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    Three-Story Office Building For Sale Title is generated by Realmo AI

    318 River Ridge Dr NW, Walker, MI 49544

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    Three-story office building with leasing income and expansion potential.

    Type:Office
    Property size:
    32,403 SF
    Price / SF:
    $178/SF
    Added:
    Jun 25, 2024
    Days on Market:
    720
    Last Refresh:
    May 12 at 9:42 pm

    Property Features for 318 River Ridge Dr NW

    General Information

    Standard status
    Active
    Size
    32,403 SF
    Property subtype
    Office

    Building Details

    Year Built
    2000

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    Listing Contact
    Mary Anne Wisinski-Rosely, SIOR, CCIM

    Listing agent Mary Anne Wisinski-Rosely, SIOR, CCIM License #MI 6501268486

    Listing office NAI Wisinski of West Michigan - Grand Rapids

    Listing date Jun 25, 2024

    Source Crexi

    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

    HighLights

    • Upper floor available with a mix of open space, private offices, classroom, and breakroom.
    • Excellent accessibility to the Alpine and I‑96 interchange.
    • Existing large parking lot can support two buildings.
    • Opportunity to expand the building on site or add a second building.
    • Garden Level leased to Trinity Health and Main Floor leased to Centria Healthcare, providing existing income.
    • Private setting located behind the Alpine shopping corridor.

    Overview

    This three-story office building is located in a private setting behind the Alpine shopping corridor, with accessibility to the Alpine and I-96 interchange. Each floor has approximately 10,000 sq ft. The garden level is leased to Trinity Health, and the main floor is leased to Centria Healthcare. The upper floor, available for a new tenant or owner, features a mix of open space, private offices, a classroom, and a breakroom. The property size is 32403 sq ft. There is room on-site to expand the building or add a second building adjacent to the existing one. The existing parking lot is large enough to support two buildings.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $474.4k $14.64
    − Vacancy −$42.7k −$1.32
    EGI $431.7k $13.32
    − OpEx −$107.9k −$3.33
    NOI $323.8k $9.99
    32,403 SF · lease $14.64/SF/yr · vacancy 9.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $4.63M
    $4.05M – $5.40M (±1% cap)
    NOI $323,764 @ 7.0% cap · market cap 5.58%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $5.80M
    $5.07M – $6.76M (±1% cap)
    NOI $405,683 @ 7.0% cap · market cap 6.99%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Walker
    County
    Kent
    State
    Michigan
    Longitude
    -85.7675
    Latitude
    43.0043

    FAQs

    What type of property is this?
    Office building - Three-story office building with leasing income and expansion potential.
    Where is this office building located?
    The property is located at 318 River Ridge Dr NW Walker, MI.
    What is the asking price?
    The asking price for this property is $5,800,000.
    What are key features of this property?
    This property features: Upper floor available with a mix of open space, private offices, classroom, and breakroom.; Excellent accessibility to the Alpine and I‑96 interchange.; Existing large parking lot can support two buildings.
    More about this property
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