Single-Story Multi-Tenant Office
For Sale
$1,905,000
833 Kenmoor Ave SE, Grand Rapids, MI 49546
C-2-zoned office property is 100% occupied with updated common areas and established lease terms.
Property Size11,833 SF
Price / SF$160.99
Days on Market52
Property Features for 833 Kenmoor Ave SE
General Information
Standard status
Active
Size
11,833 SF
Total Parking Spaces
56
Property subtype
Office
Zoning
C-2
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
8%
Amenities
56 Parking Spaces
Building Details
Year Built
1984
Year Renovated
2025
Buildings
1
Stories
1
Construction
brick and glass
Tenancy
Multi
Listing Agency:
Redstone Commercial-Investment
(616) 633-3836
Listed By:
Chad Clemens
(616) 633-3836
Source:
Carwm.resimplifi
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 28 at 9:05PM
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 Redstone Commercial-Investment
Investment Insights
Based on property information with market context.
This 11,833-square-foot office building was constructed in 1984 and is configured as a single-story, multi-tenant property with brick-and-glass construction. The building is 100% occupied and fully leased, with an 8% in-place cap rate, annual lease escalations, and long-term leases. Recent improvements include a new roof completed in 2022, plus updated common-area restrooms and landscaping in 2025. The parking lot was resurfaced and restriped in 2025 and provides approximately 56 surface spaces.
Located at 833 Kenmoor Ave SE in Grand Rapids, the property sits near the corner of Kenmoor Ave and Cascade Rd SE, with access to Cascade Rd and the I-96 West on-ramp. Each tenant has monument signage along Kenmoor Ave. The site is also minutes from 28th Street SE restaurants and retail, downtown Grand Rapids, and Gerald R. Ford International Airport.
Located at 833 Kenmoor Ave SE in Grand Rapids, the property sits near the corner of Kenmoor Ave and Cascade Rd SE, with access to Cascade Rd and the I-96 West on-ramp. Each tenant has monument signage along Kenmoor Ave. The site is also minutes from 28th Street SE restaurants and retail, downtown Grand Rapids, and Gerald R. Ford International Airport.
Key Highlights
- 11,833‑square‑foot, single‑story office building constructed in 1984
- 100% occupied and fully leased multi‑tenant office property
- 8% in‑place cap rate with annual lease escalations and long‑term leases
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
$110,597
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
5.81%
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%
$2,211,940
$2.2M
Cap Rate 7%
$1,579,957
$1.6M
Cap Rate 9%
$1,228,856
$1.2M
Market Conditions
NOI Build-Up for 11,833 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
$190.3K $16.08/SF
− Vacancy
−$42.8K −$3.62/SF
EGI
$147.5K $12.46/SF
− OpEx
−$36.9K −$3.12/SF
NOI
$110.6K $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%
$2,211,940
Cap Rate 7%
$1,579,957
Cap Rate 9%
$1,228,856
Alternative Uses
Best Use
Office B
$1.58M
$1.38M – $1.84M
NOI $110,597 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.75M
$2.40M – $3.20M
NOI $192,227 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,638
Businesses Nearby
Explore this area
Business Placement
Demographics for 49546, MI
35,536
Population
13,561
Households
2.6
Avg Household Size
38
Median Age
61%
College-Educated
96%
High-School Grad
17.9 sq mi
ZIP Area
1,985
Density / Sq Mi
$97,386
Median Household Income
$48,008
Median Earnings
$1,275
Median Rent
$389,100
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?
Office building - C-2-zoned office property is 100% occupied with updated common areas and established lease terms.
Where is this office building located?
The property is located at 833 Kenmoor Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,905,000.
What are key features of this property?
This property features: 11,833‑square‑foot, single‑story office building constructed in 1984; 100% occupied and fully leased multi‑tenant office property; 8% in‑place cap rate with annual lease escalations and long‑term leases
