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    Property profile & analytics

    385 Leonard NE St Grand Rapids, MI 49503-1129

    • Office buildings
    • 31,453 SF
    • 3.39 lot acres
    OFF-MARKET
    Last Sale
    Oct 23, 2025
    Value Estimations
    $4,165,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2002306
    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

    • National 1031 LLC / Real Estate Agency
    • Dr. Gary Ralph / Physician
    • Isle Construction / Construction Company
    • Patrick Handlin / Physician
    • Jaime Bachmeier / Foster Care Service / Social Service Agency

    Property Details for 385 Leonard NE St

    Lot size
    3.39 lot acres
    Property size
    31,453 SF
    Zone code
    SD-NOS
    Property type
    Office buildings
    APN
    41-14-18-383-004
    APU
    411418383004

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,163,000
      Market price range: $1.27M - $5.19M
      AI Estimate
      $4,163,000
      Market price range: $1.27M - $5.19M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,255,000
      RETAIL STORES
      $2,555,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6608
    Latitude
    42.985
    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
    $0.00
    $0.00
    $0.00
    $2,903,200
    -
    $0.00
    $0.00
    $5,806,400

    Comparable in this City

    • Value Estimation
      $23,975,000
      145,306 SF

      200 Monroe NW Ave, Unit 1

      OFFICE BUILDING • 145,306 SF
      200 Monroe NW Ave, Grand Rapids, MI 49503-2213
      View Details
    • Value Estimation by Request
      6,205 SF

      1530 Cesar E Chavez SW Ave

      OFFICE BUILDING • 6,205 SF
      1530 Cesar E Chavez SW Ave, Grand Rapids, MI 49503-8046
      View Details
    • Value Estimation by Request
      1,608 SF

      928 Fulton E St

      OFFICE BUILDING • 1,608 SF
      928 Fulton E St, Grand Rapids, MI 49503-3565
      View Details
    • Value Estimation by Request
      700 SF

      600 Monroe NW Ave, Unit 105

      OFFICE BUILDING • 700 SF
      600 Monroe NW Ave, Grand Rapids, MI 49503-1473
      View Details
    • Value Estimation by Request
      4,920 SF

      333 Fuller NE Ave

      OFFICE BUILDING • 4,920 SF
      333 Fuller NE Ave, Grand Rapids, MI 49503-3630
      View Details
    • Value Estimation by Request
      700 SF

      600 Monroe Ave Nw Ste, Unit 104

      OFFICE BUILDING • 700 SF
      600 Monroe Ave Nw Ste, Grand Rapids, MI 49503-1470
      View Details

    Similar Nearby for Sale

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      48,211 SF

      Historic Grand Rapids Landmark Building

      Versatile 48,211 SF building in downtown Grand Rapids.
      25 Sheldon Ave SE, Grand Rapids, MI 49503
      View Details
    • $6,500,000
      43,216 SF

      Historic Downtown Grand Rapids Building

      Five-story commercial building with leased space and attached parking.
      120 Ottawa Ave NW, Grand Rapids, MI 49503
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    • $4,250,000

      Cornerstone Building in Central Business District

      Office building in the heart of Grand Rapids' Central Business District.
      89 Ionia Ave NW, Grand Rapids, MI 49503
      View Details
    • $465,000
      2,832 SF

      Commercial Property with Residential Home

      Commercial building with workspace, storage, and residential home.
      733 Mckendrick St SW, Grand Rapids, MI 49503
      View Details
    • $450,000
      1,437 SF

      Riverfront Commercial Condo in Grand Rapids

      Move-in ready commercial condo with river views and trail access.
      801 Monroe Ave NW, Grand Rapids, MI 49503
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    Similar Nearby for Lease

    • $10 SF/Yr
      5,000 SF

      Two-Story Office Building For Rent

      Two-story office building with elevator and handicap access for rent.
      825 Leonard St NE, Grand Rapids, MI 49503
      View Details
    • $10 SF/Yr

      Two-Story Office Building For Rent

      Two-story office building with elevator and handicap access for rent.
      825 Leonard St NE, Grand Rapids, MI 49503
      View Details
    • $12 SF/Yr
      400,000 SF

      Grand Rapids Executive Office Suites

      Prestigious Downtown Office Space, Multiple Sizes Available
      161 Ottawa Ave, 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
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    385 Leonard NE St
    Grand Rapids, MI 49503-1129
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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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