Freestanding Office with
For Sale
Contact for pricing
5135 Kalamazoo Avenue SE, Grand Rapids, MI 49508
Freestanding former bank branch with drive-thru, offering adaptable space for office or medical service users.
Property Size3,210 SF
Lot Size0.75 Acres
Price / SF$194.70
Days on Market82
Property Features for 5135 Kalamazoo Avenue SE
General Information
Standard status
Active
Size
3,210 SF
Lot size
0.75 Acres
Property subtype
Office, Retail
Zoning
C-4 Office
Building Details
Year Built
1979
Buildings
1
Units
1
Listing Agency:
NAI Wisinski of West Michigan - Kalamazoo
(269) 353-0311
Listed By:
Jodi K. Milks, CCIM · License #6506044331
Source:
Crexi
Added: Jun 2
Changed: Aug 18
Last Checked: Aug 21 at 10:42PM
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 - Kalamazoo
Investment Insights
Based on property information with market context.
This freestanding 3,210 SF former bank branch includes an additional 350 SF drive-thru, positioned on 0.75 acres. The property is configured as a dedicated stand-alone facility, which can support professional office, medical, or service-oriented operations depending on the tenant’s layout and build-out needs. Zoning is C-4 Office.
The building is located along Kalamazoo Avenue SE in Grand Rapids, with convenient access to 44th Street and 28th Street. The site sits near established neighborhood retail, and is within close proximity to Woodland Mall and Breton Village Shopping Center.
For users seeking a visible, independently accessible facility, the drive-thru component can support service models that benefit from vehicle-based access. The C-4 Office zoning provides flexibility for office and related uses, and the property is available beginning September 2026. Please do not contact bank employees during business operations. For information or to schedule a tour, contact Jodi Milks, CCIM, NAI Wisinski of West Michigan.
The building is located along Kalamazoo Avenue SE in Grand Rapids, with convenient access to 44th Street and 28th Street. The site sits near established neighborhood retail, and is within close proximity to Woodland Mall and Breton Village Shopping Center.
For users seeking a visible, independently accessible facility, the drive-thru component can support service models that benefit from vehicle-based access. The C-4 Office zoning provides flexibility for office and related uses, and the property is available beginning September 2026. Please do not contact bank employees during business operations. For information or to schedule a tour, contact Jodi Milks, CCIM, NAI Wisinski of West Michigan.
Key Highlights
- Freestanding 3,210 SF former bank branch on 0.75 acres in Kent County
- Includes a 350 SF drive‑thru window area
- Located along Kalamazoo Avenue SE with access to 44th Street and 28th Street
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
$30,002
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
4.80%
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%
$600,040
$600.0K
Cap Rate 7%
$428,600
$428.6K
Cap Rate 9%
$333,356
$333.4K
Market Conditions
NOI Build-Up for 3,210 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
$51.6K $16.08/SF
− Vacancy
−$11.6K −$3.62/SF
EGI
$40.0K $12.46/SF
− OpEx
−$10.0K −$3.12/SF
NOI
$30.0K $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%
$600,040
Cap Rate 7%
$428,600
Cap Rate 9%
$333,356
Alternative Uses
Best Use
Office B
$428.6K
$375.0K – $500.0K
NOI $30,002 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$744.9K
$651.8K – $869.1K
NOI $52,146 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 49508, MI
41,851
Population
16,583
Households
2.5
Avg Household Size
36
Median Age
33%
College-Educated
88%
High-School Grad
11.8 sq mi
ZIP Area
3,547
Density / Sq Mi
$65,328
Median Household Income
$41,115
Median Earnings
$1,179
Median Rent
$257,900
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 - Freestanding former bank branch with drive-thru, offering adaptable space for office or medical service users.
Where is this office building located?
The property is located at 5135 Kalamazoo Avenue SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Freestanding 3,210 SF former bank branch on 0.75 acres in Kent County; Includes a 350 SF drive‑thru window area; Located along Kalamazoo Avenue SE with access to 44th Street and 28th Street
