Single-Tenant Office
For Sale
Contact for pricing
4949 Plainfield Ave NE, Grand Rapids, MI 49525
Office building with private offices, open space, and a walkout-level training room, offered for potential multi-tenant use.
Property Size4,948 SF
Price / SF$241.51
Days on Market70
Property Features for 4949 Plainfield Ave NE
General Information
Standard status
Active
Size
4,948 SF
Class
B
Property subtype
Office
Zoning
C-1
Investment Type
Owner/User
Building Details
Year Built
1989
Stories
2
Tenancy
Single
Listing Agency:
NAI Wisinski of West Michigan - Grand Rapids
(616) 262-8532
Listed By:
Mary Anne Wisinski-Rosely, SIOR, CCIM · License #MI 6501268486
Source:
Crexi
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 11 at 12:48PM
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 - Grand Rapids
Investment Insights
Based on property information with market context.
This single-tenant office building for sale offers a mix of private office space and open work areas. Interior layout includes a large training room located on the walkout level, supporting a variety of business functions beyond day-to-day office use.
The property includes pylon signage on Plainfield Ave NE, providing exterior branding opportunities for the business occupying the space. While the building is currently configured as a single tenant, the ownership notes that it could be split to accommodate two tenants.
For office users who need both traditional private rooms and flexible open collaboration space, the configuration supports multiple work styles. The presence of a walkout-level training room can be useful for organizations that host internal meetings, training sessions, or presentations. Additionally, the potential to divide the building into two tenant spaces may appeal to buyers looking for an office setup that can be adapted to changing occupancy needs.
The property includes pylon signage on Plainfield Ave NE, providing exterior branding opportunities for the business occupying the space. While the building is currently configured as a single tenant, the ownership notes that it could be split to accommodate two tenants.
For office users who need both traditional private rooms and flexible open collaboration space, the configuration supports multiple work styles. The presence of a walkout-level training room can be useful for organizations that host internal meetings, training sessions, or presentations. Additionally, the potential to divide the building into two tenant spaces may appeal to buyers looking for an office setup that can be adapted to changing occupancy needs.
Key Highlights
- Single‑tenant NE office building built in 1989
- Pylon signage on Plainfield Ave
- Flexible layout: currently single tenant, could be split into 2 tenants
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
$46,246
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
3.87%
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%
$924,920
$924.9K
Cap Rate 7%
$660,657
$660.7K
Cap Rate 9%
$513,844
$513.8K
Market Conditions
NOI Build-Up for 4,948 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
$79.6K $16.08/SF
− Vacancy
−$17.9K −$3.62/SF
EGI
$61.7K $12.46/SF
− OpEx
−$15.4K −$3.12/SF
NOI
$46.2K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
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%
$924,920
Cap Rate 7%
$660,657
Cap Rate 9%
$513,844
Alternative Uses
Best Use
Office B
$660.7K
$578.1K – $770.8K
NOI $46,246 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.15M
$1.00M – $1.34M
NOI $80,380 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 49525, MI
30,275
Population
12,577
Households
2.4
Avg Household Size
39
Median Age
49%
College-Educated
98%
High-School Grad
23.4 sq mi
ZIP Area
1,294
Density / Sq Mi
$87,969
Median Household Income
$45,740
Median Earnings
$1,335
Median Rent
$292,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with private offices, open space, and a walkout-level training room, offered for potential multi-tenant use.
Where is this office building located?
The property is located at 4949 Plainfield Ave NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Single‑tenant NE office building built in 1989; Pylon signage on Plainfield Ave; Flexible layout: currently single tenant, could be split into 2 tenants
