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    2146 Division Ave Grand Rapids, MI 49507
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    Property profile & analytics

    2146 Division Ave Grand Rapids, MI 49507

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    • Office Spaces
    • 8,476 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jakpot Tax Services / Accounting Firm / Tax Preparation
    • The Connect Building / Business Service Center
    • Sparkle & Shine Cleaning Services of West MI, LLC / Hardware & Home Improvement
    • Burton Heights Business Association / Association / Organization

    Property Details for 2146 Division Ave

    Year built
    1937
    Property size
    8,476 SF
    Property type
    Office Spaces

    Description

    This exceptional Grand Rapids office property, located at 2146 Division Ave S, offers a prime opportunity for businesses seeking flexible and updated executive office space. The building, constructed in 1937 and extensively renovated in 2007, boasts a total of 8,476 square feet across two stories. Currently, there are multiple tenancies available, with a minimum divisible space of 170 square feet and a maximum contiguous space of 500 square feet. A total of 670 square feet is currently vacant and ready for immediate occupancy. The property sits on a 0.13-acre lot and is classified as a Class C building. Its convenient location in the 5131 Corridor places it just south of downtown Grand Rapids, offering easy access to major thoroughfares and amenities. The zoning is designated as TN-TBA. The property features updated executive office suites, ideal for a variety of business needs. Short-term lease options are available, providing flexibility for businesses of all sizes. The building's Property Identification Number (APN) is 411807103032, and it is situated in Kent County, Michigan, with a zip code of 49507.

    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
    -85.6664
    Latitude
    42.9244

    Comparable in this City

    • Value Estimation by Request
      1,673 SF

      1534 Kalamazoo SE Ave, Unit 4

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    • Value Estimation by Request
      3,720 SF

      1438 Eastern SE Ave

      OFFICE BUILDING • 3,720 SF
      1438 Eastern SE Ave, Grand Rapids, MI 49507-2054
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    • Value Estimation by Request
      2,583 SF

      2164 Division S Ave

      OFFICE BUILDING • 2,583 SF
      2164 Division S Ave, Grand Rapids, MI 49507-3031
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    • Value Estimation by Request
      1,587 SF

      2550 Eastern SE Ave

      OFFICE BUILDING • 1,587 SF
      2550 Eastern SE Ave, Grand Rapids, MI 49507-3633
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    • Value Estimation by Request
      1,323 SF

      1540 Linden SE Ave

      OFFICE BUILDING • 1,323 SF
      1540 Linden SE Ave, Grand Rapids, MI 49507-1858
      View Details
    • Value Estimation by Request
      2,667 SF

      1534 Kalamazoo SE Ave, Unit 5

      OFFICE BUILDING • 2,667 SF
      1534 Kalamazoo SE Ave, Grand Rapids, MI 49507-2114
      View Details

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    Grand Rapids, MI 49507
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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
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