Storefront Property with On-Site
New
For Sale
$900,000
551 Michigan Street NE, Grand Rapids, MI 49503
Commercial Sale, Grand Rapids, MI
Property Size2,070 SF
Lot Size0.17 Acres
Price / SF$434.78
Days on Market2
Property Features for 551 Michigan Street NE
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
201 Commerical
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1
Parking
15
Elementary school district
Grand Rapids
Middle school district
Grand Rapids
High school district
Grand Rapids
Directions
Head South on College to Michigan Ave. Head east until you hit 551 Michigan Ave. (The north side of the road)
Standard status
Active
APN
41-14-19-459-013
Size
2,070 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART OF LOT 1 BLK 1 COM AT SW COR OF SD LOT TH N ALONG W LINE OF SD LOT 36.16 FT TH E LY TO A PT ON E LINE OF SD LOT WH
Tax Annual Amount
2633
Legal Description
PART OF LOT 1 BLK 1 COM AT SW COR OF SD LOT TH N ALONG W LINE OF SD LOT 36.16 FT TH E LY TO A PT ON E LINE OF SD LOT WH
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1923
Number of units
2
Building materials
Vinyl Siding, Brick
Roof type
Composition, Rubber
Listing Agency:
Keller Williams Professionals
(734) 459-4700
Listed By:
Jeffrey Glover · License #6502408794
(616) 594-1000
Added: Oct 7
Last Checked: Oct 8 at 8:06AM
MLS# 26053456
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.
Positioned at 551 Michigan Street NE, this storefront property contains 2,070 square feet of commercial space across two parcels on a 0.17-acre site. Built in 1923, the building has forced-air heating and central air conditioning, with vinyl siding and brick among its exterior materials. The roof includes composition and rubber materials; the listed interior features include a basement and one bathroom.
Michigan Street exposure places the property 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.
Michigan Street exposure places the property 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.
Key Highlights
- 2,070 square feet of commercial space across two parcels
- 0.17‑acre site with on‑site parking
- Built in 1923; forced‑air heating and central air conditioning
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
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 - The two-parcel property combines commercial space with on-site parking along Michigan Street.
Where is this storefront property located?
The property is located at 551 Michigan Street 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: 2,070 square feet of commercial space across two parcels; 0.17‑acre site with on‑site parking; Built in 1923; forced‑air heating and central air conditioning
