Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    28th Se & Charlevoix Dr Grand Rapids, MI 49546
    Back to Search
    Property profile & analytics

    28th Se & Charlevoix Dr Grand Rapids, MI 49546

    View on Map
    • Land
    • 1.15 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 28th Se & Charlevoix Dr

    Lot size
    1.15 lot acres
    Property type
    Land

    Description

    This 1.15-acre commercial land parcel, located at 28th Street SE & Charlevoix Drive SE in Grand Rapids, MI (49546), presents a prime build-to-suit or ground lease opportunity. Situated in the Cascade submarket, this Kent County property (APN: 41-19-17-102-007) boasts 50,094 square feet and is zoned PUD - Centennial Park Overlay Zoning District. Power is provided by Consumers Energy. The site enjoys exceptional visibility to over 27,345 daily drivers due to its strategic location along 28th Street SE and Charlevoix Drive SE, benefiting from a signalized intersection and ample parking. Its proximity to major retailers like Walmart, Meijer, Costco, and Target, as well as Woodland Mall (seven-minute drive), ensures high traffic and consumer exposure. The area's strong demographics, including a population of over 84,682 within a five-mile radius and an average household income exceeding $103,459, create a robust consumer base. With projected population growth of 3.6% over the next five years and over $3.27 billion in total annual consumer spending, this location offers significant potential for a variety of businesses, including drive-thru eateries, banks, urgent care facilities, and other retail or medical options. Easy ingress and egress further enhance the site's appeal.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.5222
    Latitude
    42.9131

    Comparable in this City

    • Value Estimation by Request
      10.50 Acres

      3140 Thornapple River Dr

      Land • 10.50 Acres
      3140 Thornapple River Dr, Grand Rapids, MI 49546
      View Details
    • Value Estimation by Request
      37,327 SF

      2500 Beltline Ave

      Retail properties & Spaces • 37,327 SF
      2500 Beltline Ave, Grand Rapids, MI 49546
      View Details
    • Value Estimation by Request
      18.86 Acres

      3900 Whispering SE Way

      COMMERCIAL (GENERAL) • 18.86 Acres
      3900 Whispering SE Way, Grand Rapids, MI 49546-7669
      View Details
    • Value Estimation by Request
      9.57 Acres

      2335 Springbrook SE Pkwy

      COMMERCIAL (GENERAL) • 9.57 Acres
      2335 Springbrook SE Pkwy, Grand Rapids, MI 49546-5924
      View Details
    • Value Estimation by Request
      4.28 Acres

      4939 Starr SE St

      COMMERCIAL (GENERAL) • 4.28 Acres
      4939 Starr SE St, Grand Rapids, MI 49546-6350
      View Details
    • Value Estimation by Request
      5.12 Acres

      2676 Woodmeadow SE Dr

      COMMERCIAL (GENERAL) • 5.12 Acres
      2676 Woodmeadow SE Dr, Grand Rapids, MI 49546-8029
      View Details

    Similar Nearby for Sale

    • $699,900

      Cascade 3.86 Acre Parcel

      3.86 acre parcel with 6,120 SF building in Cascade.
      2965 Wycliff Dr SE, Grand Rapids, MI 49546
      View Details
    • $499,900

      Land For Sale

      Land available for sale.
      3750 Charlevoix Dr SE, Grand Rapids, MI 49546
      View Details
    • $385,000
      1.99 Acres

      Grand Rapids Commercial Land Available

      Undeveloped commercial land with general business zoning in Grand Rapids.
      5757 28Th St SE, Grand Rapids, MI 49546
      View Details
    • $279,900
      2.69 Acres

      Buildable Land in Forest Hills

      2.67 acres in Forest Hills Northern School District.
      4327 Woodside Oaks Dr SE, Kentwood, MI 49546
      View Details
    • $439,900
      Pending

      Waterfront Duplex in Prime Location

      Side-by-side duplex near 28th St with waterfront views.
      3920 Camelot Dr SE, Grand Rapids, MI 49546
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Corporate Office Building For Lease

      High-quality office space in Grand Rapids Township, near I-96.
      618 Kenmoor Ave SE, Grand Rapids, MI 49546
      View Details
    • $17 SF/Yr
      45,784 SF

      Grand Rapids Class A Office

      Class A office space available for lease in Grand Rapids.
      5211 Cascade Rd SE, Grand Rapids, MI 49546
      View Details
    • $17 SF/Yr
      45,784 SF

      Grand Rapids Office Space Available

      Class A office space with natural light and easy access.
      5211 Cascade Rd SE, Grand Rapids, MI 49546
      View Details
    • $6,296 /Mo
      6,296 SF

      Medical Office Surgical Suite

      6,296 SF former Corewell Gastroenterology surgical suite for lease.
      1179 E Paris Ave SE, Grand Rapids, MI 49546
      View Details
    • Contact for pricing

      Grand Rapids Flex Office Space

      Premier corporate park with flex office space for lease.
      2610 Horizon Dr SE, Grand Rapids, MI 49546
      View Details
    • Contact for pricing

      Grand Rapids Suburban Office Space

      Class B office building near I-96 in Centennial Park.
      3040 Charlevoix Dr SE, Grand Rapids, MI 49546
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    28th Se & Charlevoix Dr
    Grand Rapids, MI 49546
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    28th Se & Charlevoix Dr, Grand Rapids, MI, 49546
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!