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

    345 State St SE Grand Rapids, MI 49503

    • Commercial real estate
    • 52,030 SF
    • 0.46 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0678957
    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

    • 345 State Street / Apartment Building
    • Jeanette Mcdowell, PHD / Physician / Medical Clinic
    • Custodial House Keeping Staffing / Hardware & Home Improvement
    • Fluffed By Anaiyah N'shai / Hair Salon

    Property Details for 345 State St SE

    Year built
    1956
    Lot size
    0.46 lot acres
    Property size
    52,030 SF
    Zone code
    TN-TCC
    Property type
    Commercial real estate
    APN
    41-14-30-331-006
    APU
    411430331006

    Description

    This exceptional mixed-use retail property, located at 345 State Street SE in Grand Rapids, Michigan, presents a unique investment opportunity. The building, constructed in 1956 and extensively renovated in 2019, boasts a total of 52,030 square feet across four stories. Currently, 2,700 square feet of retail space is available for lease within this single-tenant building situated on a 0.46-acre lot. The property's prime location in the Historical Heritage Hill District offers a blend of vibrant city life and the tranquility of downtown living, with convenient access to numerous amenities and the heart of Grand Rapids. The mid-century modern design features updated finishes, reflecting the building's rich history. Its strategic position along State Street ensures high visibility and strong foot and vehicle traffic. The zoning designation is TN-TCC, and the APN is 41-13-30-331-006. Parking is available via both garage and street options. Ideal for a café, restaurant, coffee shop, gift shop, general retail use, or professional office space, this versatile property offers significant potential for a variety of businesses. This is a rare opportunity to acquire a well-maintained, historically significant property in a thriving downtown location. The Kent County location and 49503 zip code add to its desirability. Don't miss this chance to secure a piece of Grand Rapids' vibrant commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,386,000
      Market price range: $2.87M - $7.93M
      AI Estimate
      $5,386,000
      Market price range: $2.87M - $7.93M

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.66
    Latitude
    42.9601
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    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

    Similar Nearby for Sale

    • $1,200,000
      0.17 Acres

      Grand Rapids Medical Mile Retail

      Prime location, two flexible spaces. High visibility, ample parking.
      551 Michigan St, Grand Rapids, MI 49503
      View Details
    • $2,650,000
      50,710 SF

      Grand Rapids Industrial Portfolio

      50,710 SF, Multi-Tenant, Redevelopment Potential
      542 Chavez Ave Sw Grand Rpd, Grand Rapids, MI 49503
      View Details
    • $425,000
      4,855 SF

      Downtown Grand Rapids Storefront

      High-traffic retail space, redevelopment opportunity.
      1135 Grand Rpd, Grand Rapids, MI 49503
      View Details
    • $900,000
      16,989 SF

      Grand Rapids Church - $900K

      Historic Church, Redevelopment Potential, 16,989 SF
      1513 Fulton St, Grand Rapids, MI 49503
      View Details
    • $4,350,000
      28,955 SF

      Grand Rapids Medical Office Building

      28,955 SF Medical Office, $4.35M
      1425 Michigan St, Grand Rapids, MI 49503
      View Details
    • $4,250,000
      54,364 SF

      Grand Rapids Office Building For Sale

      Historic Office Building, Prime Location
      89 Ionia Ave, Grand Rapids, MI 49503
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      3,126 SF

      Grand Rapids Restaurant Space For Sale

      Turnkey Restaurant, City Center Location
      136 Fulton St, Grand Rapids, MI 49503
      View Details
    • $15 SF/Yr
      52,030 SF

      State Street SE Retail Gem

      Grand Rapids Mixed-Use Retail Opportunity
      345 State St, Grand Rapids, MI 49503
      View Details
    • $8 SF/Yr
      60,000 SF

      Downtown Streetfront Retail Space

      Heartside District, 15,637 SF Available
      200 Division Ave, Grand Rapids, MI 49503
      View Details
    • $12 SF/Yr
      140,994 SF

      Grand Rapids Office Space for Lease

      Historic Downtown Office Building, Multiple Suites Available
      146 Monroe Center St, Grand Rapids, MI 49503
      View Details
    • $16 SF/Yr
      8,390 SF

      Grand Rapids Office Space Available

      Historic Downtown Office Suites, 4 Spaces
      40 Monroe Center St, Grand Rapids, MI 49503
      View Details
    • $13 SF/Yr
      40,000 SF

      Downtown Grand Rapids Retail Space

      Prime location, 1,000 sq ft available
      205 Division Ave, Grand Rapids, MI 49503
      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.
    345 State St SE
    Grand Rapids, MI 49503
    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.