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    150 Ottawa Ave NW Grand Rapids, MI 49503
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    150 Ottawa Ave NW Grand Rapids, MI 49503

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    • Commercial real estate
    • 310,790 SF
    • 0.66 lot acres
    For Lease
    $21,255,000
    View Listing →
    Retail Space Ideal for Deli For Lease
    $21,255,000

    Retail Space Ideal for Deli

    Former nutrition shop, suitable for grab-and-go deli or retail.

    150 Ottawa Ave NW, Grand Rapids, MI 49503
    View Listing
    Property ID
    US43-4205000
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hall William W / Law Firm
    • Warner Norcross & Judd LLP: Devries Nathan / Law Firm
    • Huntington Bank ATM (Walk Up) / Atm
    • Huntington Bank / Bank / Loan Service
    • Huntington Private Bank / Financial Advisor

    Property Details for 150 Ottawa Ave NW

    Year built
    2018
    Lot size
    0.66 lot acres
    Property size
    310,790 SF
    Zone code
    TN-CC
    Property type
    Commercial real estate
    APN
    41-13-25-278-005
    APU
    411325278005

    Description

    The Warner Building offers a remarkable 2,532 square foot executive office suite in Grand Rapids' Central Business District. Located in a prestigious Class A building constructed in 2019, this space boasts exceptional street-level visibility and a private entrance at the corner of Lyon and Ionia. The suite is part of a larger 280,000 square foot, 15-story building, situated on a 0.66-acre lot and zoned CC. Benefit from abundant natural light through full windows. This multi-tenant building enjoys a prime location, connected to the Hyatt Place Hotel and the popular Tupelo Honey restaurant, ensuring high foot traffic and convenient amenities. The Warner Building is home to notable tenants including Warner, Norcross & Judd LLP and Huntington Bank, reflecting its high-quality and desirable location. This exceptional opportunity provides immediate occupancy for a discerning business seeking a prominent address in the heart of Grand Rapids' vibrant business district. The property features a single building with multiple tenants. Kent County's zoning regulations (CC) apply.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $21,255,000
      Market price range: $17.2M - $47.4M
      AI Estimate
      $21,255,000
      Market price range: $17.2M - $47.4M

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6695
    Latitude
    42.967
    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
    $597,431
    $0.00
    $0.00
    $12,199,300
    -
    $0.00
    $0.00
    $24,398,600

    Comparable in this City

    • Value Estimation by Request
      3.98 Acres

      1736 Lyon NE St

      COMMERCIAL (GENERAL) • 3.98 Acres
      1736 Lyon NE St, Grand Rapids, MI 49503-3718
      View Details
    • Value Estimation by Request
      0.88 Acres

      230 Ionia NW Ave

      COMMERCIAL (GENERAL) • 0.88 Acres
      230 Ionia NW Ave, Grand Rapids, MI 49503
      View Details
    • Value Estimation by Request
      0.27 Acres

      434 Ionia SW Ave

      COMMERCIAL (GENERAL) • 0.27 Acres
      434 Ionia SW Ave, Grand Rapids, MI 49503-1410
      View Details
    • Value Estimation by Request
      0.48 Acres

      206 Ionia NW Ave

      COMMERCIAL (GENERAL) • 0.48 Acres
      206 Ionia NW Ave, Grand Rapids, MI 49503-2586
      View Details
    • Value Estimation by Request

      1112 Ionia NW Ave

      COMMERCIAL (GENERAL)
      1112 Ionia NW Ave, Grand Rapids, MI 49503-1021
      View Details
    • Value Estimation by Request
      0.01 Acres

      9 Holland NE Ave

      COMMERCIAL (GENERAL) • 0.01 Acres
      9 Holland NE Ave, Grand Rapids, MI 49503-3536
      View Details

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    Similar Nearby for Lease

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      Grand Rapids Office Space Available

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      Connected Office Space Opportunity

      Office space with direct skywalk access to Van Andel Arena.
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      View Details
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      Retail/Office Suite on Michigan Street

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      Restaurant Space in Medical Facility

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    View Listing
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    Grand Rapids, MI 49503
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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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