Retail Property in Grand
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4923 28th St SE, Grand Rapids, MI 49546
Retail property with Total Wine and Crunch Fitness tenants.
Property Size74,250 SF
Price / SF$195.29
Days on Market187
Property Features for 4923 28th St SE
General Information
Standard status
Active
Size
74,250 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$1,002,381
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0288
Listed By:
Deno Bistolarides · License #6502378067
Source:
Crexi
Added: Feb 5
Changed: Aug 10
Last Checked: Aug 11 at 7:23PM
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.
The retail property at 4901-4923 28th Street Southeast, Grand Rapids, MI 49512, is a trophy center with 100% occupancy. The property is anchored by Total Wine and Crunch Fitness. The property is located in the primary retail node in Grand Rapids and offers an investment opportunity with a strong tenant lineup and a proven track record. The property contains 74,250 square feet.
Key Highlights
- 100% occupancy
- Anchored by Total Wine and Crunch Fitness
- Prime retail location in Grand Rapids
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
7.42%
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 7.42%
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 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
443k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 30%
Dining 27%
Groceries 14%
Home Improvements & Furnishings 11%
Costco Wholesale
Superstores
131,765 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
44,306 visits/mo
0.4 miles
Total Wine & More
Groceries
40,739 visits/mo
0.1 miles
McDonald's
Dining
36,530 visits/mo
0.3 miles
Aldi
Groceries
22,476 visits/mo
0.4 miles
Demographics for 49546, MI
35,536
Population
13,561
Households
2.6
Avg Household Size
38
Median Age
61%
College-Educated
96%
High-School Grad
17.9 sq mi
ZIP Area
1,985
Density / Sq Mi
$97,386
Median Household Income
$48,008
Median Earnings
$1,275
Median Rent
$389,100
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Roaring Twenties Plaza — 4599 28th St SE, Kentwood, MI 49512
- Waterfall Shoppes — 5070 28th St SE Suite C, Grand Rapids, MI 49512
Frequently Asked Questions
What type of property is this?
Shopping center - Retail property with Total Wine and Crunch Fitness tenants.
Where is this shopping center located?
The property is located at 4923 28th St SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $14,500,000.
What are key features of this property?
This property features: 100% occupancy; Anchored by Total Wine and Crunch Fitness; Prime retail location in Grand Rapids
