Retail Building with
For Sale
Contact for pricing
4410 Division Avenue South, Grand Rapids, MI 49548
Free-standing retail building with drive-thru on heavily traveled corner.
Property Size11,180 SF
Price / SF$201.25
Days on Market1262
Property Features for 4410 Division Avenue South
General Information
Standard status
Active
Size
11,180 SF
Class
B
Property subtype
Retail
Zoning
FBC
Lease Type
NNN
Building Details
Year Built
1998
Buildings
1
Stories
1
Listing Agency:
Advantage Commercial Real Estate
(616) 774-3500
Listed By:
Mark Ansara · License #MI 6501354465
Source:
Crexi
Added: Mar 8, 2023
Changed: Aug 8
Last Checked: Aug 20 at 7:40AM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This is a free-standing retail building with a drive-thru, situated on the southeast corner of 44th Street and Division Avenue South. The location benefits from high traffic and visibility from all directions. It is located less than 1 mile from US 131. Pylon signage is available. Neighboring retailers include Walgreens, Family Dollar, Taco Bell, Advanced Auto Parts, Ace Hardware, National Ladder and Scaffolding, and Citgo Gas. The property, formerly a Rite Aid, offers immediate possession. The site has a potential for redevelopment into a strip center. The property size is 11180 square feet.
Key Highlights
- High‑traffic location at the corner of 44th Street and Division.
- Drive‑thru access.
- Excellent visibility from all directions.
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
$162,063
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
7.20%
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%
$3,241,260
$3.2M
Cap Rate 7%
$2,315,186
$2.3M
Cap Rate 9%
$1,800,700
$1.8M
Market Conditions
NOI Build-Up for 11,180 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
$245.5K $21.96/SF
− Vacancy
−$14.0K −$1.25/SF
EGI
$231.5K $20.71/SF
− OpEx
−$69.5K −$6.21/SF
NOI
$162.1K $14.50/SF
Area
Grand Rapids, MI
Vacancy
5.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,241,260
Cap Rate 7%
$2,315,186
Cap Rate 9%
$1,800,700
Alternative Uses
Best Use
Retail
$2.32M
$2.03M – $2.70M
NOI $162,063 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.59M
$2.27M – $3.03M
NOI $181,619 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
39k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 35%
Home Improvements & Furnishings 13%
Taco Bell
Dining
13,435 visits/mo
0.1 miles
Citgo
Shops & Services
8,112 visits/mo
0.1 miles
Dollar General
Shops & Services
5,396 visits/mo
0.2 miles
Bradley Ace Hardware
Home Improvements & Furnishings
5,099 visits/mo
0.2 miles
Monro Auto Service and Tire Centers
Shops & Services
3,203 visits/mo
0.5 miles
Demographics for 49548, MI
34,741
Population
13,174
Households
2.6
Avg Household Size
34
Median Age
17%
College-Educated
86%
High-School Grad
10.8 sq mi
ZIP Area
3,217
Density / Sq Mi
$62,218
Median Household Income
$35,831
Median Earnings
$1,129
Median Rent
$149,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Free-standing retail building with drive-thru on heavily traveled corner.
Where is this retail space located?
The property is located at 4410 Division Avenue South Grand Rapids, MI.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: High‑traffic location at the corner of 44th Street and Division.; Drive‑thru access.; Excellent visibility from all directions.
