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    251 Michigan St Grand Rapids, MI 49503

    Sponsored
    For Lease
    $32 SF/Yr

    Prime Medical Mile location, 4,478 sq ft.

    Lot size:
    4,478 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 4,478 square foot restaurant space presents a unique investment opportunity within the newly constructed Corewell Health Ambulatory Care Center in Grand Rapids, Michigan. Located at 251 Michigan St NE, 49503, this property offers unparalleled visibility and accessibility. The space boasts approximately 135 feet of frontage along Michigan Street, ensuring high traffic and prominent exposure to the substantial patient and visitor base of the medical facility. Three convenient entry points facilitate easy access for customers. The building also features an on-site parking garage, eliminating parking concerns for both staff and patrons. This turnkey location provides a built-in clientele, minimizing the need for extensive marketing efforts in the initial stages of operation. Further enhancing its appeal, the space includes the potential for a 400 square foot patio situated on the corner of Michigan and Lafayette Streets, providing an attractive outdoor dining area. This property is ideally suited for a restaurateur seeking to establish a thriving business within the vibrant Medical Mile corridor of Grand Rapids, Kent County. The property is classified as retail, with a subtype of restaurant, and is currently available as a single tenancy.

    Property Features for 251 Michigan St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,478 SF

    Unit(s) available at that property

    Space
    Ground Level
    Size
    4,478 SF
    Rate per SF
    $32

    HighLights

    • 4,478 SF restaurant space in Grand Rapids, MI's new Corewell Health Ambulatory Care Center.
    • High‑visibility location at 251 Michigan St NE, 49503, with 135 feet of frontage.
    • Three entrances and on‑site parking garage.
    • Turnkey opportunity with built‑in clientele.
    • Potential for a 400 SF patio.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Law Firm Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.662619951852
    Latitude
    42.970280736996

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    FAQs

    What type of property is this?
    Retail property - Prime Medical Mile location, 4,478 sq ft.
    Where is this retail property located?
    The property is located at 251 Michigan St Grand Rapids, MI.
    What is the lease rate?
    The lease rate is $32 SF/Yr.
    What are key features of this property?
    This property features: 4,478 SF restaurant space in Grand Rapids, MI's new Corewell Health Ambulatory Care Center.; High-visibility location at 251 Michigan St NE, 49503, with 135 feet of frontage.; Three entrances and on-site parking garage.
    Request Owner's contact information
    251 Michigan St Grand Rapids, MI 49503
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    Grand Rapids, MI 49503
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    Realmo Value Estimation

    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.

    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.

    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
    251 Michigan St Grand Rapids, MI 49503
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