Grocery-Anchored Retail Center
For Sale
$925,000
6511 28th St SE, Grand Rapids, MI 49546
Grocery-anchored shopping center site with easy access and a financial-institution deed restriction for certain bank sales.
Property Size2,503 SF
Lot Size0.76 Acres
Price / SF$369.56
Days on Market145
Property Features for 6511 28th St SE
General Information
Standard status
Active
Size
2,503 SF
Lot size
0.76 Acres
Property subtype
Retail
Zoning
B2
Amenities
Drive-Thru
Building Details
Year Built
1978
Listing Agency:
CBRE
Listed By:
Russ Bono · License #6501380200
(616) 799-6629
Source:
Carwm.resimplifi
Added: Jun 2
Changed: Oct 13
Last Checked: Oct 24 at 1:30PM
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 CBRE
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Investment Insights
Based on property information with market context.
This offering is a grocery-anchored retail center property totaling 2,503 SF on 0.76 acres. The property is positioned as part of a retail complex with an established grocery anchor.
The seller highlights easy access for day-to-day customer and tenant traffic. Public remarks also note strong demographics supporting the center’s retail context.
Please note a material deed restriction affecting certain financial institution transactions: all Fifth Third and Comerica sales are subject to a Financial Institution deed restriction and are scheduled to not close until September. Prospective buyers and brokers should factor this timing and restriction into any acquisition planning. The property’s grocery-anchored configuration and access profile may be particularly relevant for operators seeking a retail environment where grocery demand can support surrounding uses, subject to the deed restriction requirements applicable to bank sales.
The seller highlights easy access for day-to-day customer and tenant traffic. Public remarks also note strong demographics supporting the center’s retail context.
Please note a material deed restriction affecting certain financial institution transactions: all Fifth Third and Comerica sales are subject to a Financial Institution deed restriction and are scheduled to not close until September. Prospective buyers and brokers should factor this timing and restriction into any acquisition planning. The property’s grocery-anchored configuration and access profile may be particularly relevant for operators seeking a retail environment where grocery demand can support surrounding uses, subject to the deed restriction requirements applicable to bank sales.
Key Highlights
- Grocery‑anchored shopping center site with easy access
- 2,503 SF building on 0.76 acres
- Year built: 1978
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,661
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$813,220
$813.2K
Cap Rate 7%
$580,871
$580.9K
Cap Rate 9%
$451,789
$451.8K
Market Conditions
NOI Build-Up for 2,503 SF
Gross rent
$57.1K $22.80/SF
− Vacancy
−$2.9K −$1.14/SF
EGI
$54.2K $21.66/SF
− OpEx
−$13.6K −$5.42/SF
NOI
$40.7K $16.25/SF
Area
Grand Rapids, MI
Vacancy
5.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$813,220
Cap Rate 7%
$580,871
Cap Rate 9%
$451,789
Alternative Uses
Best Use
Specialty Retail
$580.9K
$508.3K – $677.7K
NOI $40,661 @ 7.0% cap · market cap 4.40%
Second Best
Retail
$518.3K
$453.5K – $604.7K
NOI $36,283 @ 7.0% cap · market cap 3.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
117k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 39%
Dining 32%
Groceries 18%
Home Improvements & Furnishings 9%
D&W Fresh Market
Groceries
21,543 visits/mo
0.1 miles
Culver's
Dining
18,089 visits/mo
0.2 miles
Mister Car Wash
Shops & Services
13,176 visits/mo
0.4 miles
Kingsland Ace Hardware & Rental
Home Improvements & Furnishings
10,719 visits/mo
0.1 miles
Starbucks
Dining
9,450 visits/mo
0.4 miles
Demographics for 49546, MI
35,536
Population
13,561
Households
2.6
Avg Household Size
38
Median Age
61%
College-Educated
96%
High-School Grad
17.9 sq mi
ZIP Area
1,985
Density / Sq Mi
$97,386
Median Household Income
$48,008
Median Earnings
$1,275
Median Rent
$389,100
Median Home Value
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Similar Off Market Nearby
- Quick-Tag — Walmart Supercenter, 5859 28th St SE, Grand Rapids, MI 49546
- Cascade Country Square — 6095 28th St SE, Grand Rapids, MI 49546
- Cascade East — 6425-6479 28th St SE, Grand Rapids, MI 49546
- Cascade Retail Center — 6797 Cascade Rd SE, Grand Rapids, MI 49546
Frequently Asked Questions
What type of property is this?
Shopping center - Grocery-anchored shopping center site with easy access and a financial-institution deed restriction for certain bank sales.
Where is this shopping center located?
The property is located at 6511 28th St SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Grocery‑anchored shopping center site with easy access; 2,503 SF building on 0.76 acres; Year built: 1978
