Medical/Office Space Near Medical
1425 Michigan St NE Grand Rapids, MI 49503
1425 Michigan St NE, Grand Rapids, MI, 49503
Contact for pricing
For Sale
Contact for pricing
Located near Medical Mile with excellent access and parking.
Property Size32,613 SF
Price / SF$133.38
Days on Market677
Property Features for 1425 Michigan St NE
General Information
- Standard status
- Active
- Size
- 32,613 SF
- Property subtype
- Office
Building Details
- Year Built
- 1971
Listing agency
NAI Wisinski of West Michigan - Grand Rapids
(616) 776-0100
Listed by
Mary Anne Wisinski-Rosely, SIOR, CCIM · License #MI 6501268486
Source
Crexi
Added: Sep 14, 2024 Updated: Jul 6 at 8:32AM Checked: Jul 19 at 9:27AM
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
Investment Insights
Based on property information with market context.
The property, situated near the Michigan and Fuller Interchange, offers convenient access to I-196 and proximity to the Medical Mile. The vacant space is currently configured as an Emergency Veterinarian Clinic, with potential for medical or general office adaptation. The property features a parking ratio of 5.5/1000, providing ample parking. The facility is located on a bus route and has signage on Michigan Street. The property size is 32613 square feet. There are two additional tenants that occupy the building.
Key Highlights
- Excellent access to I‑196 near the Medical Mile.
- High parking ratio of 5.5/1000, offering free parking for employees.
- Located on a bus route and has signage on busy Michigan Street.
Local Financial Insights For Healthcare Medical
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 | $684.9k | $21.00 |
| − Vacancy | −$47.9k | −$1.47 |
| EGI | $636.9k | $19.53 |
| − OpEx | −$254.8k | −$7.81 |
| NOI | $382.2k | $11.72 |
32,613 SF · lease $21.00/SF/yr · vacancy 7.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$5.46M
$4.78M – $6.37M
NOI $382,159 @ 7.0% cap · market cap 8.79%
Second Best
Office B
$4.35M
$3.81M – $5.08M
NOI $304,817 @ 7.0% cap · market cap 7.01%
Theoretical Best
Specialty Retail
$7.57M
$6.62M – $8.83M
NOI $529,798 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Thomas Pfennig
Physician
Theresa Bosworth
Physician
Nora Lignell
Physician
Robert Meleca
Physician
Claudell Cox
Physician
Similar For Sale Nearby
Similar Off Market Nearby
- BluePearl Pet Hospital — 1425 Michigan St NE Suite F, Grand Rapids, MI 49503
- Northeast Cat & Dog Hospital: Froman Roe DVM — 1527 michigan st ne, grand rapids, mi 49503
- Hoover Beth DVM — 1527 Michigan St NE, Grand Rapids, MI 49503
FAQs
What type of property is this?
Medical Office Space - Located near Medical Mile with excellent access and parking.
Where is this medical office space located?
The property is located at 1425 Michigan St NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: Excellent access to I‑196 near the Medical Mile.; High parking ratio of 5.5/1000, offering free parking for employees.; Located on a bus route and has signage on busy Michigan Street.
