Riverfront Commercial Condo in Grand
For Sale
$450,000
801 Monroe, Grand Rapids, MI 49503
Move-in ready commercial condo with river views and trail access.
Property Size1,437 SF
Price / SF$313.15
Days on Market194
Property Features for 801 Monroe
General Information
Standard status
Active
Size
1,437 SF
Property subtype
Industrial
Amenities
3
Rubber
Water
58x51 ft
River
Water Front, River. City Road, Paved Road.
Building Details
Year Built
1900
Listing Agency:
Fancy Real Estate
(616) 516-5561
Listed By:
Fancy Real Estate
Source:
Xome
Added: Feb 11
Changed: Aug 23
Last Checked: Aug 24 at 4:13AM
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 Fancy Real Estate
Investment Insights
Based on property information with market context.
This 1,437 square foot first-floor commercial condo is located along the Grand River in Grand Rapids, in the Monroe North district. It is suitable for professional office, creative, or wellness use. The unit features two private rooms, a kitchenette, a bathroom, and storage. It has 12-foot ceilings and a modern industrial aesthetic. Sliding doors open to a private patio with direct access to the Riveredge Trail and river views. Building amenities include secure key card access, surface parking, bike storage, on-site laundry, and fitness center access. The property is positioned in a rapidly evolving district and offers direct access to the Riveredge Trail and scenic Grand River views. The bike score is 53, making it bikeable. The walk score is 79, indicating it is very walkable. The transit score is 35, suggesting some transit options are available.
Key Highlights
- Rare first‑floor commercial condo along the Grand River with river views and direct Riveredge Trail access.
- Move‑in ready condition, ideal for professional office, creative, or wellness use.
- Located in the rapidly evolving Monroe North district of Grand Rapids.
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
$13,431
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
2.98%
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%
$268,620
$268.6K
Cap Rate 7%
$191,871
$191.9K
Cap Rate 9%
$149,233
$149.2K
Market Conditions
NOI Build-Up for 1,437 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
$23.1K $16.08/SF
− Vacancy
−$5.2K −$3.62/SF
EGI
$17.9K $12.46/SF
− OpEx
−$4.5K −$3.12/SF
NOI
$13.4K $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 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%
$268,620
Cap Rate 7%
$191,871
Cap Rate 9%
$149,233
Alternative Uses
Best Use
Office B
$191.9K
$167.9K – $223.9K
NOI $13,431 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$333.5K
$291.8K – $389.1K
NOI $23,344 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,016
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Move-in ready commercial condo with river views and trail access.
Where is this office units located?
The property is located at 801 Monroe Grand Rapids, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Rare first‑floor commercial condo along the Grand River with river views and direct Riveredge Trail access.; Move‑in ready condition, ideal for professional office, creative, or wellness use.; Located in the rapidly evolving Monroe North district of Grand Rapids.
