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    3022 28Th St Grandville, MI 49418

    • Retail properties
    • 29,565 SF
    • 3.38 lot acres
    For Lease
    View listing
    $13 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 3022 28Th St

    Year built
    1985
    Lot size
    3.38 lot acres
    Property size
    29,565 SF
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    This single-story, 29,565 square foot building, constructed in 1985, offers multiple tenancy options in the Grandville submarket of Grand Rapids. The property sits on 3.38 acres and features a 13-foot ceiling height, ideal for a variety of uses including traditional, creative, or medical office spaces. Two retail spaces are currently available, ranging from 1,663 to 3,991 square feet. The building boasts ample parking with 135+ spaces, ensuring convenient access for employees and customers. Located on 28th St SW, this property benefits from high visibility and significant daily traffic, estimated at approximately 25,000 vehicles. The diverse tenant mix within the shopping center creates a thriving commercial environment. This location provides exceptional opportunities for businesses seeking high exposure and a strong customer base. The property's convenient access and ample parking further enhance its appeal. This is a rare opportunity to establish or expand your business in a vibrant and successful commercial hub.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Grandville
    County
    Kent
    State
    Michigan
    Longitude
    -85.7388
    Latitude
    42.9128

    Comparable in this City

    • Value Estimation by Request

      2996 28Th St

      Restaurants
      2996 28Th St, Grandville, MI 49418
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    • Value Estimation by Request
      10,714 SF

      3131 44th St Swb

      DENTAL BUILDING • 10,714 SF
      3131 44th St Swb, Grandville, MI 49418-2684
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    • Value Estimation by Request
      6,112 SF

      3484 44th SW St

      MEDICAL CLINIC • 6,112 SF
      3484 44th SW St, Grandville, MI 49418-2419
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    • Value Estimation by Request
      3,628 SF

      2871 44th SW St

      MEDICAL BUILDING • 3,628 SF
      2871 44th SW St, Grandville, MI 49418-2555
      View Details
    • Value Estimation by Request
      6,172 SF

      3550 Fairlanes SW Ave

      DENTAL BUILDING • 6,172 SF
      3550 Fairlanes SW Ave, Grandville, MI 49418-1572
      View Details
    • Value Estimation by Request
      12,250 SF

      3050 Ivanrest SW Ave

      DENTAL BUILDING • 12,250 SF
      3050 Ivanrest SW Ave, Grandville, MI 49418-1400
      View Details

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      Grandville Office Suites For Rent

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    3022 28Th St
    Grandville, MI 49418
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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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