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

    2700 Northern Dr Grand Rapids, MI 49512

    • Commercial real estate
    • 8,400 SF
    • 2.20 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Oct 25, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1330964
    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 2700 Northern Dr

    Year built
    1984
    Lot size
    2.20 lot acres
    Property size
    8,400 SF
    Zone code
    ES
    Property type
    Commercial real estate
    APN
    41-19-07-376-028
    APU
    411907376028

    Description

    This exceptional 5,689-square-foot light industrial building presents a fantastic opportunity in Grand Rapids, Michigan. Located at 2700 Northern Drive SE, this single-tenant property offers a versatile space ideal for a variety of uses, including light industrial, warehouse, or even retail operations. The building's prime location provides easy access to 28th Street SE and Interstate 96, ensuring convenient transportation and logistics. Beyond the main building, the property boasts significant outdoor storage space, totaling approximately 20,516 square feet, all securely enclosed within a fenced area. This expansive yard provides ample room for equipment, materials, or inventory storage, adding considerable value to the property. The property is classified as industrial, with a flex/warehouse subtype, situated in Kent County, Michigan, and features a convenient 49512 zip code. This property is a rare find, combining indoor and outdoor space in a highly desirable location. The building's size and features make it suitable for a range of businesses seeking efficient and well-situated operations in the Grand Rapids area. Don't miss this chance to secure a property that offers both indoor and outdoor space, perfectly suited for a variety of industrial or commercial needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $502,000
      Market price range: $460k - $1.38M
      AI Estimate
      $502,000
      Market price range: $460k - $1.38M

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.5428
    Latitude
    42.9146
    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
    2019
    $10,962
    $0.00
    $0.00
    $275,600
    -
    $0.00
    $0.00
    $551,200

    Comparable in this City

    • Value Estimation by Request
      3.79 Acres

      5160 60Th St

      Land • 3.79 Acres
      5160 60Th St, Grand Rapids, MI 49512
      View Details
    • Value Estimation by Request
      4.54 Acres

      4598 44th SE St

      COMMERCIAL (GENERAL) • 4.54 Acres
      4598 44th SE St, Kentwood, MI 49512
      View Details
    • Value Estimation by Request
      4.87 Acres

      5015 52nd SE St

      COMMERCIAL (GENERAL) • 4.87 Acres
      5015 52nd SE St, Grand Rapids, MI 49512-9731
      View Details
    • Value Estimation by Request

      5020 Ross SE Dr

      COMMERCIAL (GENERAL)
      5020 Ross SE Dr, Grand Rapids, MI 49512-5712
      View Details
    • Value Estimation by Request
      3.83 Acres

      5039 28th SE St

      COMMERCIAL (GENERAL) • 3.83 Acres
      5039 28th SE St, Grand Rapids, MI 49512-2067
      View Details
    • Value Estimation by Request
      521,735 SF

      3665 28th SE St

      COMMERCIAL (GENERAL) • 521,735 SF
      3665 28th SE St, Grand Rapids, MI 49512-1684
      View Details

    Similar Nearby for Sale

    • $626,500
      1.79 Acres

      Grand Rapids Commercial Land Parcel

      1.79 Acres, High Visibility, $626,500
      5160 60Th St, Grand Rapids, MI 49512
      View Details
    • $501,047

      Kentwood Commercial Land - $501K

      Prime Kentwood commercial lot, ideal for development.
      3531 Patterson Ave, Kentwood, MI 49512
      View Details
    • $460,000
      0.36 Acres

      Kentwood Retail Property: Prime Location

      Updated Multi-Use Commercial Property, High Potential
      3940 29Th St, Kentwood, MI 49512
      View Details
    • $450,000
      0.36 Acres

      Kentwood Commercial Property Investment

      Updated Multi-Use Building, High Potential
      3940 29Th St, Kentwood, MI 49512
      View Details
    • $399,000
      0.89 Acres

      Kentwood Drive-Thru Land - $399K

      0.89-acre commercial lot, drive-thru approved.
      3818 52Nd St, Kentwood, MI 49512
      View Details
    • $99,900
      0.94 Acres

      Kentwood Commercial Land: 0.937 Acres

      Prime Kentwood commercial lot, ideal for small business.
      4517 Patterson Ave, Kentwood, MI 49512
      View Details

    Similar Nearby for Lease

    • $35 SF/Yr
      1,337 SF

      Retail Space Near Woodland Mall

      Retail space surrounded by major retailers with high traffic.
      3270 28Th Street Ct Southeast, Grand Rapids, MI 49512
      View Details
    • $13 SF/Yr
      22,400 SF

      Kentwood Industrial Spaces Available

      New industrial suites, 2,800-8,400 sq ft.
      5405 Patterson Ave, Grand Rapids, MI 49512
      View Details
    • $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
    • $6 SF/Yr
      6,033 SF

      Grand Rapids Office Space for Lease

      Flexible workspace solutions in Kent County.
      5030 Corporate Exchange Blvd, Grand Rapids, MI 49512
      View Details
    • Contact for pricing
      36,271 SF

      Kentwood Towne Center: Retail Opportunity

      Prime Kentwood location, 36,271 SF available.
      4254 28Th St, Kentwood, MI 49512
      View Details
    • $14 SF/Yr
      8,400 SF

      Kentwood Retail Center - 8400 SF

      Prime Kentwood retail space, high traffic area.
      4260 28Th St, Kentwood, MI 49512
      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.
    2700 Northern Dr
    Grand Rapids, MI 49512
    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.