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Property profile & analytics
FOR SALE
Commercial real estate
1425 Michigan St NE, Grand Rapids, MI 49503
Entity Owned
18-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-0656911
For Sale
1 / 11
$4,350,000
1425 Michigan St NE, Grand Rapids, MI 49503
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Property summary
AI-generated overview
This 28,955-square-foot Class C medical office building in Grand Rapids, MI, is situated on a 2.81-acre lot (122,316 sq ft) and offers 163 parking spaces—a 5.5/1000 parking ratio. Built in 1971, the single-story building is zoned SD·NOS and features excellent access to I-196 near the Medical Mile. Currently, two tenants occupy the building, with one space vacant from December 1, 2024. The vacant space, previously used as an emergency veterinary clinic, is adaptable for medical or general office use. The property benefits from a prominent location on Michigan Street NE, with signage visible from a busy thoroughfare and convenient public bus access. The asking price is $4,350,000, translating to $150.23 per square foot. The property's ample parking and convenient location make it an attractive investment opportunity. The APN is 411420476003.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1971
Total area
28,955 SF
Lot
2.81 ac (122,316 SF)
Zoning code
SD-NOS
APN
41-14-20-476-003
UPID
US43-0656911
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Thomas Pfennig Physician Medical Clinic
-
Theresa Bosworth Physician
-
Nora Lignell Physician
-
Robert Meleca Physician
-
Claudell Cox Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.40M
Blend (final)
Blend
$2.40M
Owner & transaction history
Gr Equities LLC · 18 yrs held
Gr Equities LLC
since 2008
5 recorded transactions
Zoning & alternative use
SD-NOS · Grand Rapids, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Grand Rapids submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grand Rapids submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$2.40M
Range $2.16M – $2.64M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$83 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$48,108
Tax year 2021
Assessed value
$1,376,900
Assessed 2023
Previous assessed
$1,333,700
+3.2% YoY
Effective rate
3.49%
On assessed value
Total market value
$2,753,800
Applied tax rate
51.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Sale
Year built
1971
Heating
FORCED AIR
Buildings
3
Stories
1
Total area
28,955 SF
Lot
2.81 ac (122,316 SF)
Zoning code
SD-NOS
APN
41-14-20-476-003
UPID
US43-0656911
Jurisdiction
KENT
Zoning & alternative use
SD-NOS · Grand Rapids, MI
Zoning SD-NOS · permitted uses
SD-NOS · Grand Rapids, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Grand Rapids. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1971
Heating
FORCED AIR
Stories
1
Buildings
3
Lot
2.81 ac
Current owner
From public records · entity-resolved
Gr Equities LLC
Entity
Mailing address
1111 MICHIGAN AVE STE #300, EAST LANSING, MI 48823-4050
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 27, 2017
—
Gr Equities LLC
—
Trustees Deed
related
$2,250,000 · Wolverine Bk
Jan 3, 2008
—
Gr Equities LLC
1425 Michigan LLC
Warranty Deed
$3,375,000 · Auto-owners Life Ins
Jan 5, 2006
—
1425 Michigan LLC
Todd Fisher Properties LLC
Corporation Deed
$2,960,000 · Mercantile Bank Mortgage Company Ll
Dec 3, 1999
—
Todd Fisher Properties
D & B Partners LLC
Grant Deed
related
—
—
—
D & B Partners LLC
—
Deed Of Trust
related
$3,254,900 · Todd Fisher Properties LLC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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