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    551 Michigan St Grand Rapids, MI 49503

    Sponsored
    For Sale
    $1,200,000

    Prime location, two flexible spaces. High visibility, ample parking.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional commercial property, located at 551 Michigan Street NE in Grand Rapids, Michigan, presents a unique investment opportunity. Priced at $1,200,000, this 0.17-acre lot features a retail building with two adaptable spaces ideal for a variety of uses, including medical offices, professional services, or retail businesses. Situated in the heart of Grand Rapids' prestigious Medical Mile, the property benefits from high visibility and excellent foot traffic, ensuring strong potential for client engagement. The building boasts a modern design, abundant natural light, and flexible layouts to accommodate diverse business needs. A significant advantage is the large on-site parking lot, providing ample space for both clients and staff, enhancing accessibility and convenience. The property's strategic location within the Medical Mile, combined with its proximity to thriving residential areas, creates a synergistic environment that maximizes business potential. The sale includes two parcels, offering additional flexibility and development possibilities. This is an unparalleled chance to establish a business in one of Grand Rapids' most desirable and high-traffic areas. The property's combination of prime location, modern amenities, and ample parking makes it an attractive investment for discerning businesses seeking a thriving and accessible location. The zip code is 49503, and the property is located in Kent County.

    Property Features for 551 Michigan St

    General Information

    Property type
    Land
    Lot Size
    7,405 SF

    HighLights

    • $1,200,000 asking price for a 0.17‑acre lot in Grand Rapids, MI.
    • Two adaptable spaces in a retail building, suitable for medical, professional, or retail uses.
    • High‑visibility location on Grand Rapids' Medical Mile with excellent foot traffic.
    • Modern building with abundant natural light and flexible layouts.
    • Ample on‑site parking.
    • Two parcels included, offering development flexibility.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6550108
    Latitude
    42.9703139

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    FAQs

    What type of property is this?
    Land - Prime location, two flexible spaces. High visibility, ample parking.
    Where is this land located?
    The property is located at 551 Michigan St Grand Rapids, MI.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: $1,200,000 asking price for a 0.17-acre lot in Grand Rapids, MI.; Two adaptable spaces in a retail building, suitable for medical, professional, or retail uses.; High-visibility location on Grand Rapids' Medical Mile with excellent foot traffic.
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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
    551 Michigan St Grand Rapids, MI 49503
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