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    89 Ionia Ave Grand Rapids, MI 49503

    Sponsored
    For Sale
    $4,250,000

    Historic Office Building, Prime Location

    Property size:
    54,364 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional Class A office building, located at 89 Ionia Ave NW in Grand Rapids, Michigan's Central Business District, offers 54,364 square feet of space, with 37,590 square feet net rentable. Built in 1918 and extensively renovated in 2016, this four-story building boasts a prime corner location at Ionia and Fountain Avenues. The property is zoned for commercial use and is currently offered for sale by owner. The upper three floors have undergone a complete renovation, while the lower three floors are available for lease. The building features a convenient elevator with direct access to individual tenant suites, perfect for single-floor occupants. Recently updated common areas and restrooms enhance the building's appeal. Its central location provides easy access to numerous amenities, including restaurants, bars, hotels, and other retail establishments, as well as the VanAndel Arena, GLC Live at 20 Monroe, the Grand Rapids Civic Theatre, and the Grand Rapids Art Museum. This presents a unique opportunity for an owner-user seeking a long-term investment or an investor looking for potential upside. The asking price is $4,250,000. This is a truly impressive property in a vibrant and desirable location.

    Property Features for 89 Ionia Ave

    General Information

    Property type
    Office space
    Square Feet
    54,364 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1918/2016
    Buildings
    1
    Stories
    4

    HighLights

    • Prime Grand Rapids CBD location.
    • Excellent walkability to diverse amenities.
    • Direct elevator access for single‑floor tenants.
    • Modernized common areas and restrooms.
    • Strong investment opportunity, suitable for owner‑occupancy.
    • Near major entertainment and cultural venues.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kanazeh Julienee Y Lawyer Beers Lafayette Insurance Attorney Trust Building Legal ... Legal Services Retirement Wealth Advisors Financial Planner FormulaFolios Financial Institution

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6694417
    Latitude
    42.9652924

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    FAQs

    What type of property is this?
    Office space - Historic Office Building, Prime Location
    Where is this office space located?
    The property is located at 89 Ionia Ave Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $4,250,000.
    What are key features of this property?
    This property features: Prime Grand Rapids CBD location.; Excellent walkability to diverse amenities.; Direct elevator access for single-floor tenants.
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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.

    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
    89 Ionia Ave Grand Rapids, MI 49503
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