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    1179 Paris Ave Grand Rapids, MI 49546

    Sponsored
    For Lease
    $22 SF/Yr

    Prime Kent County location, 2 suites available.

    Lot size:
    27,302 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional Class A medical office space, located at 1179 E Paris Ave SE in Grand Rapids, Michigan, offers two available suites totaling 2,662 to 4,473 square feet. Built in 2004, the property boasts a total of 27,302 square feet situated on a 2.65-acre lot within Kent County. The building's prime location places it within Grand Rapids' suburban medical mile, offering excellent visibility and accessibility for patients and staff. The suites are ideal for medical or dental practices seeking modern, efficient space. The property is designated as a multi-tenant building, providing a collaborative environment. This is a rare opportunity to secure high-quality office space in a thriving medical corridor. The property's Class A designation reflects its superior construction, amenities, and overall quality. The address is easily accessible and well-suited for a variety of medical practices. The ample square footage allows for customization to meet specific business needs. This is an excellent opportunity for growth and expansion within a desirable location. The 49546 zip code offers convenient access to major roadways and local amenities.

    Property Features for 1179 Paris Ave

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    27,302 SF
    Class
    A
    Total Rate
    51191.25

    Building Details

    Year Built
    2004

    Unit(s) available at that property

    Space
    Suite 130
    Size
    4,473 SF
    Rate per SF
    $22
    Space
    Suite 150
    Size
    2,662 SF
    Rate per SF
    $22

    We can help!

    Listing Contact
    Scott Morgan
    Scott Morgan

    Learn more

    Property Insight Report

    HighLights

    • Class A medical office suites totaling 2,662‑4,473 square feet available in Grand Rapids, MI.
    • 2004‑built, 27,302 square foot building on a 2.65‑acre lot in Kent County's medical mile.
    • Excellent visibility and accessibility, ideal for medical or dental practices.
    • Multi‑tenant building offering a collaborative environment.
    • Located in the desirable 49546 zip code with convenient access to major roadways and amenities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dr. Paul V. ... Doctor Edward Jones - Financial ... Investment Service QC Kinetix (Grand ... Pain Control Clinic Mark Marshall Millar Allergist Alan Margherio, MD Ophthalmologist

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Hair Salon Dental Office Nail Salon Building Supply Clothing Store 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
    -85.571491048553
    Latitude
    42.941801141078

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    FAQs

    What type of property is this?
    Medical office - Prime Kent County location, 2 suites available.
    Where is this medical office located?
    The property is located at 1179 Paris Ave Grand Rapids, MI.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: Class A medical office suites totaling 2,662-4,473 square feet available in Grand Rapids, MI.; 2004-built, 27,302 square foot building on a 2.65-acre lot in Kent County's medical mile.; Excellent visibility and accessibility, ideal for medical or dental practices.
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    1179 Paris Ave Grand Rapids, MI 49546
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    We can help!
    Listing Contact
    Scott Morgan
    Scott Morgan
    Real Estate License ID: MI 6502112210
    Learn more
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