Grand Rapids, within the airport industrial corridor and West Michigan’s industrial market. I1 zoning supports its industrial classification.
Warehouse features include 14’ clear heights, one 12’ x 10’ drive-in door, and floor drains. Constructed in 2000, the property is located at 4748 E Paris Ave SE in Grand Rapids, within the airport industrial corridor and West Michigan’s industrial market. I1 zoning supports its industrial classification.
Key Highlights
- 14,880 SF standalone flex building constructed in 2000
- Approximately 3,770 SF of office area with conference room, kitchen, private offices, supervisor’s office, and data room
- 1,200 amps of 480v/3‑phase power with backup generator
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
$158,195
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
8.11%
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%
$3,163,900
$3.2M
Cap Rate 7%
$2,259,929
$2.3M
Cap Rate 9%
$1,757,722
$1.8M
Market Conditions
NOI Build-Up for 14,880 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
$258.9K $17.40/SF
− Vacancy
−$15.5K −$1.04/SF
EGI
$243.4K $16.36/SF
− OpEx
−$85.2K −$5.72/SF
NOI
$158.2K $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%
$3,163,900
Cap Rate 7%
$2,259,929
Cap Rate 9%
$1,757,722
Alternative Uses
Best Use
Warehouse
$2.60M
$2.27M – $3.03M
NOI $181,752 @ 7.0% cap · market cap 9.32%
Second Best
Flex RnD
$2.26M
$1.98M – $2.64M
NOI $158,195 @ 7.0% cap · market cap 8.11%
Theoretical Best
Specialty Retail
$3.45M
$3.02M – $4.03M
NOI $241,726 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Well-served
Demand for This Use
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.
Similar Off Market Nearby
- Fresh Time Caterihg — 4767 Broadmoor Ave SE #7, Grand Rapids, MI 49512
Frequently Asked Questions
What type of property is this?
Flex space - Temperature-controlled facility with substantial power, dedicated office space, and warehouse functionality.
Where is this flex space located?
The property is located at 4748 E Paris Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 14,880 SF standalone flex building constructed in 2000; Approximately 3,770 SF of office area with conference room, kitchen, private offices, supervisor’s office, and data room; 1,200 amps of 480v/3‑phase power with backup generator
