Mixed-Use Portfolio with
For Sale
Contact for pricing
827/829 Bridge St, Grand Rapids, MI 49504
Two-property commercial portfolio combining retail, office, parking, and storage uses.
Property Size4,500 SF
Price / SF$128.91
Days on Market202
Property Features for 827/829 Bridge St
General Information
Standard status
Active
Size
4,500 SF
Class
C
Total Parking Spaces
12
Property subtype
Retail, Office, Mixed Use
Zoning
Commercial
Lease Type
NNN
Building Details
Buildings
3
Stories
1
Building Size
4,500 SF
Listing Agency:
NorthStar Commercial
(616) 247-9600
Listed By:
Jack VanGessel · License #MI 6501414865
Source:
Crexi
Added: Feb 10
Changed: Aug 30
Last Checked: Aug 30 at 2:52AM
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 NorthStar Commercial
Investment Insights
Based on property information with market context.
This mixed-use portfolio includes two commercial properties offered together for sale. The improvements include approximately 4,500 square feet of retail and office space, providing a combination of customer-facing and administrative areas within the portfolio.
A separate 0.25-acre parcel is currently configured as a fenced parking lot with a storage unit. The property is zoned Commercial and is located at 827/829 Bridge St in Grand Rapids, Michigan. Existing retail, office, parking, and storage components provide a defined physical configuration for continued commercial use or future redevelopment.
A separate 0.25-acre parcel is currently configured as a fenced parking lot with a storage unit. The property is zoned Commercial and is located at 827/829 Bridge St in Grand Rapids, Michigan. Existing retail, office, parking, and storage components provide a defined physical configuration for continued commercial use or future redevelopment.
Key Highlights
- Two‑property portfolio offered together for sale
- Approximately 4,500SF of retail and office space
- Separate 0.25‑acre parcel with fenced‑in parking
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
$72,798
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
8.56%
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%
$1,455,960
$1.5M
Cap Rate 7%
$1,039,971
$1.0M
Cap Rate 9%
$808,867
$808.9K
Market Conditions
NOI Build-Up for 6,594 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
$126.6K $19.20/SF
− Vacancy
−$10.1K −$1.54/SF
EGI
$116.5K $17.66/SF
− OpEx
−$43.7K −$6.62/SF
NOI
$72.8K $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 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%
$1,455,960
Cap Rate 7%
$1,039,971
Cap Rate 9%
$808,867
Alternative Uses
Best Use
Retail
$1.37M
$1.19M – $1.59M
NOI $95,585 @ 7.0% cap · market cap 11.25%
Second Best
Mixed Use
$1.04M
$910.0K – $1.21M
NOI $72,798 @ 7.0% cap · market cap 8.56%
Theoretical Best
Specialty Retail
$1.53M
$1.34M – $1.79M
NOI $107,120 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
912
Businesses Nearby
Explore this area
Business Placement
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
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 - Two-property commercial portfolio combining retail, office, parking, and storage uses.
Where is this mixed-use property located?
The property is located at 827/829 Bridge St Grand Rapids, MI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two‑property portfolio offered together for sale; Approximately 4,500SF of retail and office space; Separate 0.25‑acre parcel with fenced‑in parking
