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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2460 28th SE St Grand Rapids, MI 49512-1612

    • Commercial real estate
    • 12,000 SF
    • 0.93 lot acres
    OFF-MARKET
    Last Sale
    Jul 20, 2022
    Value Estimations
    $970,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1245345
    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 2460 28th SE St

    Year built
    1984
    Lot size
    0.93 lot acres
    Property size
    12,000 SF
    Zone code
    MON-C
    Property type
    Commercial real estate
    APN
    41-18-15-101-031
    APU
    411815101031

    Description

    This exceptional 4,000 square foot inline retail space is ideally located at 2460 28th Street SE in Grand Rapids, Michigan, within Kent County (APN: 41-18-15-101-031). The property boasts excellent visibility and accessibility, situated near the intersection of 28th Street SE and Breton Avenue SE. Ample on-site parking is available for customers and employees. The space features large storefront windows, maximizing natural light and providing exceptional street exposure to the high traffic counts on 28th Street SE. A prominent pylon sign offers additional advertising opportunities. Easy ingress and egress onto 28th Street SE ensures convenient access. This location benefits from its proximity to major retail destinations, including Woodland Mall and The Shops at Centerpoint, less than a mile away. The property is surrounded by a thriving commercial environment, with neighboring businesses including Whole Foods, Popeyes, Taco Bell, Discount Tire, REI, and Ashley Furniture, among others. This property presents a unique opportunity for businesses seeking high visibility and a strong customer base in a prime Grand Rapids location. One space is currently available for lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $972,000
      Market price range: $657k - $1.98M
      AI Estimate
      $972,000
      Market price range: $657k - $1.98M

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6052
    Latitude
    42.9119
    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
    $28,920
    $0.00
    $0.00
    $533,800
    -
    $0.00
    $0.00
    $1,067,600

    Comparable in this City

    • Value Estimation by Request
      12.75 Acres

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    • Value Estimation by Request
      2.20 Acres

      5131 28th SE St

      COMMERCIAL (GENERAL) • 2.20 Acres
      5131 28th SE St, Grand Rapids, MI 49512-2050
      View Details
    • Value Estimation by Request
      6.52 Acres

      4150 28th SE St

      COMMERCIAL (GENERAL) • 6.52 Acres
      4150 28th SE St, Kentwood, MI 49512-1984
      View Details
    • Value Estimation
      $10,270,000
      187,558 SF

      4140 Paris SE Ave

      COMMERCIAL (GENERAL) • 187,558 SF
      4140 Paris SE Ave, Kentwood, MI 49512-3911
      View Details
    • Value Estimation
      $2,690,000
      42,628 SF

      3395 Kraft SE Ave

      COMMERCIAL (GENERAL) • 42,628 SF
      3395 Kraft SE Ave, Grand Rapids, MI 49512-2029
      View Details
    • Value Estimation by Request
      4,644 SF

      3271 Paris SE Ave

      COMMERCIAL (GENERAL) • 4,644 SF
      3271 Paris SE Ave, Kentwood, MI 49512-2962
      View Details

    Similar Nearby for Sale

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    • $460,000
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      Kentwood Retail Property: Prime Location

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    Similar Nearby for Lease

    • $14 SF/Yr
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      Kentwood Retail Center - 8400 SF

      Prime Kentwood retail space, high traffic area.
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    • Contact for pricing
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      Kentwood Towne Center: Retail Opportunity

      Prime Kentwood location, 36,271 SF available.
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    • $6 SF/Yr
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      Grand Rapids Office Space for Lease

      Flexible workspace solutions in Kent County.
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    • $7 SF/Yr
      22,195 SF

      Kentwood Industrial Space Available

      Two spaces, 6,000-16,195 sq ft
      4774 Paris Ave, Grand Rapids, MI 49512
      View Details
    • $13 SF/Yr
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      Kentwood Industrial Spaces Available

      New industrial suites, 2,800-8,400 sq ft.
      5405 Patterson Ave, Grand Rapids, MI 49512
      View Details
    • $25 SF/Yr
      651 SF

      Stand Alone Retail Building For Lease

      Stand alone retail building with high visibility and ample parking.
      3305 East Paris Ave SE, Grand Rapids, MI 49512
      View Details
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    Grand Rapids, MI 49512-1612
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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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