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

    1227 Leonard NW St Grand Rapids, MI 49504-2934

    • Commercial real estate
    • 2,808 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Apr 12, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0862392
    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

    • Waw's Auto Works / Auto Repair Shop

    Property Details for 1227 Leonard NW St

    Year built
    1995
    Lot size
    0.31 lot acres
    Property size
    2,808 SF
    Zone code
    TN-TBA
    Property type
    Commercial real estate
    APN
    41-13-14-383-030
    APU
    411314383030

    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
    -85.6991
    Latitude
    42.9858
    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
    $6,565
    $0.00
    $0.00
    $207,000
    -
    $0.00
    $0.00
    $414,000

    Comparable in this City

    • Value Estimation by Request
      0.15 Acres

      639 Stocking NW Ave

      COMMERCIAL (GENERAL) • 0.15 Acres
      639 Stocking NW Ave, Grand Rapids, MI 49504-5197
      View Details
    • Value Estimation by Request
      0.11 Acres

      601 Stocking NW Ave

      COMMERCIAL (GENERAL) • 0.11 Acres
      601 Stocking NW Ave, Grand Rapids, MI 49504-5197
      View Details
    • Value Estimation by Request

      401 Stocking NW Ave

      COMMERCIAL (GENERAL)
      401 Stocking NW Ave, Grand Rapids, MI 49504-5501
      View Details
    • Value Estimation by Request
      0.99 Acres

      201 Tolford SW Ave

      COMMERCIAL (GENERAL) • 0.99 Acres
      201 Tolford SW Ave, Grand Rapids, MI 49504
      View Details
    • Value Estimation by Request
      0.55 Acres

      1710 Richmond NW St

      COMMERCIAL (GENERAL) • 0.55 Acres
      1710 Richmond NW St, Grand Rapids, MI 49504-2686
      View Details
    • Value Estimation by Request
      27.67 Acres

      2161 Leonard NW St

      COMMERCIAL (GENERAL) • 27.67 Acres
      2161 Leonard NW St, Grand Rapids, MI 49504-3829
      View Details

    Similar Nearby for Sale

    • $2,995,000

      Stadium District Development Opportunity

      Premier site near Amway Soccer Stadium, Grand Rapids.
      337 Mount Vernon Ave NW, Grand Rapids, MI 49504
      View Details
    • $299,900
      2,052 SF

      Westside Condo with Spacious Layout

      Low-maintenance 3-bedroom condo in Grand Rapids' Westside neighborhood.
      1409 8Th St NW City of, Grand Rapids, MI 49504
      View Details
    • Contact for pricing
      2,052 SF

      Westside Condo with Spacious Layout

      Low-maintenance living with a spacious layout in a prime location.
      1409 8Th St NW, Grand Rapids, MI 49504
      View Details
    • $425,000
      0.07 Acres

      Grand Rapids Multifamily Near Union Square

      Well-maintained Grand Rapids multifamily property near Union Square.
      646 Broadway Ave NW, Grand Rapids, MI 49504
      View Details
    • $269,900
      0.13 Acres

      Grand Rapids Multifamily Opportunity

      Two houses on one lot near Bridge Street Entertainment District.
      661 NW Broadway Ave NW, Grand Rapids, MI 49504
      View Details
    • $4,200,000
      29,741 SF

      Grand Rapids Church Redevelopment Site

      Historic Church, Rectory & Activity Center
      745 Bridge St, Grand Rapids, MI 49504
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      14,174 SF

      Lake Michigan Drive Retail Center

      High-traffic retail space, two suites available.
      2030 Lake Michigan Dr, Grand Rapids, MI 49504
      View Details
    • $20 SF/Yr
      43,221 SF

      Grand Rapids Executive Office Suites

      Premium Office Space, I-96 & US-131 Access
      614 1St St, Grand Rapids, MI 49504
      View Details
    • $7 SF/Yr

      Indoor Climate Controlled Storage Space

      Secure, first-floor, climate-controlled storage near I-96 and US 131.
      600 7Th St NW, Grand Rapids, MI 49504
      View Details
    • $13 SF/Yr
      1,280 SF

      Grand Rapids Retail Opportunity

      1,280 SF, 1.35-Acre Site
      1625 Alpine Ave, Grand Rapids, MI 49504
      View Details
    • $19 SF/Yr
      7,423 SF

      Grand Rapids Retail Space For Lease

      7,423 SF Retail Space - Prime Location
      420 Stocking Ave, Grand Rapids, MI 49504
      View Details
    • $24 SF/Yr
      8,779 SF

      Grand Rapids Office Sublease Opportunity

      8,779 SF Turnkey Office Suite Downtown
      333 Bridge St, Grand Rapids, MI 49504
      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.
    1227 Leonard NW St
    Grand Rapids, MI 49504-2934
    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.