Professional Office
For Sale
Contact for pricing
5017 Plainfield Avenue Northeast, Grand Rapids, MI 49525
Established office property with private workspaces, a conference room, on-site parking, and prominent signage.
Property Size1,745 SF
Price / SF$283.67
Days on Market17
Property Features for 5017 Plainfield Avenue Northeast
General Information
Standard status
Active
Size
1,745 SF
Property subtype
Office
Amenities
private offices
conference room
strong signage
Building Details
Year Built
2015
Buildings
1
Listing Agency:
Advantage Commercial Real Estate
Listed By:
Gary Albrecht · License #MI 6501370145
(616) 774-3500
Source:
Crexi
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 3:51PM
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.
Built in 2015, this professional office property offers a practical configuration with four private offices and a dedicated conference room. The layout is suited to organizations seeking defined work areas within a compact commercial setting, with on-site parking supporting daily operations. Signage is also available at the property.
The building is positioned along the Plainfield Avenue corridor in northeast Grand Rapids, with convenient access to nearby retail, restaurants, residential neighborhoods, and other area amenities. Its established Northview-area setting places surrounding services within the broader immediate area.
The building is positioned along the Plainfield Avenue corridor in northeast Grand Rapids, with convenient access to nearby retail, restaurants, residential neighborhoods, and other area amenities. Its established Northview-area setting places surrounding services within the broader immediate area.
Key Highlights
- Four private offices plus a conference room
- Built in 2015
- On‑site parking
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
$16,310
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
3.29%
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%
$326,200
$326.2K
Cap Rate 7%
$233,000
$233.0K
Cap Rate 9%
$181,222
$181.2K
Market Conditions
NOI Build-Up for 1,745 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
$28.1K $16.08/SF
− Vacancy
−$6.3K −$3.62/SF
EGI
$21.7K $12.46/SF
− OpEx
−$5.4K −$3.12/SF
NOI
$16.3K $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%
$326,200
Cap Rate 7%
$233,000
Cap Rate 9%
$181,222
Alternative Uses
Best Use
Office B
$233.0K
$203.9K – $271.8K
NOI $16,310 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$405.0K
$354.4K – $472.5K
NOI $28,348 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
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 - Established office property with private workspaces, a conference room, on-site parking, and prominent signage.
Where is this office building located?
The property is located at 5017 Plainfield Avenue Northeast Grand Rapids, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Four private offices plus a conference room; Built in 2015; On‑site parking
