Renovated Restaurant
For Sale
$2,084,001
932 Division Ave S, Grand Rapids, MI 49507
The building includes banquet and restaurant areas and was renovated in 2024.
Property Size7,274 SF
Price / SF$286.50
Days on Market412
Property Features for 932 Division Ave S
General Information
Standard status
Active
Size
7,274 SF
Property subtype
Retail
Zoning
TBA - TRADITIONAL BUSINESS AREA
Additional Details
Sprinkler System
Yes
Amenities
Water
Sewer
Building Details
Year Renovated
2024
Buildings
1
Listing Agency:
Ben M. Muller Realty Co., Inc.
(616) 456-7114
Listed By:
Emily Woodward
(616) 456-7114
Source:
Carwm.resimplifi
Added: Jul 15, 2025
Changed: Aug 28
Last Checked: Aug 30 at 1:19PM
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 Ben M. Muller Realty Co., Inc.
Investment Insights
Based on property information with market context.
This freestanding commercial building is configured for a 218-seat banquet facility alongside an 80-seat restaurant. The property underwent a complete renovation in 2024 and is fully sprinklered.
Located at 932 Division Ave S in Grand Rapids, Michigan, the building is zoned TBA - TRADITIONAL BUSINESS AREA. The property remains occupied, and showings require listing-agent coordination with 24 hours' advance notice.
Located at 932 Division Ave S in Grand Rapids, Michigan, the building is zoned TBA - TRADITIONAL BUSINESS AREA. The property remains occupied, and showings require listing-agent coordination with 24 hours' advance notice.
Key Highlights
- 218‑seat banquet facility
- 80‑seat restaurant
- Completely renovated in 2024
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
$118,166
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
5.67%
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%
$2,363,320
$2.4M
Cap Rate 7%
$1,688,086
$1.7M
Cap Rate 9%
$1,312,956
$1.3M
Market Conditions
NOI Build-Up for 7,274 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
$165.8K $22.80/SF
− Vacancy
−$8.3K −$1.14/SF
EGI
$157.6K $21.66/SF
− OpEx
−$39.4K −$5.42/SF
NOI
$118.2K $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%
$2,363,320
Cap Rate 7%
$1,688,086
Cap Rate 9%
$1,312,956
Alternative Uses
Best Use
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,166 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
791
Businesses Nearby
54k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 59%
Shops & Services 38%
Home Improvements & Furnishings 3%
Electronics 1%
McDonald's
Dining
20,807 visits/mo
0.4 miles
Burger King
Dining
9,500 visits/mo
0.2 miles
Dollar Tree
Shops & Services
9,144 visits/mo
0.1 miles
Family Dollar
Shops & Services
6,683 visits/mo
0.5 miles
AutoZone
Shops & Services
4,393 visits/mo
0.4 miles
Demographics for 49507, MI
38,137
Population
13,773
Households
2.8
Avg Household Size
30
Median Age
27%
College-Educated
78%
High-School Grad
5.5 sq mi
ZIP Area
6,934
Density / Sq Mi
$56,578
Median Household Income
$34,939
Median Earnings
$1,114
Median Rent
$179,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The building includes banquet and restaurant areas and was renovated in 2024.
Where is this conventional restaurant located?
The property is located at 932 Division Ave S Grand Rapids, MI.
What is the asking price?
The asking price for this property is $2,084,001.
What are key features of this property?
This property features: 218‑seat banquet facility; 80‑seat restaurant; Completely renovated in 2024
