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Property profile & analytics
OFF-MARKET
Estimated value
$3,365,000
Retail space
350 28th SE St, Grand Rapids, MI 49548-1108
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US43-4486326
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1957
Total area
76,370 SF
Lot
4.14 ac (180,426 SF)
Zoning code
SD-IT
APN
41-18-18-126-004
UPID
US43-4486326
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Royal Prestige (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom
-
Alondras Jewelry (Bike/Boat/Book/etc) Store
-
28th St Mega Mall Shopping Center & Mall
-
Crystal's Jewelry & Apparel Fashion Clothing Store Jewelry Store
-
The Candy Shop for Pyros Discount Store Party Supply Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.37M
Blend (final)
Blend
$3.37M
Owner & transaction history
Morrison Property Group LLC · 1 yrs held
Morrison Property Group LLC
since 2024
2 recorded transactions
Zoning & alternative use
SD-IT · Grand Rapids, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Grand Rapids submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grand Rapids submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$5,510,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$3.37M
Range $3.03M – $3.70M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$44 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$22,477
Tax year 2021
Assessed value
$498,600
Assessed 2024
Previous assessed
$498,600
+0.0% YoY
Effective rate
4.51%
On assessed value
Total market value
$997,200
Applied tax rate
51.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1957
Heating
FORCED AIR
Buildings
3
Stories
1
Bathrooms
1
Total area
76,370 SF
Lot
4.14 ac (180,426 SF)
Zoning code
SD-IT
APN
41-18-18-126-004
UPID
US43-4486326
Jurisdiction
KENT
Zoning & alternative use
SD-IT · Grand Rapids, MI
Zoning SD-IT · permitted uses
SD-IT · Grand Rapids, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Grand Rapids. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$5.5M
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1957
Heating
FORCED AIR
Stories
1
Buildings
3
Bathrooms
1
Lot
4.14 ac
Current owner
From public records · entity-resolved
Morrison Property Group LLC
Entity
Mailing address
1825 NW MONROE AVE NW STE #100, GRAND RAPIDS, MI 49505-6240
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 11, 2024
—
Morrison Property Group LLC
Diajeff LLC
Deed
$4,625,000 · Mercantile Banc & Trust
May 29, 2009
—
Esue LLC
Pasan Trust
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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