Medical/Dental Investment Property For
For Sale
Contact for pricing
3050 Ivanrest Ave SW, Grandville, MI 49418
Medical/dental investment property with ample parking and highway access.
Property Size12,250 SF
Price / SF$112.50
Days on Market924
Property Features for 3050 Ivanrest Ave SW
General Information
Standard status
Active
Size
12,250 SF
Property subtype
Office
Lease Type
Gross
Investment Type
Owner/User
Building Details
Year Built
1988
Buildings
1
Tenancy
Multi
Listing Agency:
Colliers - Grand Rapids, Michigan
(616) 774-3500
Listed By:
Scott Morgan · License #MI 6502112210
Source:
Crexi
Added: Feb 9, 2024
Changed: Aug 17
Last Checked: Aug 19 at 7:49PM
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 Colliers - Grand Rapids, Michigan
Investment Insights
Based on property information with market context.
This commercial property is suitable for medical or dental practices and is available for sale. The building features an attractive atrium entrance and monument signage. An extra-large parking lot is available. The property is located close to highway access and shopping. Current tenants include two dentists, a podiatrist, and a psychology practice. The property size is 12250 square feet.
Key Highlights
- Investment property with established medical/dental tenants.
- Extra large parking lot.
- Attractive atrium entrance.
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
$122,400
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
8.88%
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%
$2,448,000
$2.4M
Cap Rate 7%
$1,748,571
$1.7M
Cap Rate 9%
$1,360,000
$1.4M
Market Conditions
NOI Build-Up for 12,250 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
$179.3K $14.64/SF
− Vacancy
−$16.1K −$1.32/SF
EGI
$163.2K $13.32/SF
− OpEx
−$40.8K −$3.33/SF
NOI
$122.4K $9.99/SF
Area
Kent County, MI
Vacancy
9.00%
Lease Rate
$14.64 /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%
$2,448,000
Cap Rate 7%
$1,748,571
Cap Rate 9%
$1,360,000
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,400 @ 7.0% cap · market cap 8.88%
Second Best
Healthcare Medical
$1.56M
$1.36M – $1.82M
NOI $108,999 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,369 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49418, MI
30,520
Population
12,801
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
1,606
Density / Sq Mi
$83,485
Median Household Income
$48,260
Median Earnings
$1,218
Median Rent
$296,300
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?
Medical Office Space - Medical/dental investment property with ample parking and highway access.
Where is this medical office space located?
The property is located at 3050 Ivanrest Ave SW Grandville, MI.
What is the asking price?
The asking price for this property is $1,378,125.
What are key features of this property?
This property features: Investment property with established medical/dental tenants.; Extra large parking lot.; Attractive atrium entrance.
