Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    251 Michigan St NE Grand Rapids, MI 49503

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Restaurant space with frontage in Corewell Health Ambulatory Care Center.

    Type:Retail
    Property size:
    4,500 SF
    Added:
    May 30, 2024
    Days on Market:
    679
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 251 Michigan St NE

    General Information

    Standard status
    Active
    Size
    4,500 SF
    Property subtype
    Retail

    Spaces For Lease

    at 251 Michigan St NE Contact us

    Ground Level $32 /Mo

    Size
    4,478 SF
    Type
    Retail
    Unique opportunity to become the sole restaurateur at the new Corewell Health Ambulatory...
    show more
    Contact us

    We can help!

    Listing Contact
    Mark Ansara

    Listing agent Mark Ansara License #MI 6501354465

    Listing office Advantage Commercial Real Estate

    Listing date May 30, 2024

    Source Crexi

    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 Advantage Commercial Real Estate

    Overview

    Restaurant Space in Medical Facility

    This restaurant space is located within the new Corewell Health Ambulatory Care Center. The space offers approximately 4,500 square feet and features about 135 feet of frontage along Michigan Street. The property includes three entry points and access to an on-site parking garage. A potential 400-square-foot patio is available on the corner of Michigan and Lafayette. This location is suitable for a restaurant looking to serve the new medical facility and join the Medical Mile corridor.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Claude's Culinary Creations — 725 Fulton St E, Grand Rapids, MI 49503
    • Highglo Juice Bar — 822 Ottawa Ave NW, Grand Rapids, MI 49503
    • Taste Buds- Kitchen Connects, LLC — 122 Division Ave S, Grand Rapids, MI 49503
    • Nagoya Hibachi Catering — 16 Monroe Center St NE suite 102, Grand Rapids, MI 49503

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.673235
    Latitude
    42.970419

    Nearby Similar for Lease

    • $18/mo

      Division Avenue Commercial Spaces Available

      Prime downtown Grand Rapids location with flexible commercial spaces.
      111 Division Avenue N, Grand Rapids, MI 49503
      View Details
    • $16/mo

      Grand Rapids Commercial Lease Opportunity

      Open-box commercial space in high-traffic Grand Rapids location.
      1163 Giddings Avenue SE, Grand Rapids, MI 49506
      View Details
    • $19/mo

      Grand Rapids Commercial Space For Rent

      Medical or office space in high-traffic Plainfield corridor.
      4260 Plainfield Avenue NE, Grand Rapids, MI 49525
      View Details
    • Contact for pricing

      Stand-Alone Building in High-Traffic Area

      Stand-alone building with high visibility and convenient parking.
      4110 Lake Michigan Drive NW, Grand Rapids, MI 49534
      View Details
    • $16/mo

      Retail Space on Division Avenue

      Retail suite on busy Division Avenue, South of Burton.
      2041 S Division Avenue, Grand Rapids, MI 49507
      View Details
    • $13/mo

      Remodeled Retail/Office Space Available

      Remodeled commercial space near GVSU, ideal for retail or office.
      4163 Lake Michigan Drive NW, Grand Rapids, MI 49534
      View Details
    • $10/mo

      Two-Story Office Building For Rent

      Two-story office building with elevator and handicap access for rent.
      825 Leonard Street NE, Grand Rapids, MI 49503
      View Details
    • $28/mo

      Retail Space in Grand Rapids

      Retail space available for lease in Grand Rapids, Michigan.
      456 Leonard Street NW, Grand Rapids, MI 49504
      View Details
    • $9/mo

      Grand Rapids Commercial Building ForRent

      Commercial building in Grand Rapids, MI, with ample parking.
      1001 Division Avenue S unit: 3Rd Floor, Grand Rapids, MI 49507
      View Details
    • $9/mo

      Grand Rapids Commercial Building For Rent

      Renovated building with ample parking on busy Division Avenue.
      1001 Division Avenue S unit: 2Nd Floor, Grand Rapids, MI 49507
      View Details
    • $9/mo

      Grand Rapids Commercial Building For Rent

      Commercial building for rent in Grand Rapids, Michigan.
      1001 Division Avenue S unit: 1St Floor, Grand Rapids, MI 49507
      View Details
    • $18/mo

      Modern Retail Suites in Grand Rapids

      New retail suites available in a growing commercial district.
      1010 Cesar E Chavez Avenue SW, Grand Rapids, MI 49503
      View Details

    FAQs

    What type of property is this?
    Restaurant - Restaurant space with frontage in Corewell Health Ambulatory Care Center.
    Where is this restaurant located?
    The property is located at 251 Michigan St NE Grand Rapids, MI.
    What are key features of this property?
    This property features: Prime restaurant space within the new Corewell Health Ambulatory Care Center.; High visibility with approximately 135’ of frontage along Michigan Street.; Built‑in client base from the medical facility.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mark Ansara
    Real Estate License ID: MI 6501354465
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!