Two-Suite Brick Office
For Sale
$489,000
6491 Sanru Ave, Jenison, MI 49428
Partially leased commercial property with a second suite available for lease or owner occupancy.
Property Size2,448 SF
Price / SF$199.75
Days on Market16
Property Features for 6491 Sanru Ave
General Information
Standard status
Active
Size
2,448 SF
Total Parking Spaces
18
Additional Details
Road Access
Yes
Office Units
2
Building Details
Year Built
1990
Buildings
1
Building Size
2,448 SF
Construction
brick
Listing Agency:
Bellabay Realty (Kentwood)
(616) 299-7600
Listed By:
Ellyn Olney
Source:
Katie-k
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 12:22AM
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 Bellabay Realty (Kentwood)
Investment Insights
Based on property information with market context.
This 2,448-square-foot office building, constructed in 1990, is arranged as two separate suites. One suite is leased through fall 2028, while the other is available for lease or owner occupancy. The all-brick exterior and well-maintained interiors provide a professional setting, with a dedicated basement beneath each suite.
The property is positioned along a quieter side road near Port Sheldon Rd., providing access and visibility from an adjacent traffic corridor carrying 17,000 vehicles per day. On-site parking includes 18 spaces for employees and visitors. The two-suite layout supports an owner-user arrangement with existing occupancy or continued leasing of both suites.
The property is positioned along a quieter side road near Port Sheldon Rd., providing access and visibility from an adjacent traffic corridor carrying 17,000 vehicles per day. On-site parking includes 18 spaces for employees and visitors. The two-suite layout supports an owner-user arrangement with existing occupancy or continued leasing of both suites.
Key Highlights
- 2,448 SF office building with two separate suites
- One suite leased through fall 2028; second suite available for lease or owner occupancy
- All‑brick building constructed in 1990
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
$26,968
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
5.51%
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%
$539,360
$539.4K
Cap Rate 7%
$385,257
$385.3K
Cap Rate 9%
$299,644
$299.6K
Market Conditions
NOI Build-Up for 2,448 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
$41.7K $17.04/SF
− Vacancy
−$5.8K −$2.35/SF
EGI
$36.0K $14.69/SF
− OpEx
−$9.0K −$3.67/SF
NOI
$27.0K $11.02/SF
Area
Ottawa County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$539,360
Cap Rate 7%
$385,257
Cap Rate 9%
$299,644
Alternative Uses
Best Use
Office B
$385.3K
$337.1K – $449.5K
NOI $26,968 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$30.44M
$26.64M – $35.52M
NOI $2,130,908 @ 7.0% cap · market cap 435.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Explore this area
Business Placement
Demographics for 49428, MI
27,162
Population
10,312
Households
2.6
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
16.1 sq mi
ZIP Area
1,687
Density / Sq Mi
$92,290
Median Household Income
$49,911
Median Earnings
$1,373
Median Rent
$276,100
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?
Office building - Partially leased commercial property with a second suite available for lease or owner occupancy.
Where is this office building located?
The property is located at 6491 Sanru Ave Jenison, MI.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 2,448 SF office building with two separate suites; One suite leased through fall 2028; second suite available for lease or owner occupancy; All‑brick building constructed in 1990
