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    2060 Paris Ave Grand Rapids, MI 49546

    Sponsored
    For Lease
    $21 SF/Yr

    Prime Kent County location, multiple suites available.

    Lot size:
    45,653 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional Class A office building, located at 2060 E. Paris Avenue SE in Grand Rapids, Michigan, presents a unique investment opportunity. Situated at the high-profile corner of Burton Street and East Paris Avenue, this two-story building offers a total of 6,815 to 17,997 square feet of flexible office space, perfect for a variety of professional uses. The property is categorized as both Traditional and Medical Office space, making it suitable for a wide range of tenants. The building boasts ample parking, a significant advantage for employees and clients. Currently, there are four available suites within this single building. The property is located in Kent County, Michigan, with a zip code of 49546. This is a highly visible and easily accessible location within the Heritage Pointe area, making it an ideal choice for businesses seeking a prestigious address and convenient access for their clients. The building's Class A designation reflects its high-quality construction and modern amenities. Interested parties are encouraged to schedule a viewing to fully appreciate the potential of this remarkable property.

    Property Features for 2060 Paris Ave

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    45,653 SF
    Class
    A

    Building Details

    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Suite 200
    Size
    17,997 SF
    Rate per SF
    $21
    Space
    Suite 250
    Size
    7,013 SF
    Rate per SF
    $23
    Space
    Suites 240 & 250
    Size
    13,828 SF
    Rate per SF
    $21
    Space
    Suite 240
    Size
    6,815 SF
    Rate per SF
    $23

    We can help!

    Listing Contact
    Ty Hallock
    Ty Hallock

    Learn more

    HighLights

    • Two‑story atrium.
    • Underground sprinkler system.
    • High‑efficiency utilities.
    • Heated sidewalks.
    • Premier location in Heritage Pointe, Grand Rapids.
    • High‑visibility corner location at Burton St & E. Paris Ave.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ellis Joseph M ... Dentist East Paris Dental ... Dentist Dr. Lisa M. ... Dentist Michigan Pain Consultants ... Pain Control Clinic Rita Kais, PT Physical Therapist

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.56894354741
    Latitude
    42.926118198364

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    FAQs

    What type of property is this?
    Medical office - Prime Kent County location, multiple suites available.
    Where is this medical office located?
    The property is located at 2060 Paris Ave Grand Rapids, MI.
    What is the lease rate?
    The lease rate is $21-$23 SF/Yr.
    What are key features of this property?
    This property features: Two-story atrium.; Underground sprinkler system.; High-efficiency utilities.
    Request Owner's contact information
    2060 Paris Ave Grand Rapids, MI 49546
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    2060 Paris Ave Grand Rapids, MI 49546
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    We can help!
    Listing Contact
    Ty Hallock
    Ty Hallock
    Real Estate License ID: MI
    Learn more
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