Mixed-Use Building with Office
For Sale
Contact for pricing
70 Ionia Ave SW, Grand Rapids, MI 49503
Office and retail uses occupy a downtown property with connected upper floors and building signage opportunities.
Property Size53,920 SF
Price / SF$125
Days on Market212
Property Features for 70 Ionia Ave SW
General Information
Standard status
Active
Size
53,920 SF
Class
A
Property subtype
Office
Building Details
Year Built
1916
Buildings
1
Tenancy
Multi
Listing Agency:
Advantage Commercial Real Estate
Listed By:
Michael Visser · License #6501368970
(616) 327-2800
Source:
Crexi
Added: Mar 17
Changed: Oct 6
Last Checked: Oct 12 at 6:04PM
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 in a building constructed in 1916. The third and fourth floors are linked by an interior staircase, creating connected upper-level office space for an owner-user. Building signage opportunities are also available.
The property is located at 70 Ionia Ave SW in downtown Grand Rapids’ Entertainment District. Major entertainment venues, destination restaurants, hotels, and market-rate multifamily developments contribute to a walkable setting with a broad range of nearby amenities. The surrounding area also includes developments associated with multiple high-credit tenants.
The property is located at 70 Ionia Ave SW in downtown Grand Rapids’ Entertainment District. Major entertainment venues, destination restaurants, hotels, and market-rate multifamily developments contribute to a walkable setting with a broad range of nearby amenities. The surrounding area also includes developments associated with multiple high-credit tenants.
Key Highlights
- Office and retail mixed‑use property at 70 Ionia Ave SW, Grand Rapids, MI 49503
- 53,920 property size
- Third and fourth floors connected by an interior staircase
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$595,277
Cap Rate
8.83%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Office and retail uses occupy a downtown property with connected upper floors and building signage opportunities.
Where is this mixed-use property located?
The property is located at 70 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: Office and retail mixed‑use property at 70 Ionia Ave SW, Grand Rapids, MI 49503; 53,920 property size; Third and fourth floors connected by an interior staircase
