Mixed-Use Industrial/Commercial Building For
For Sale
$1,500,000
Grand Rapids, MI 49534, Grand Rapids, MI 49534
Mixed-use building with industrial and office suites near I-96.
Property Size7,898 SF
Price / SF$189.92
Days on Market205
Property Features
General Information
Standard status
Active
Size
7,898 SF
Property subtype
Industrial
Building Details
Building Size
7,898 SF
Year Built
2018
Listing Agency:
Signature Associates
(616) 822-6310
Listed By:
Joe Rizqallah
(616) 822-6310
Source:
Tcnworldwide
Added: Jan 27
Changed: Aug 14
Last Checked: Aug 20 at 5:57AM
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 Signature Associates
Investment Insights
Based on property information with market context.
This mixed-use industrial/commercial building features three industrial/warehouse suites, each approximately 2,220 square feet, and two office suites. The property is located one block from Remembrance and 3 Mile on the northwest side of the city, and less than one mile from I-96. The industrial storage units include 10’ x 14’ overhead doors and 16’ clear span ceilings. Each suite has one ADA-compliant restroom. Zoned C-2, the property is suitable for a variety of uses. The office suites feature high-end furnishings, built-out space with restrooms, and kitchen countertops. Ample parking is available. The facade includes glass panels, large bay windows, and a decorative stone exterior. The warehouse suites are currently leased by tenants, and the office spaces may be available for immediate occupancy. The property has a total size of 7,898 square feet.
Key Highlights
- Mix‑use building with three industrial/warehouse suites and two office suites, offering diverse income potential or business use.
- Excellent location: Close proximity to Remembrance Road, 3 Mile Road, and less than 1 mile from I‑96.
- Industrial suites feature rare 10’ x 14’ overhead doors and 16’ clear span ceilings.
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
$96,470
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
6.43%
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%
$1,929,400
$1.9M
Cap Rate 7%
$1,378,143
$1.4M
Cap Rate 9%
$1,071,889
$1.1M
Market Conditions
NOI Build-Up for 7,898 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
$118.5K $15.00/SF
− Vacancy
−$5.0K −$0.63/SF
EGI
$113.5K $14.37/SF
− OpEx
−$17.0K −$2.16/SF
NOI
$96.5K $12.21/SF
Area
Grand Rapids, MI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,929,400
Cap Rate 7%
$1,378,143
Cap Rate 9%
$1,071,889
Alternative Uses
Best Use
Warehouse
$1.38M
$1.21M – $1.61M
NOI $96,470 @ 7.0% cap · market cap 6.43%
Second Best
Mixed Use
$1.25M
$1.09M – $1.45M
NOI $87,194 @ 7.0% cap · market cap 5.81%
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.14M
NOI $128,303 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 49534, MI
23,996
Population
9,713
Households
2.5
Avg Household Size
37
Median Age
34%
College-Educated
95%
High-School Grad
35.3 sq mi
ZIP Area
680
Density / Sq Mi
$78,846
Median Household Income
$44,176
Median Earnings
$1,161
Median Rent
$270,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with industrial and office suites near I-96.
Where is this mixed-use property located?
The property is located at Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Mix‑use building with three industrial/warehouse suites and two office suites, offering diverse income potential or business use.; Excellent location: Close proximity to Remembrance Road, 3 Mile Road, and less than 1 mile from I‑96.; Industrial suites feature rare 10’ x 14’ overhead doors and **16’ clear span ceilings.**
