Two-Story Exterior-Corridor
For Sale
$5,400,000
5131 28th Street Southeast, Grand Rapids, MI 49512
Two-story motel with exterior corridors, separate buildings, completed PIP work, and commercial zoning.
Property Size32,640 SF
Days on Market26
Property Features for 5131 28th Street Southeast
General Information
Standard status
Active
Size
32,640 SF
Total Parking Spaces
107
Property subtype
Hospitality
Zoning
Commercial
Financials
Cap Rate
13%
Gross Income
$1,600,000
Gross Rent Multiplier
3.6
Building Details
Building Size
32,640 SF
Year Built
1974
Buildings
2
Stories
2
Listing Agency:
NAI | Sioux Falls
Listed By:
Dale Zomer · License #16458
(605) 351-1218
Source:
Siouxfallscommercial
Added: Sep 11
Changed: Oct 5
Last Checked: Oct 5 at 5:15PM
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 | Sioux Falls
Investment Insights
Based on property information with market context.
The property is a 107-room motel comprising two separate buildings with two-story exterior-corridor design. PIP renovations were completed in 2025, and the site includes a 107-space parking lot. Commercial zoning supports the existing hospitality use, while the property information also identifies redevelopment as a potential direction.
Located at 5131 28th Street Southeast in Grand Rapids, the motel is positioned along a corridor reporting traffic volumes of 28,000–35,000 vehicles per day. Airport parking is available. Operating metrics include a 13% cap rate and a 3.60x GRM. The property was built in 1974.
Located at 5131 28th Street Southeast in Grand Rapids, the motel is positioned along a corridor reporting traffic volumes of 28,000–35,000 vehicles per day. Airport parking is available. Operating metrics include a 13% cap rate and a 3.60x GRM. The property was built in 1974.
Key Highlights
- 107‑room motel with two separate buildings
- PIP renovations completed in 2025
- 107‑space parking lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$180,094
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,601,880
$3.6M
Cap Rate 7%
$2,572,771
$2.6M
Cap Rate 9%
$2,001,044
$2.0M
Market Conditions
NOI Build-Up for 32,640 SF
Gross rent
$430.8K $13.20/SF
− Vacancy
−$51.7K −$1.58/SF
EGI
$379.1K $11.62/SF
− OpEx
−$199.1K −$6.10/SF
NOI
$180.1K $5.52/SF
Area
Grand Rapids, MI
Vacancy
12.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,601,880
Cap Rate 7%
$2,572,771
Cap Rate 9%
$2,001,044
Alternative Uses
Best Use
Hotel Hospitality
$2.57M
$2.25M – $3.00M
NOI $180,094 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.57M
$6.63M – $8.84M
NOI $530,237 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hampton Inn & Suites Grand Rapids-Airport 28th St — 5200 28th St SE, Grand Rapids, MI 49512
- SpringHill Suites Grand Rapids Airport Southeast — 5250 28th St SE, Grand Rapids, MI 49512
- Econo Lodge & Suites — 2985 Kraft Ave SE, Grand Rapids, MI 49512
- 2900 CHARLEVOIX — 2900 Charlevoix Dr SE, Grand Rapids, MI 49546
- DoubleTree by Hilton Hotel Grand Rapids Airport — 4747 28th St SE, Grand Rapids, MI 49512
Frequently Asked Questions
What type of property is this?
Motel - Two-story motel with exterior corridors, separate buildings, completed PIP work, and commercial zoning.
Where is this motel located?
The property is located at 5131 28th Street Southeast Grand Rapids, MI.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: 107‑room motel with two separate buildings; PIP renovations completed in 2025; 107‑space parking lot
