Mixed-Use Building with Connecting
For Sale
$6,740,000
64 Ionia Ave SW, Grand Rapids, MI 49503
Connected upper floors provide an owner-user office configuration within downtown Grand Rapids’ Entertainment District.
Property Size53,920 SF
Price / SF$125
Days on Market175
Property Features for 64 Ionia Ave SW
General Information
Standard status
Active
Size
53,920 SF
Class
Class A
Total Parking Spaces
87
Property subtype
Office
Zoning
CC
Amenities
87 Parking Spaces
Building Details
Year Built
1916
Buildings
1
Listing Agency:
Advantage Commercial Real Estate
(616) 218-3928
Listed By:
Gary Albrecht · License #501448393
(616) 218-3928
Source:
Carwm.resimplifi
Added: Mar 10
Changed: Aug 31
Last Checked: Aug 31 at 12:08AM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property combines office and retail space within a 53,920-square-foot building constructed in 1916. The third and fourth floors are linked by an interior staircase, creating a connected office configuration for an owner-user. Building signage opportunities are also identified as part of the upper-floor offering.
The property is located at 64 Ionia Ave SW in downtown Grand Rapids, Michigan, within the Entertainment District. Major entertainment venues, destination restaurants, hotels, and market-rate multifamily developments are located in the surrounding area. The property carries CC zoning and offers a downtown setting with nearby amenities and pedestrian-oriented activity.
The property is located at 64 Ionia Ave SW in downtown Grand Rapids, Michigan, within the Entertainment District. Major entertainment venues, destination restaurants, hotels, and market-rate multifamily developments are located in the surrounding area. The property carries CC zoning and offers a downtown setting with nearby amenities and pedestrian-oriented activity.
Key Highlights
- 53,920‑square‑foot mixed‑use building with office and retail space
- Third and fourth floors connected by an interior staircase
- CC zoning designation
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
$595,277
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
8.83%
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%
$11,905,540
$11.9M
Cap Rate 7%
$8,503,957
$8.5M
Cap Rate 9%
$6,614,189
$6.6M
Market Conditions
NOI Build-Up for 53,920 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
$1.04M $19.20/SF
− Vacancy
−$82.8K −$1.54/SF
EGI
$952.4K $17.66/SF
− OpEx
−$357.2K −$6.62/SF
NOI
$595.3K $11.04/SF
Area
Grand Rapids, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$11,905,540
Cap Rate 7%
$8,503,957
Cap Rate 9%
$6,614,189
Alternative Uses
Best Use
Retail
$11.17M
$9.77M – $13.03M
NOI $781,613 @ 7.0% cap · market cap 11.60%
Second Best
Mixed Use
$8.50M
$7.44M – $9.92M
NOI $595,277 @ 7.0% cap · market cap 8.83%
Theoretical Best
Specialty Retail
$12.51M
$10.95M – $14.60M
NOI $875,930 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,139
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Connected upper floors provide an owner-user office configuration within downtown Grand Rapids’ Entertainment District.
Where is this mixed-use property located?
The property is located at 64 Ionia Ave SW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $6,740,000.
What are key features of this property?
This property features: 53,920‑square‑foot mixed‑use building with office and retail space; Third and fourth floors connected by an interior staircase; CC zoning designation
