Mixed-Use Property with
For Sale
Contact for pricing
900 College Ave NE, Grand Rapids, MI 49503
Ground-floor convenience retail is paired with two upstairs apartments and commercial zoning.
Property Size2,595 SF
Price / SF$287.09
Days on Market13
Property Features for 900 College Ave NE
General Information
Standard status
Active
Size
2,595 SF
Property subtype
Retail, Multifamily, Business for Sale
Zoning
201 COMMERCIAL-IMPROVED
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1920
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Five Star Real Estate
Listed By:
The Towner Team FIve Star Real Estate · License #6501302521
Source:
Crexi
Added: Jul 30
Changed: Aug 11
Last Checked: Aug 11 at 6:10AM
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 Five Star Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property combines a ground-floor convenience store with two apartments on the upper level. The retail operation carries beer and wine, grocery items, frozen foods, meats, dairy products, cereals, formula, snacks, and toiletry products. Additional business features include lottery sales, an ATM, SNAP acceptance, and tobacco products.
The building contains 2,595 square feet and was constructed in 1920. It is located at 900 College Ave NE in Grand Rapids, Michigan, and is identified as 201 COMMERCIAL-IMPROVED zoning. The two upstairs apartments are currently rented, adding a residential component to the commercial layout.
The building contains 2,595 square feet and was constructed in 1920. It is located at 900 College Ave NE in Grand Rapids, Michigan, and is identified as 201 COMMERCIAL-IMPROVED zoning. The two upstairs apartments are currently rented, adding a residential component to the commercial layout.
Key Highlights
- 2,595‑square‑foot mixed‑use building with convenience retail and two apartments
- Ground‑floor store offers beer and wine, groceries, frozen foods, meats, dairy, snacks, and toiletries
- Business features include lottery sales, ATM, SNAP acceptance, and tobacco products
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
$42,156
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
5.66%
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%
$843,120
$843.1K
Cap Rate 7%
$602,229
$602.2K
Cap Rate 9%
$468,400
$468.4K
Market Conditions
NOI Build-Up for 2,595 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
$59.2K $22.80/SF
− Vacancy
−$3.0K −$1.14/SF
EGI
$56.2K $21.66/SF
− OpEx
−$14.1K −$5.42/SF
NOI
$42.2K $16.25/SF
Area
Grand Rapids, MI
Vacancy
5.00%
Lease Rate
$22.80 /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%
$843,120
Cap Rate 7%
$602,229
Cap Rate 9%
$468,400
Alternative Uses
Best Use
Specialty Retail
$602.2K
$527.0K – $702.6K
NOI $42,156 @ 7.0% cap · market cap 5.66%
Second Best
Retail
$537.4K
$470.2K – $627.0K
NOI $37,617 @ 7.0% cap · market cap 5.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,365
Businesses Nearby
Explore this area
Business Placement
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor convenience retail is paired with two upstairs apartments and commercial zoning.
Where is this mixed-use property located?
The property is located at 900 College Ave NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 2,595‑square‑foot mixed‑use building with convenience retail and two apartments; Ground‑floor store offers beer and wine, groceries, frozen foods, meats, dairy, snacks, and toiletries; Business features include lottery sales, ATM, SNAP acceptance, and tobacco products
