Three-Story Office Condo Corner
72 Monroe Center St NW Grand Rapids, MI 49503
72 Monroe Center St NW, Grand Rapids, MI, 49503
Contact for pricing
For Sale
Contact for pricing
Three-story commercial office condo with finished second and third floors, featuring open offices, private offices, and conference rooms.
Property Size18,975 SF
Price / SF$120.63
Days on Market83
Property Features for 72 Monroe Center St NW
General Information
- Standard status
- Active
- Size
- 18,975 SF
- Property subtype
- Office
Listing agency
NAI Wisinski of West Michigan - Grand Rapids
(616) 242-1114
Listed by
Douglas Taatjes · License #MI 6502343179
Source
Crexi
Added: Apr 30 Updated: Jul 21 at 1:54AM Checked: Jul 21 at 8:55AM
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 NAI Wisinski of West Michigan - Grand Rapids
Investment Insights
Based on property information with market context.
The Morton Office is a three-story commercial office condo offered for sale, featuring a main-floor entrance with grand two-story arched windows. The second and third floors are finished in a modern commercial office layout that includes an entry lounge, gathering area, open office space, private offices, and conference rooms. The offering also notes a potential lower-level bank vault that could be developed into additional employee and meeting-oriented space.
The property is located on the corner of Monroe Center and Ionia Ave on the Monroe Center retail corridor in Downtown Grand Rapids, with nearby cultural, dining, and Class A office activity described in the remarks.
A legal address is provided as 55 Ionia Ave NW, Grand Rapids, MI 49503.
The property is located on the corner of Monroe Center and Ionia Ave on the Monroe Center retail corridor in Downtown Grand Rapids, with nearby cultural, dining, and Class A office activity described in the remarks.
A legal address is provided as 55 Ionia Ave NW, Grand Rapids, MI 49503.
Key Highlights
- Three‑story commercial office condo on the corner of Monroe Center and Ionia Ave in Downtown Grand Rapids
- Main floor entrance with grand two‑story arched windows
- Finished 2nd and 3rd floors with a modern commercial office layout
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $305.1k | $16.08 |
| − Vacancy | −$68.7k | −$3.62 |
| EGI | $236.5k | $12.46 |
| − OpEx | −$59.1k | −$3.12 |
| NOI | $177.3k | $9.35 |
18,975 SF · lease $16.08/SF/yr · vacancy 22.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.53M
$2.22M – $2.96M
NOI $177,350 @ 7.0% cap · market cap 7.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.40M
$3.85M – $5.14M
NOI $308,249 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Fusion Education Group
High School
Fusion
Corporate Office
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Three-story commercial office condo with finished second and third floors, featuring open offices, private offices, and conference rooms.
Where is this office units located?
The property is located at 72 Monroe Center St NW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $2,289,000.
What are key features of this property?
This property features: Three‑story commercial office condo on the corner of Monroe Center and Ionia Ave in Downtown Grand Rapids; Main floor entrance with grand two‑story arched windows; Finished 2nd and 3rd floors with a modern commercial office layout
