Storefront with On-Site
551 Michigan Street NE, Grand Rapids, MI 49503
For Sale
New
$900,000
Commercial Sale, Grand Rapids, MI
Property Size2,070 SF
Lot Size0.17 Acres
Price / SF$434.78
Days on Market3
Property Features for 551 Michigan Street NE
General Information
Property type
Property subtype
Zoning description
Bathrooms
Full bathrooms
Rooms
Parking
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Heating system
Cooling system
Building Details
Year built
Number of units
Building materials
Roof type
Listing Agency:
Glover Agency
(248) 996-1100
Listed By:
Ryan M Prichard · License #6506048360
(616) 295-3632
Added: Nov 4
Last Checked: Nov 6 at 7:06PM
MLS# 26058493
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.
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Investment Insights
Based on property information with market context.
This 2,070-square-foot storefront occupies a 0.17-acre site assembled across two parcels. Built in 1923, the property has a basement and one bathroom, with forced-air heat, central air conditioning, and vinyl siding and brick construction. A rubber and composition roof serves the building, and phone service is available. Existing parking is on site.
The property is on Michigan Street NE in Grand Rapids, within the Michigan Street/Medical Mile corridor. Nearby institutions include Corewell Health Butterworth Hospital, Helen DeVos Children’s Hospital, Van Andel Institute, Michigan State University College of Human Medicine, and Grand Valley State University’s health campus. Michigan Street traffic counts exceed 15,000 vehicles per day, and I-196 provides access to downtown Grand Rapids and the wider West Michigan region.
The existing space may suit commercial, professional, medical, or office use. Redevelopment and mixed-use concepts may also be evaluated, subject to zoning, approvals, engineering, and buyer due diligence.
The property is on Michigan Street NE in Grand Rapids, within the Michigan Street/Medical Mile corridor. Nearby institutions include Corewell Health Butterworth Hospital, Helen DeVos Children’s Hospital, Van Andel Institute, Michigan State University College of Human Medicine, and Grand Valley State University’s health campus. Michigan Street traffic counts exceed 15,000 vehicles per day, and I-196 provides access to downtown Grand Rapids and the wider West Michigan region.
The existing space may suit commercial, professional, medical, or office use. Redevelopment and mixed-use concepts may also be evaluated, subject to zoning, approvals, engineering, and buyer due diligence.
Key Highlights
- 2,070 square feet of commercial space on 0.17 acres
- Property spans two parcels and has on‑site parking
- Michigan Street exposure; nearby traffic counts exceed 15,000 vehicles per day
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.
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Property Analytics
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Current Use
Lease Details
15,000 VPD
Traffic count
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
$224,100
Median Home Value
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Market
Average Price Trend$/SF for Storefront properties in Grand Rapids, MI
Properties on Market for Storefront properties in Grand Rapids
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Frequently Asked Questions
What type of property is this?
Storefront property - The existing commercial space fronts Michigan Street and includes on-site parking.
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 on 0.17 acres; Property spans two parcels and has on‑site parking; Michigan Street exposure; nearby traffic counts exceed 15,000 vehicles per day
