Three-Story Office Condo Corner
For Sale
$1,800,000
72 Monroe Center St NW, Grand Rapids, MI 49503
Three-story commercial office condo with finished second and third floors, featuring open offices, private offices, and conference rooms.
Property Size15,061 SF
Price / SF$119.51
Days on Market168
Property Features for 72 Monroe Center St NW
General Information
Standard status
Active
Size
15,061 SF
Property subtype
Office
Zoning
CC
Building Details
Stories
3
Listing Agency:
NAI Wisinski of West Michigan
Listed By:
Hillary Taatjes Woznick · License #6501357172
(616) 862-1179
Source:
Carwm.resimplifi
Added: May 8
Changed: Oct 10
Last Checked: Oct 20 at 5:13PM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$140,768
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,815,360
$2.8M
Cap Rate 7%
$2,010,971
$2.0M
Cap Rate 9%
$1,564,089
$1.6M
Market Conditions
NOI Build-Up for 15,061 SF
Gross rent
$242.2K $16.08/SF
− Vacancy
−$54.5K −$3.62/SF
EGI
$187.7K $12.46/SF
− OpEx
−$46.9K −$3.12/SF
NOI
$140.8K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,815,360
Cap Rate 7%
$2,010,971
Cap Rate 9%
$1,564,089
Alternative Uses
Best Use
Office B
$2.01M
$1.76M – $2.35M
NOI $140,768 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.50M
$3.06M – $4.08M
NOI $244,666 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,314
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Three-story commercial office condo with finished second and third floors, featuring open offices, private offices, and conference rooms.
Where is this office unit 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 $1,800,000.
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
