Historic Wedding
For Sale
$825,000
61 Sheldon Ave SE, Grand Rapids, MI 49503
Downtown event property with upgraded building systems, accessibility improvements, and supplemental off-street parking nearby.
Property Size6,962 SF
Price / SF$118.50
Days on Market152
Property Features for 61 Sheldon Ave SE
General Information
Standard status
Active
Size
6,962 SF
Property subtype
Office
Zoning
CC
Amenities
upgraded sound and AV system
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1887
Year Renovated
2019
Buildings
1
Abandoned
No
Listing Agency:
MOXIE Real Estate + Development
(616) 341-7699
Listed By:
Shawn Jacobs · License #6501370018
(616) 341-7699
Source:
Carwm.resimplifi
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 1:53PM
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 MOXIE Real Estate + Development
Investment Insights
Based on property information with market context.
Located at 61 Sheldon Ave SE in downtown Grand Rapids, this historic event property is currently operating as a wedding venue. The building underwent renovation in 2019 and includes updated HVAC, enhanced sound and audiovisual capabilities, and full ADA compliance.
Additional off-street parking is available across the road. Furniture, appliances, and audiovisual equipment may be negotiated as part of the sale, allowing flexibility for a future operator or owner-user. The property’s existing event use and upgraded infrastructure support continued venue operations.
Additional off-street parking is available across the road. Furniture, appliances, and audiovisual equipment may be negotiated as part of the sale, allowing flexibility for a future operator or owner-user. The property’s existing event use and upgraded infrastructure support continued venue operations.
Key Highlights
- Currently operating as a wedding venue
- Renovated in 2019
- Updated HVAC system and upgraded sound and AV equipment
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
$65,070
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
7.89%
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%
$1,301,400
$1.3M
Cap Rate 7%
$929,571
$929.6K
Cap Rate 9%
$723,000
$723.0K
Market Conditions
NOI Build-Up for 6,962 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
$111.9K $16.08/SF
− Vacancy
−$25.2K −$3.62/SF
EGI
$86.8K $12.46/SF
− OpEx
−$21.7K −$3.12/SF
NOI
$65.1K $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%
$1,301,400
Cap Rate 7%
$929,571
Cap Rate 9%
$723,000
Alternative Uses
Best Use
Office B
$929.6K
$813.4K – $1.08M
NOI $65,070 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.62M
$1.41M – $1.88M
NOI $113,098 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,211
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Wedding venue - Downtown event property with upgraded building systems, accessibility improvements, and supplemental off-street parking nearby.
Where is this wedding venue located?
The property is located at 61 Sheldon Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Currently operating as a wedding venue; Renovated in 2019; Updated HVAC system and upgraded sound and AV equipment
