Grocery-Anchored Retail Center
For Sale
Contact for pricing
6511 28th Street 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 Market82
Property Features for 6511 28th Street SE
General Information
Standard status
Active
Size
2,503 SF
Lot size
0.76 Acres
Property subtype
Retail
Zoning
B2
Building Details
Year Built
1978
Listing Agency:
CBRE
Listed By:
Russ Bono · License #MI 6501380200
Source:
Crexi
Added: Jun 1
Changed: Aug 10
Last Checked: Aug 21 at 11:38AM
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
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 = 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
$40,661
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
4.40%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cascade East — 6425-6479 28th St SE, Grand Rapids, MI 49546
- Cascade Country Square — 6095 28th St SE, Grand Rapids, MI 49546
- Quick-Tag — Walmart Supercenter, 5859 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 Street 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
