Cascade Office Building For
For Sale
Contact for pricing
695 Kenmoor Ave SE, Grand Rapids, MI 49546
Office building in Cascade with I-96 visibility and signage.
Property Size29,470 SF
Price / SF$149.98
Days on Market935
Property Features for 695 Kenmoor Ave SE
General Information
Standard status
Active
Size
29,470 SF
Class
A
Total Parking Spaces
124
Property subtype
Office
Zoning
O-PUD
Occupancy
22%
Lease Type
NNN
Building Details
Year Built
1987
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
NAI Wisinski of West Michigan - Grand Rapids
(616) 262-8532
Listed By:
Mary Anne Wisinski-Rosely, SIOR, CCIM · License #MI 6501268486
Source:
Crexi
Added: Jan 18, 2024
Changed: Aug 8
Last Checked: Aug 9 at 6:36AM
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 - Grand Rapids
Investment Insights
Based on property information with market context.
Located in Cascade, this office building offers visibility on I-96 with building signage. It is suitable for an owner/user, with the ability to occupy 14,735 square feet on the second floor and/or 8,331 square feet on the first floor. The spaces can also be demised for smaller users. A current tenant occupies approximately 6,400 square feet on the first floor. The building has been well-maintained and features a newer roof and mechanical systems. The current parking accommodates 4.28 spaces per 1,000 square feet. The total property size is 29,470 square feet.
Key Highlights
- Highly visible location in Cascade with I‑96 signage.
- Opportunity for owner/user to occupy a significant portion of the building, with 14,735 SF available on the second floor and 8,331 SF on the first floor.
- Potential to divide spaces for smaller users.
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
$275,441
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
6.23%
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%
$5,508,820
$5.5M
Cap Rate 7%
$3,934,871
$3.9M
Cap Rate 9%
$3,060,456
$3.1M
Market Conditions
NOI Build-Up for 29,470 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
$473.9K $16.08/SF
− Vacancy
−$106.6K −$3.62/SF
EGI
$367.3K $12.46/SF
− OpEx
−$91.8K −$3.12/SF
NOI
$275.4K $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%
$5,508,820
Cap Rate 7%
$3,934,871
Cap Rate 9%
$3,060,456
Alternative Uses
Best Use
Office B
$3.93M
$3.44M – $4.59M
NOI $275,441 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.84M
$5.98M – $7.98M
NOI $478,740 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,865
Businesses Nearby
Explore this area
Business Placement
Demographics for 49546, MI
35,536
Population
13,561
Households
2.6
Avg Household Size
38
Median Age
61%
College-Educated
96%
High-School Grad
17.9 sq mi
ZIP Area
1,985
Density / Sq Mi
$97,386
Median Household Income
$48,008
Median Earnings
$1,275
Median Rent
$389,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building in Cascade with I-96 visibility and signage.
Where is this office building located?
The property is located at 695 Kenmoor Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $4,420,000.
What are key features of this property?
This property features: Highly visible location in Cascade with I‑96 signage.; Opportunity for owner/user to occupy a significant portion of the building, with 14,735 SF available on the second floor and 8,331 SF on the first floor.; Potential to divide spaces for smaller users.
