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    1120 36Th St Wyoming, MI 49508

    Sponsored
    For Lease
    $5 SF/Yr

    1M+ SF Flexible Industrial Space

    Lot size:
    1,500,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional Grand Rapids industrial property, located in the 36th/44th St Corridor, offers 1,500,000 square feet of flexible space ideal for manufacturing or distribution. The property sits on a 10-acre lot and features a two-story building constructed in 1960. Currently, 249,200 square feet is available, divisible into units as small as 9,000 square feet, with a maximum contiguous space of 225,000 square feet. The building boasts an 18-foot ceiling height, enhancing operational efficiency. Loading capabilities include five loading docks, two dock-high doors, and two drive-in doors. The property is zoned INDUSTRIAL (APN: 41-18-20-126-001) and benefits from convenient access to US-131 and Gerald R. Ford International Airport. A sample available space includes a grade-level door, seven dock-high doors, 1,700 square feet of office space, 40'x40' and 40'x60' column spacing, and 30' clear height, along with 3,000 Amps of 480V 3-phase power. While the space is currently slated for availability February 1, 2025, early occupancy may be possible. This is a prime opportunity for businesses seeking a well-located, versatile industrial facility.

    Property Features for 1120 36Th St

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,500,000 SF
    Total Rate
    687500

    Building Details

    Year Built
    1960
    Stories
    2

    Unit(s) available at that property

    Space
    Suite 560
    Size
    82,200 SF
    Rate per SF
    $5

    HighLights

    • 1,500,000 SF industrial building with multiple tenants in the 36th/44th St Corridor submarket.
    • 9,000 SF minimum divisible space, up to 225,000 SF contiguous space available.
    • 249,200 SF currently vacant.
    • 10‑acre lot.
    • Built in 1960, two‑story building with 18' ceiling height.
    • Features 5 loading docks, 2 dock‑high doors, and 2 drive‑in doors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Wyoming
    County
    Kent
    State
    Michigan
    Longitude
    -85.638681
    Latitude
    42.89575

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    FAQs

    What type of property is this?
    Distribution property - 1M+ SF Flexible Industrial Space
    Where is this distribution property located?
    The property is located at 1120 36Th St Wyoming, MI.
    What is the lease rate?
    The lease rate is $5 SF/Yr.
    What are key features of this property?
    This property features: 1,500,000 SF industrial building with multiple tenants in the 36th/44th St Corridor submarket.; 9,000 SF minimum divisible space, up to 225,000 SF contiguous space available.; 249,200 SF currently vacant.
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    1120 36Th St Wyoming, MI 49508
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    Wyoming, MI 49508
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    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.

    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
    1120 36Th St Wyoming, MI 49508
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