Flex Space with
For Sale
$2,895,000
Pending
5282 E Paris Ave SE, Grand Rapids, MI 49512
Office and industrial functions are combined with meeting, training, storage, loading, and substantial electrical capacity.
Property Size20,676 SF
Days on Market108
Property Features for 5282 E Paris Ave SE
General Information
Standard status
Pending
Size
20,676 SF
Property subtype
Office
Zoning
I1
Warehouse & Industrial
Warehouse Space
6,780 SF
Dock-High Doors
2
Drive-In Doors
2
Power
800 amps
Amenities
conference rooms
break area
training room
tech area
Listing Agency:
First Companies
Listed By:
Ty Hallock
(616) 698-5000
Source:
Carwm.resimplifi
Added: May 18
Changed: Aug 31
Last Checked: Sep 1 at 2:58PM
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 First Companies
Investment Insights
Based on property information with market context.
This 20,676-square-foot flex property combines a finished office environment with dedicated warehouse and storage space. The office component includes open work areas, private offices, four conference rooms, a substantial break area, a training room sized for 30–40 people, and a 40 x 35 tech area. Approximately 6,780 square feet is allocated to warehouse or storage use.
The industrial portion includes two dock doors and two drive-in doors. Electrical service totals 800 amps through two 400-amp panels, with two additional 225-amp panels. Zoned I1, the property is located at 5282 E Paris Ave SE in Grand Rapids, Michigan.
The industrial portion includes two dock doors and two drive-in doors. Electrical service totals 800 amps through two 400-amp panels, with two additional 225-amp panels. Zoned I1, the property is located at 5282 E Paris Ave SE in Grand Rapids, Michigan.
Key Highlights
- 20,676‑square‑foot flex property with office and warehouse components
- Approximately 6,780 square feet of warehouse/storage area
- Two dock doors and two drive‑in doors
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
$252,547
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
8.72%
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%
$5,050,940
$5.1M
Cap Rate 7%
$3,607,814
$3.6M
Cap Rate 9%
$2,806,078
$2.8M
Market Conditions
NOI Build-Up for 20,676 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
$310.1K $15.00/SF
− Vacancy
−$13.0K −$0.63/SF
EGI
$297.1K $14.37/SF
− OpEx
−$44.6K −$2.16/SF
NOI
$252.5K $12.21/SF
Area
Grand Rapids, MI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$5,050,940
Cap Rate 7%
$3,607,814
Cap Rate 9%
$2,806,078
Alternative Uses
Best Use
Warehouse
$3.61M
$3.16M – $4.21M
NOI $252,547 @ 7.0% cap · market cap 8.72%
Second Best
Flex RnD
$3.14M
$2.75M – $3.66M
NOI $219,815 @ 7.0% cap · market cap 7.59%
Theoretical Best
Specialty Retail
$4.80M
$4.20M – $5.60M
NOI $335,882 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Dock-high doors
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and industrial functions are combined with meeting, training, storage, loading, and substantial electrical capacity.
Where is this flex space located?
The property is located at 5282 E Paris Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: 20,676‑square‑foot flex property with office and warehouse components; Approximately 6,780 square feet of warehouse/storage area; Two dock doors and two drive‑in doors
