First-Floor Riverfront Office
New
For Sale
$450,000
801 NW Monroe Avenue 105, Grand Rapids, MI 49503
Two private rooms, kitchenette, bathroom, storage, and patio support flexible office, creative, or wellness use.
Property Size1,437 SF
Price / SF$313.15
Days on Market2
Property Features for 801 NW Monroe Avenue 105
General Information
Standard status
Active
Size
1,437 SF
Financials
Asking Price
$450,000
HOA Fee
$903
Additional Details
Floor
First Floor
Office Units
1
Amenities
private patio
river views
secure key card access
bike storage
on-site laundry
fitness center access
Listing Agency:
Fancy Real Estate
(616) 516-5561
Listed By:
Hannah Greening
Source:
Charterpropertiesgr
Added: Sep 18
Last Checked: Sep 18 at 3:14PM
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.
Suite 105 is a 1,437-square-foot, first-floor commercial condominium at 801 NW Monroe Avenue in Grand Rapids. The interior includes two private rooms, a kitchenette, bathroom, and storage, with 12-foot ceilings and a contemporary industrial character. Sliding doors connect the suite to a private patio.
The property fronts the Grand River and provides direct access to the Riveredge Trail. Building amenities include secure key-card entry, surface parking, bike storage, on-site laundry, and access to a fitness center. The space is suited to professional office, creative, or wellness uses.
The property fronts the Grand River and provides direct access to the Riveredge Trail. Building amenities include secure key-card entry, surface parking, bike storage, on-site laundry, and access to a fitness center. The space is suited to professional office, creative, or wellness uses.
Key Highlights
- 1,437 SF first‑floor commercial condominium in Suite 105
- Two private rooms, kitchenette, bathroom, and storage
- 12‑foot ceilings with a contemporary industrial interior
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
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Open Analytics
Current Use
Lease Details
1
Office units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Two private rooms, kitchenette, bathroom, storage, and patio support flexible office, creative, or wellness use.
Where is this office units located?
The property is located at 801 NW Monroe Avenue 105 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: 1,437 SF first‑floor commercial condominium in Suite 105; Two private rooms, kitchenette, bathroom, and storage; 12‑foot ceilings with a contemporary industrial interior
