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Property profile

120 Ionia SW Ave Grand Rapids, MI 49503

OFF-MARKET
Commercial real estate
Property ID
US43-0861328
40,000 SF 0.23 ac lot Built 1920
Entity Owned 2-yr Hold Absentee Owner ~ Est. High Equity

Property summary

AI-generated overview

This exceptional office space at 120 Ionia Ave SW in Grand Rapids, Michigan offers a unique opportunity to establish your business in the heart of the city's vibrant entertainment district. Located in Kent County, this historic building, constructed in 1920, boasts a total of 40,000 square feet, with multiple tenancy options available. Currently, there are 9,826 square feet of vacant space ready for immediate occupancy. Individual suites range from a minimum of 4,500 square feet to a maximum contiguous space of 5,326 square feet, providing flexibility for businesses of various sizes. The building's prime location places it directly across from Studio Park, a dynamic complex featuring a movie theater, event venue, retail shops, a hotel, residential units, and ample outdoor space. This central location offers unparalleled access to a wide array of restaurants, bars, and eateries, creating a convenient and lively environment for employees and clients alike. Avoid the delays and disruptions associated with new construction and benefit from the immediate availability of these move-in ready, affordable office suites. The property is classified as both Traditional and Executive Office space, catering to a diverse range of business needs. The zip code is 49503.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1920
Total area 40,000 SF
Lot 0.23 ac (10,062 SF)
Zoning code TN-CC
APN 41-13-25-438-028
UPID US43-0861328

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Law Firm
  • Law Firm
  • Law Firm
  • Hotel & Motel Resort
  • Law Firm

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$3.90M
Blend (final) Blend
$3.90M

Owner & transaction history

since 2023
3 recorded transactions
2023
Price N/A
2019
Price N/A
1969
Price N/A

Zoning & alternative use

TN-CC · Grand Rapids, MI

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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