Storefront Property with On-Site
New
For Sale
$900,000
551 Michigan St NE, Grand Rapids, MI 49503
Commercial space fronts Michigan Street near I-196 and Downtown Grand Rapids.
Property Size2,070 SF
Price / SF$434.78
Days on Market7
Property Features for 551 Michigan St NE
General Information
Standard status
Active
Size
2,070 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$900,000
Land Use
commercial
Building Details
Year Built
1923
Listing Agency:
Keller Williams Professionals
Listed By:
Jeffrey Glover
Source:
Vmrealestatemichigan
Added: Oct 5
Changed: Oct 10
Last Checked: Oct 9 at 6:28PM
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 Keller Williams Professionals
Investment Insights
Based on property information with market context.
This storefront property at 551 Michigan Street NE contains approximately 2,070 square feet of commercial space across two parcels. On-site parking serves the property, which was built in 1923.
Michigan Street frontage places the building near I-196 and Downtown Grand Rapids. Nearby institutions include Corewell Health Butterworth Hospital, Helen DeVos Children's Hospital, Van Andel Institute, Michigan State University College of Human Medicine, and GVSU's health campus.
The property has a Walk Score of 76, a Bike Score of 56, and a Transit Score of 58.
Michigan Street frontage places the building near I-196 and Downtown Grand Rapids. Nearby institutions include Corewell Health Butterworth Hospital, Helen DeVos Children's Hospital, Van Andel Institute, Michigan State University College of Human Medicine, and GVSU's health campus.
The property has a Walk Score of 76, a Bike Score of 56, and a Transit Score of 58.
Key Highlights
- Approximately 2,070 square feet of commercial space across two parcels
- On‑site parking
- Michigan Street frontage near I‑196 and Downtown Grand Rapids
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,006
Cap Rate
3.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$600,120
$600.1K
Cap Rate 7%
$428,657
$428.7K
Cap Rate 9%
$333,400
$333.4K
Market Conditions
NOI Build-Up for 2,070 SF
Gross rent
$45.5K $21.96/SF
− Vacancy
−$2.6K −$1.25/SF
EGI
$42.9K $20.71/SF
− OpEx
−$12.9K −$6.21/SF
NOI
$30.0K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$600,120
Cap Rate 7%
$428,657
Cap Rate 9%
$333,400
Alternative Uses
Best Use
Retail
$428.7K
$375.1K – $500.1K
NOI $30,006 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$480.4K
$420.3K – $560.5K
NOI $33,627 @ 7.0% cap · market cap 3.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,675
Businesses Nearby
95k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 31%
Apparel 8%
Groceries 7%
McDonald's
Dining
36,543 visits/mo
0.3 miles
Circle K
Shops & Services
21,217 visits/mo
0.1 miles
Lake Michigan Credit Union
Shops & Services
7,943 visits/mo
0.3 miles
Goodwill
Apparel
7,832 visits/mo
0.4 miles
Gordon Food Service
Groceries
6,931 visits/mo
0.5 miles
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial space fronts Michigan Street near I-196 and Downtown Grand Rapids.
Where is this storefront property located?
The property is located at 551 Michigan St NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Approximately 2,070 square feet of commercial space across two parcels; On‑site parking; Michigan Street frontage near I‑196 and Downtown Grand Rapids
