Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1024 Martin Luther King Jr SE St Grand Rapids, MI 49507-1327

    • Commercial real estate
    • 2,383 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    May 14, 2025
    $175,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1103983
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1024 Martin Luther King Jr SE St

    Year built
    1955
    Lot size
    0.23 lot acres
    Property size
    2,383 SF
    Zone code
    TN-TBA
    Property type
    Commercial real estate
    APN
    41-14-32-326-005
    APU
    411432326005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6434
    Latitude
    42.9481
    CBSA code
    24340
    CBSA name
    GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $4,492
    $0.00
    $0.00
    $126,900
    -
    $0.00
    $0.00
    $253,800

    Comparable in this City

    • Value Estimation by Request

      2020 Newark SE Ave

      COMMERCIAL (GENERAL)
      2020 Newark SE Ave, Grand Rapids, MI 49507-3356
      View Details
    • Value Estimation by Request
      0.11 Acres

      1621 Godwin SE Ave

      COMMERCIAL (GENERAL) • 0.11 Acres
      1621 Godwin SE Ave, Grand Rapids, MI 49507-1854
      View Details
    • Value Estimation by Request
      0.09 Acres

      337 Hall SE St

      COMMERCIAL (GENERAL) • 0.09 Acres
      337 Hall SE St, Grand Rapids, MI 49507-1770
      View Details
    • Value Estimation by Request
      0.34 Acres

      1310 Edna SE St

      COMMERCIAL (GENERAL) • 0.34 Acres
      1310 Edna SE St, Grand Rapids, MI 49507-3749
      View Details
    • Value Estimation by Request
      0.23 Acres

      1116 Burton SE St

      COMMERCIAL (GENERAL) • 0.23 Acres
      1116 Burton SE St, Grand Rapids, MI 49507-3326
      View Details
    • Value Estimation by Request
      0.51 Acres

      1300 Madison SE Ave

      COMMERCIAL (GENERAL) • 0.51 Acres
      1300 Madison SE Ave, Grand Rapids, MI 49507-1784
      View Details

    Similar Nearby for Sale

    • $307,000

      Grand Rapids Commercial Land Investment

      Opportunity Zone, 9,544 sq ft lot
      1002 Division Ave, Grand Rapids, MI 49507
      View Details
    • $1,600,000
      0.95 Acres

      Grand Rapids Commercial Land Opportunity

      High-traffic corner lot, development ready.
      0 Division Ave, Grand Rapids, MI 49507
      View Details
    • $231,000
      1,501 SF

      Modern Condominium in Alger Heights

      Income-qualified 2-3 bedroom condo in revitalized historic school building.
      2550 Eastern Ave, Grand Rapids, MI 49507
      View Details
    • $229,900

      Two-Unit Rental Property Investment

      Two-unit rental property with several improvements, great investment opportunity.
      1008 Adams St SE, Grand Rapids, MI 49507
      View Details
    • $379,900

      Grand Rapids Triplex Investment Opportunity

      Three-unit property with updates near downtown Grand Rapids.
      1053 Martin Luther King Jr St SE, Grand Rapids, MI 49507
      View Details
    • $290,000

      Grand Rapids Duplex For Sale

      Duplex in Grand Rapids, suitable for investment or owner occupancy.
      100 Griggs St SW, Grand Rapids, MI 49507
      View Details

    Similar Nearby for Lease

    • $46 SF/Yr
      387 SF

      Grand Rapids Retail Investment Opportunity

      Prime Drive-Thru Location, 387 SF
      2041 Eastern Ave, Grand Rapids, MI 49507
      View Details
    • $14 SF/Yr
      1,960 SF

      Office Space in Alger Heights

      Office space available in a bustling social district.
      2417 Eastern Ave SE, Grand Rapids, MI 49507
      View Details
    • $9 SF/Yr
      9,696 SF

      Grand Rapids Commercial Building ForRent

      Commercial building in Grand Rapids, MI, with ample parking.
      1001 S Unit, Grand Rapids, MI 49507
      View Details
    • $16 SF/Yr
      2,800 SF

      Retail Space on Division Avenue

      Retail suite on Division Avenue, suitable for various businesses.
      2041 S Division Ave, Grand Rapids, MI 49507
      View Details
    • $14 SF/Yr
      11,972 SF

      Hall Street Retail/Office Opportunity

      Prime end-cap space on Hall Street, Grand Rapids.
      110 Hall St SW, Grand Rapids, MI 49507
      View Details
    • $8 SF/Yr

      Warehouse Space with Office

      3,200 SF warehouse with office space for lease.
      735 Crofton St Southeast, Grand Rapids, MI 49507
      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.
    1024 Martin Luther King Jr SE St
    Grand Rapids, MI 49507-1327
    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

    Google sign-in failed. Please try again or use another login method.