Mixed-Use Property with
900 College Ave NE, Grand Rapids, MI 49503
For Sale
$699,000
Ground-floor convenience retail is paired with two upstairs apartments and commercial zoning.
Property Size2,595 SF
Price / SF$269.36
Days on Market124
Property Features for 900 College Ave NE
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Additional Details
Business Included
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Five Star Real Estate (Main)
Listed By:
Danielle Lopez
(616) 901-8730
Source:
Carwm.resimplifi
Added: Jul 10
Changed: Nov 9
Last Checked: Nov 10 at 5:02AM
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 (Main)
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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 / Yr
$42,156
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
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
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 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 6.03%
Second Best
Retail
$537.4K
$470.2K – $627.0K
NOI $37,617 @ 7.0% cap · market cap 5.38%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
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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
$224,100
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Grand Rapids, MI
Properties on Market for Mixed-use properties in Grand Rapids
Vacancy Rate% for Multifamily in Midwest region
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 $699,000.
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
