Grand Rapids Office
For Sale
$2,450,000
Pending
627 & 645 Jefferson Ave SE, Grand Rapids, MI 49503
Office building for sale in Grand Rapids, Michigan.
Property Size12,465 SF
Days on Market239
Property Features for 627 & 645 Jefferson Ave SE
General Information
Standard status
Pending
Size
12,465 SF
Property subtype
Other
Zoning
TN-TBA
Building Details
Year Built
1920
Listing Agency:
Signature Associates
Listed By:
Joe Rizqallah
(616) 235-6007
Source:
Carwm.resimplifi
Added: Feb 9
Changed: Oct 3
Last Checked: Oct 5 at 3:19PM
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 Signature Associates
Investment Insights
Based on property information with market context.
The property is an office building located at 627 - 645 Jefferson Avenue SE, Grand Rapids, MI 49503.
Key Highlights
- Office building for sale
- Located in Grand Rapids, Michigan
- Year Built: 1926
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,504
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,330,080
$2.3M
Cap Rate 7%
$1,664,343
$1.7M
Cap Rate 9%
$1,294,489
$1.3M
Market Conditions
NOI Build-Up for 12,465 SF
Gross rent
$200.4K $16.08/SF
− Vacancy
−$45.1K −$3.62/SF
EGI
$155.3K $12.46/SF
− OpEx
−$38.8K −$3.12/SF
NOI
$116.5K $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 Rate 5%
$2,330,080
Cap Rate 7%
$1,664,343
Cap Rate 9%
$1,294,489
Alternative Uses
Best Use
Office B
$1.66M
$1.46M – $1.94M
NOI $116,504 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.89M
$2.53M – $3.37M
NOI $202,494 @ 7.0% cap · market cap 8.27%
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
1,888
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Office building for sale in Grand Rapids, Michigan.
Where is this office building located?
The property is located at 627 & 645 Jefferson Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Office building for sale; Located in Grand Rapids, Michigan; Year Built: 1926
