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    1801 Plainfield Ave Grand Rapids, MI 49505

    Sponsored
    For Sale
    $699,000

    Booming Creston, 9,200 sq ft, 100% occupied.

    Property size:
    9,200 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use property, located at 1801 Plainfield Ave NE in Grand Rapids, Michigan, presents a compelling investment opportunity. The 9,200 square foot building, constructed in 1910 and extensively renovated in 2021, features six units across two stories and is currently 100% occupied by four tenants under a gross lease structure. The property boasts a strong net operating income (NOI) of $55,530, yielding a 7.94% cap rate at an asking price of $699,000. Leases are currently in place for a two-year term, commencing May 1, 2023, and expiring May 1, 2024, with a 5% annual rent bump provision. Significant recent renovations include new roofs (2021 and 2023), exterior painting (2022), and extensive interior updates to several units, including new mini-splits, flooring, cabinets, and bathrooms. The property is zoned for retail, office, and residential mixed use, offering flexibility for a variety of potential uses. Situated in the thriving Creston neighborhood, this property benefits from high visibility and accessibility in a prime commercial area of Grand Rapids, a city experiencing robust economic growth. The property's current income stream, coupled with the potential for future lease escalations and the adaptability of its floor plan, makes it an attractive investment for both seasoned investors and owner-occupiers. The property is offered for sale by owner.

    Property Features for 1801 Plainfield Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    9,200 SF

    Building Details

    Year Renovated
    2021
    Buildings
    1
    Stories
    2
    Units
    6

    HighLights

    • 9,200 SF mixed‑use building in Grand Rapids, MI, currently 100% occupied.
    • Strong NOI of $55,530, yielding a 7.94% cap rate at $699,000 asking price.
    • Recently renovated with new roofs (2021 & 2023), exterior paint (2022), and interior updates to multiple units.
    • Six units across two stories, zoned for retail, office, and residential use.
    • Located in the Creston neighborhood, offering high visibility and accessibility.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.659387825776
    Latitude
    42.995447786673

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    FAQs

    What type of property is this?
    Individual retail property - Booming Creston, 9,200 sq ft, 100% occupied.
    Where is this individual retail property located?
    The property is located at 1801 Plainfield Ave 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: 9,200 SF mixed-use building in Grand Rapids, MI, currently 100% occupied.; Strong NOI of $55,530, yielding a 7.94% cap rate at $699,000 asking price.; Recently renovated with new roofs (2021 & 2023), exterior paint (2022), and interior updates to multiple units.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1801 Plainfield Ave Grand Rapids, MI 49505
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