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5995 Kalamazoo Ave SE, Kentwood, MI 49508
17,787 SF retail space on hard corner intersection.
Property Size17,787 SF
Price / SF$222.07
Days on Market1058
Property Features for 5995 Kalamazoo Ave SE
General Information
Standard status
Active
Size
17,787 SF
Property subtype
Retail
Zoning
C2
Building Details
Year Built
1998
Year Renovated
2022
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Signature Associates Grand Rapids
(616) 235-0900
Listed By:
Joe Rizqallah · License #MI
Source:
Crexi
Added: Oct 6, 2023
Changed: Aug 26
Last Checked: Aug 25 at 6:33PM
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 Signature Associates Grand Rapids
Investment Insights
Based on property information with market context.
This 17,787 square foot retail space is situated on a lighted corner intersection at 60th and Kalamazoo Avenue. It features over 120 feet of frontage with ingress and egress on both 60th and Kalamazoo Avenue. The property is located half a mile from the M-6 interchange. The zoning is C-2 and allows for a variety of uses including grocery stores, restaurants, liquor stores, big box retailers, clothing stores, and more. It is suitable for an owner/user looking for a retail space or as an investment property to lease.
Key Highlights
- Prime retail location at a hard, lighted corner intersection.
- Large 17,787 sq ft retail space.
- Excellent frontage (over 120') with ingress/egress on two streets.
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
$184,645
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
4.67%
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%
$3,692,900
$3.7M
Cap Rate 7%
$2,637,786
$2.6M
Cap Rate 9%
$2,051,611
$2.1M
Market Conditions
NOI Build-Up for 17,787 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
$275.3K $15.48/SF
− Vacancy
−$11.6K −$0.65/SF
EGI
$263.8K $14.83/SF
− OpEx
−$79.1K −$4.45/SF
NOI
$184.6K $10.38/SF
Area
Kent County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$3,692,900
Cap Rate 7%
$2,637,786
Cap Rate 9%
$2,051,611
Alternative Uses
Best Use
Retail
$2.64M
$2.31M – $3.08M
NOI $184,645 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.18M
$2.78M – $3.71M
NOI $222,692 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
168k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 38%
Groceries 16%
Electronics 3%
McDonald's
Dining
27,506 visits/mo
0.1 miles
Family Fare
Groceries
26,625 visits/mo
0.2 miles
Starbucks
Dining
14,504 visits/mo
0.4 miles
Lake Michigan Credit Union
Shops & Services
10,307 visits/mo
0.2 miles
Dollar Tree
Shops & Services
8,524 visits/mo
0.1 miles
Demographics for 49508, MI
41,851
Population
16,583
Households
2.5
Avg Household Size
36
Median Age
33%
College-Educated
88%
High-School Grad
11.8 sq mi
ZIP Area
3,547
Density / Sq Mi
$65,328
Median Household Income
$41,115
Median Earnings
$1,179
Median Rent
$257,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 17,787 SF retail space on hard corner intersection.
Where is this retail space located?
The property is located at 5995 Kalamazoo Ave SE Kentwood, MI.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Prime retail location at a hard, lighted corner intersection.; Large 17,787 sq ft retail space.; Excellent frontage (over 120') with ingress/egress on two streets.
