Office Building with Lab
For Sale
$475,000
900 Godfrey Ave SW, Grand Rapids, MI 49503
Remodeled property offers conference space, an open work area, restrooms, and on-site parking.
Property Size2,835 SF
Price / SF$167.55
Days on Market133
Property Features for 900 Godfrey Ave SW
General Information
Standard status
Active
Size
2,835 SF
Total Parking Spaces
12
Property subtype
Office
Zoning
SD - IT (Special District/Industrial Transportation)
Amenities
12 Parking Spaces
Building Details
Year Built
1959
Listing Agency:
NAI Wisinski of West Michigan
(616) 262-8532
Listed By:
Jason Makowski
(616) 262-8532
Source:
Carwm.resimplifi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 12:47AM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This 2,835-square-foot office building includes a private office, conference room, open work area, two restrooms, and a rear lab area. The building was originally constructed in 1959 and received remodeling work in 2013, including a small addition. The former lab area provides additional functional space and can be adapted for office use.
Located at 900 Godfrey Ave SW in Grand Rapids, the property sits on the outskirts of downtown with roadside visibility and access to downtown routes. On-site parking supports daily office operations and visitor use.
Located at 900 Godfrey Ave SW in Grand Rapids, the property sits on the outskirts of downtown with roadside visibility and access to downtown routes. On-site parking supports daily office operations and visitor use.
Key Highlights
- 2,835 SF office building
- Former lab area can be converted to additional office space
- Remodeled in 2013 with a small addition
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
$26,497
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
5.58%
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%
$529,940
$529.9K
Cap Rate 7%
$378,529
$378.5K
Cap Rate 9%
$294,411
$294.4K
Market Conditions
NOI Build-Up for 2,835 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
$45.6K $16.08/SF
− Vacancy
−$10.3K −$3.62/SF
EGI
$35.3K $12.46/SF
− OpEx
−$8.8K −$3.12/SF
NOI
$26.5K $9.35/SF
Area
Grand Rapids, MI
Vacancy
22.50%
Lease Rate
$16.08 /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%
$529,940
Cap Rate 7%
$378,529
Cap Rate 9%
$294,411
Alternative Uses
Best Use
Office B
$378.5K
$331.2K – $441.6K
NOI $26,497 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$657.9K
$575.7K – $767.6K
NOI $46,055 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
611
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Remodeled property offers conference space, an open work area, restrooms, and on-site parking.
Where is this office building located?
The property is located at 900 Godfrey Ave SW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,835 SF office building; Former lab area can be converted to additional office space; Remodeled in 2013 with a small addition
