East Grand Rapids Retail
4901-4923 28th Street Southeast Grand Rapids, MI 49512
For Sale
$14,850,000
High-traffic retail asset with national tenants in affluent area.
Property Size74,250 SF
Price / SF$200
Days on Market118
Property Features for 4901-4923 28th Street Southeast
General Information
- Standard status
- Active
- Size
- 74,250 SF
- Property subtype
- Retail
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0280
Listed By:
Brandon Hanna · License #6501349119
(248) 702-0280
Source:
Cpix.resimplifi
Added: Mar 30
Changed: Jul 10
Last Checked: Jul 25 at 2:19AM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This retail property is located in the East Grand Rapids sub-market. The property features national tenants, including Total Wine & More and Crunch Fitness. Total Wine & More has a brand new 10-year corporate lease with 6 years remaining. The property has a new roof installed in 2021 with a warranty, and all new HVAC servicing the Total Wine space. Crunch Fitness has signed a new 10-year lease with increases in the base term and option periods. The property is positioned along 28th Street SE and accessible from Patterson Ave, with combined traffic counts exceeding 59,255+ vehicles per day. It also has immediate access to on/off ramps of Interstate-96 with 70,798+ vehicles per day. The property is 2.7 miles from Gerald R. Ford International Airport. The surrounding retail trade area includes Costco, The Home Depot, Target, Dick's Sporting Goods, Staples, Bob Evans, Meijer, Longhorn Steakhouse, Starbucks, Applebee's and other national credit tenants, major big-box anchors, restaurants, hospitality, and auto dealerships. The property size is 74,250 square feet. The 3-mile average household income is $106,830+.
Key Highlights
- High‑profile retail asset in East Grand Rapids with national destination tenancy (Total Wine & More and Crunch Fitness).
- Both tenants are top‑performing national brands driving heavy, consistent customer traffic.
- New 10‑year corporate lease with 6 years remaining and minimal landlord responsibilities.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.63M | $21.96 |
| − Vacancy | −$92.9k | −$1.25 |
| EGI | $1.54M | $20.71 |
| − OpEx | −$461.3k | −$6.21 |
| NOI | $1.08M | $14.50 |
74,250 SF · lease $21.96/SF/yr · vacancy 5.70% · expense 30.00%
Alternative Uses
Best Use
Retail
$15.38M
$13.45M – $17.94M
NOI $1,076,313 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$17.23M
$15.08M – $20.10M
NOI $1,206,191 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Shopping centers
Similar Off Market Nearby
- Esplanade Plaza — 5769 28th St SE, Grand Rapids, MI 49546
- Waterfall Shoppes — 5070 28th St SE Suite C, Grand Rapids, MI 49512
FAQs
What type of property is this?
Shopping center - High-traffic retail asset with national tenants in affluent area.
Where is this shopping center located?
The property is located at 4901-4923 28th Street Southeast Grand Rapids, MI.
What is the asking price?
The asking price for this property is $14,850,000.
What are key features of this property?
This property features: High‑profile retail asset in East Grand Rapids with national destination tenancy (Total Wine & More and Crunch Fitness).; Both tenants are top‑performing national brands driving heavy, consistent customer traffic.; New 10‑year corporate lease with 6 years remaining and minimal landlord responsibilities.
