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

    178 Heron Dr Nwf Grand Rapids, MI 49534-1581

    • Commercial real estate
    • 140,841 SF
    • 8.96 lot acres
    OFF-MARKET
    Value Estimations
    $9,450,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0733718
    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 178 Heron Dr Nwf

    Lot size
    8.96 lot acres
    Property size
    140,841 SF
    Property type
    Commercial real estate
    APN
    70-10-12-200-040
    APU
    701012200040

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,452,000
      Market price range: $6.19M - $19.4M
      AI Estimate
      $9,452,000
      Market price range: $6.19M - $19.4M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $12,340,000
      Current use
      AUTO REPAIR, GARAGE
      $15,565,000
      Change: +26% Conversion: Difficult
      WAREHOUSE, STORAGE
      $15,110,000
      Change: +22% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Ottawa
    State
    Michigan
    Longitude
    -85.7919
    Latitude
    43.0134
    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
    2023
    $116,498
    $0.00
    $0.00
    $5,676,000
    -
    $0.00
    $0.00
    $11,352,000

    Comparable in this City

    • Value Estimation by Request

      2853 3rd Mile NW Rd

      COMMERCIAL (GENERAL)
      2853 3rd Mile NW Rd, Grand Rapids, MI 49534-1300
      View Details
    • Value Estimation by Request

      4494 Remembrance NW Rd

      COMMERCIAL (GENERAL)
      4494 Remembrance NW Rd, Grand Rapids, MI 49534-1122
      View Details
    • Value Estimation by Request
      4.80 Acres

      Heron Dr Snr Bldg

      COMMERCIAL (GENERAL) • 4.80 Acres
      Heron Dr Snr Bldg, Grand Rapids, MI 49534
      View Details
    • Value Estimation by Request

      428 Cummings NW Ave

      COMMERCIAL (GENERAL)
      428 Cummings NW Ave, Grand Rapids, MI 49534-3402
      View Details
    • Value Estimation
      $17,115,000
      389,181 SF

      3461 Lk Michigan NW Dr

      COMMERCIAL (GENERAL) • 389,181 SF
      3461 Lk Michigan NW Dr, Grand Rapids, MI 49534
      View Details
    • Value Estimation
      $34,360,000
      390,682 SF

      3926 Lk Michigan NW Dr

      COMMERCIAL (GENERAL) • 390,682 SF
      3926 Lk Michigan NW Dr, Grand Rapids, MI 49534
      View Details

    Similar Nearby for Sale

    • $739,900
      1.00 Acre

      Walker Commercial Multi-Unit Investment

      Five-unit commercial building, high rental potential.
      4000 Remembrance Rd, Walker, MI 49534
      View Details
    • Contact for pricing
      1,100 SF

      Grand Rapids Condo with Updates

      Two-bedroom condo with new deck, water heater, and in-unit laundry.
      476 Barkwood Ct, Grand Rapids, MI 49534
      View Details
    • $149,900
      0.31 Acres

      Residential Lot in Cambridge Grove

      Residential lot available in Walker, MI, with city utilities.
      1734 Blaketon Dr NW, Walker, MI 49534
      View Details
    • $365,000
      3.77 Acres

      Grand Rapids Industrial Land For Sale

      Industrial lot with frontage on I96 Highway corridor in Grand Rapids.
      3405 3 Mile Rd NW, Grand Rapids, MI 49534
      View Details
    • $1,199,900
      26.47 Acres

      Industrial Land Near Grand Rapids

      26.47 acres of industrial land with development potential.
      3511 3 Mile Rd NW, Grand Rapids, MI 49534
      View Details
    • $80,000

      Mobile Home in Leonard Gardens

      Mobile home for sale, subject to park approval.
      4440 Jardin Dr NW 168, Grand Rapids, MI 49534
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      4,000 SF

      Remodeled Retail/Office Space Available

      Remodeled commercial space near GVSU, ideal for retail or office.
      4163 Lake Michigan Dr NW, Grand Rapids, MI 49534
      View Details
    • $6 SF/Yr
      104,399 SF

      Prime Kent County Manufacturing Space

      104,399 SF Manufacturing Facility; 30,000 SF Available
      3378 3 Mile Rd, Walker, MI 49534
      View Details
    • $9 SF/Yr
      2,960 SF

      Versatile Ground Floor Office Space

      Adaptable office space suitable for training, open office, daycare.
      2930 3 Mile Rd NW, Grand Rapids, MI 49534
      View Details
    • $1,744 /Mo
      1,395 SF

      Stand-Alone Retail Building For Lease

      Stand-alone retail building with high visibility and convenient parking.
      4110 Lake Michigan Dr NW, Grand Rapids, MI 49534
      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.
    178 Heron Dr Nwf
    Grand Rapids, MI 49534-1581
    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.