Multi-Tenant Office
For Sale
$6,200,000
5211 Cascade Road SE, Grand Rapids, MI 49546
Commercial Sale, Grand Rapids, MI
Property Size45,814 SF
Lot Size6.40 Acres
Price / SF$135.33
Days on Market139
Property Features for 5211 Cascade Road SE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
PO
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Parking
107
Interior features
Broadband
Elementary school district
Forest Hills
Middle school district
Forest Hills
High school district
Forest Hills
Standard status
Active
APN
41-15-31-451-016
Size
45,814 SF
Lot size
6.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART OF SE 1/4 COM 978.85 FT W ALONG S SEC LINE FROM SE COR OF SW 1/4 SE 1/4 TH N 137.14 FT TH NELY 586.58 FT TO A PT ON
Tax Annual Amount
85809
Legal Description
PART OF SE 1/4 COM 978.85 FT W ALONG S SEC LINE FROM SE COR OF SW 1/4 SE 1/4 TH N 137.14 FT TH NELY 586.58 FT TO A PT ON
Utilities
Heating system
Space Heater, Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1997
Floors in Building
2
Number of units
5
Building materials
Brick, Stone
Roof type
Rubber
Listing Agency:
Lakeshore Commercial Real Estate
(616) 394-4500
Listed By:
Michael Nagelkirk · License #6501194952
(616) 836-1122
Added: Apr 27
Changed: Sep 7
Last Checked: Sep 12 at 5:06AM
MLS# 26018197
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multi-tenant office building contains 45,814 square feet, including 40,183 rentable square feet, on a 6.4-acre parcel. Constructed in 1997, the property features brick and stone exterior materials, a rubber roof, central air, heat pump and space-heater systems, broadband, and basement space. Multiple office occupants provide a varied tenant layout within the building.
The property occupies the northeast corner of Cascade Road SE and Spaulding Avenue SE in Grand Rapids. Its position within an established commercial corridor places it near national and regional businesses, with access to I-96 and visibility along the intersecting roads. The site is identified as 5211 Cascade Road SE, Grand Rapids, MI 49546.
The property occupies the northeast corner of Cascade Road SE and Spaulding Avenue SE in Grand Rapids. Its position within an established commercial corridor places it near national and regional businesses, with access to I-96 and visibility along the intersecting roads. The site is identified as 5211 Cascade Road SE, Grand Rapids, MI 49546.
Key Highlights
- 45,814‑square‑foot office building with 40,183 rentable square feet
- 6.4‑acre site at the northeast corner of Cascade Road SE and Spaulding Avenue SE
- Multi‑tenant office configuration
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
$428,201
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
6.91%
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%
$8,564,020
$8.6M
Cap Rate 7%
$6,117,157
$6.1M
Cap Rate 9%
$4,757,789
$4.8M
Market Conditions
NOI Build-Up for 45,814 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
$736.7K $16.08/SF
− Vacancy
−$165.8K −$3.62/SF
EGI
$570.9K $12.46/SF
− OpEx
−$142.7K −$3.12/SF
NOI
$428.2K $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%
$8,564,020
Cap Rate 7%
$6,117,157
Cap Rate 9%
$4,757,789
Alternative Uses
Best Use
Office B
$6.12M
$5.35M – $7.14M
NOI $428,201 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.63M
$9.30M – $12.40M
NOI $744,248 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Office property with multiple tenant spaces, central air, broadband, and prominent corner positioning near I-96.
Where is this office building located?
The property is located at 5211 Cascade Road SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: 45,814‑square‑foot office building with 40,183 rentable square feet; 6.4‑acre site at the northeast corner of Cascade Road SE and Spaulding Avenue SE; Multi‑tenant office configuration
