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

    407 Turner Ave NW Grand Rapids, MI 49504

    • Commercial real estate
    • 7,316 SF
    • 0.32 lot acres
    For Sale
    View listing
    $1,475,000
    Last Sale
    Mar 10, 2022
    $130,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1792982
    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

    • Reyes Auto & Towing LTD / Auto Repair Shop
    • Guitar Lessons with Nick: Grand Rapids / Training Center / Tutoring Service
    • Frank Roberts, Grand Rapids Realty & Investments LLC / Real Estate Agency
    • 407 Turner Ave NW Garage / Parking Lot & Garage
    • Commercial Grand Rapids downtown / Real Estate Agency

    Property Details for 407 Turner Ave NW

    Year built
    1963
    Lot size
    0.32 lot acres
    Property size
    7,316 SF
    Zone code
    TN-TCC
    Property type
    Commercial real estate
    APN
    41-13-24-384-007
    APU
    411324384007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6793
    Latitude
    42.971
    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
    $5,990
    $0.00
    $0.00
    $296,100
    -
    $0.00
    $0.00
    $592,200

    Comparable in this City

    • Value Estimation by Request

      600 Frnt NW Ave

      COMMERCIAL (GENERAL)
      600 Frnt NW Ave, Grand Rapids, MI 49504-5310
      View Details
    • Value Estimation by Request

      400 Brg NW St

      COMMERCIAL (GENERAL)
      400 Brg NW St, Grand Rapids, MI 49504-5306
      View Details
    • Value Estimation by Request

      2020 Bristol NW Ave

      COMMERCIAL (GENERAL)
      2020 Bristol NW Ave, Grand Rapids, MI 49504-1402
      View Details
    • Value Estimation by Request
      1.27 Acres

      1961 Alpine NW Ave

      COMMERCIAL (GENERAL) • 1.27 Acres
      1961 Alpine NW Ave, Grand Rapids, MI 49504-2807
      View Details
    • Value Estimation by Request
      0.04 Acres

      304 Ann NW St

      COMMERCIAL (GENERAL) • 0.04 Acres
      304 Ann NW St, Grand Rapids, MI 49504-2018
      View Details
    • Value Estimation by Request
      0.01 Acres

      408 Brg NW St

      COMMERCIAL (GENERAL) • 0.01 Acres
      408 Brg NW St, Grand Rapids, MI 49504-5306
      View Details

    Similar Nearby for Sale

    • $495,000

      Grand Rapids Storefront Investment Opportunity

      Prime NW Grand Rapids location, high income potential.
      842 Leonard St, Grand Rapids, MI 49504
      View Details
    • $539,000
      1,280 SF

      Grand Rapids Storefront - $539,000

      1,280 SF Retail Space, High-Traffic Location
      1625 Alpine Ave, Grand Rapids, MI 49504
      View Details
    • $750,000

      Renovated Mixed-Use Property on Bridge

      Fully renovated mixed-use property with retail, studio, and 3-bedroom units.
      1205 Bridge St Nw, Grand Rapids, MI 49504
      View Details
    • $175,000
      2.99 Acres

      Residential Lot in Grand Rapids

      Just under three-acre residential lot for sale in Grand Rapids.
      775 Maynard Ave NW, Grand Rapids, MI 49504
      View Details
    • $2,750,000

      Iconic West Side Bar Opportunity

      Iconic bar with apartments and liquor license for sale.
      741 Leonard St NW, Grand Rapids, MI 49504
      View Details
    • $4,500,000
      22,509 SF

      Grand Rapids Retail Investment Opportunity

      NNN leased retail building with long-term tenant and highway access.
      330 Ann St NW, Grand Rapids, MI 49504
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr

      Refurbished Office/Retail Suite For Rent

      Street-level suite with high exposure and convenient parking.
      405 Leonard St NW, Grand Rapids, MI 49504
      View Details
    • $19 SF/Yr
      1,540 SF

      Grand Rapids Retail Space - Leonard St.

      Prime Retail Space, 1540 sq ft, New Construction.
      900 Leonard St, Grand Rapids, MI 49504
      View Details
    • $18 SF/Yr
      5,311 SF

      Goei Center Office Space

      Historic Grand Rapids office space with modern amenities for lease.
      818 Butterworth St SW, Grand Rapids, MI 49504
      View Details
    • $20 SF/Yr

      New Mixed-Use Property For Rent

      Newly constructed mixed-use property with customizable office suites available for rent.
      614 1St St NW, Grand Rapids, MI 49504
      View Details
    • $13 SF/Yr
      14,174 SF

      Lake Michigan Drive Retail Center

      High-traffic retail space, two suites available.
      2030 Lake Michigan Dr, Grand Rapids, MI 49504
      View Details
    • $20 SF/Yr
      43,221 SF

      Grand Rapids Executive Office Suites

      Premium Office Space, I-96 & US-131 Access
      614 1St St, Grand Rapids, MI 49504
      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.
    407 Turner Ave NW
    Grand Rapids, MI 49504
    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.