East Grand Rapids Retail
For Sale
$14,850,000
4901-4923 28th Street Southeast, Grand Rapids, MI 49512
High-traffic retail asset with national tenants in affluent area.
Property Size74,250 SF
Price / SF$200
Days on Market134
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: Aug 10 at 2:30AM
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
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
$1,076,313
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
7.25%
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%
$21,526,260
$21.5M
Cap Rate 7%
$15,375,900
$15.4M
Cap Rate 9%
$11,959,033
$12.0M
Market Conditions
NOI Build-Up for 74,250 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
$1.63M $21.96/SF
− Vacancy
−$92.9K −$1.25/SF
EGI
$1.54M $20.71/SF
− OpEx
−$461.3K −$6.21/SF
NOI
$1.08M $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$21,526,260
Cap Rate 7%
$15,375,900
Cap Rate 9%
$11,959,033
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
431k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 36%
Dining 32%
Shops & Services 20%
Office Supplies 5%
Meijer
Groceries
131,843 visits/mo
0.3 miles
Meijer Gas Station
Shops & Services
45,160 visits/mo
0.4 miles
McDonald's
Dining
36,530 visits/mo
0.4 miles
Chick-fil-A
Dining
36,430 visits/mo
0.3 miles
Aldi
Groceries
22,476 visits/mo
0.5 miles
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
Questions? Ask Rey
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Similar Off Market Nearby
- Esplanade Plaza — 5769 28th St SE, Grand Rapids, MI 49546
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Frequently Asked Questions
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.
