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

    650 3rd Mile NW Rd Grand Rapids, MI 49544-1616

    • Commercial real estate
    • 4,844 SF
    • 1.14 lot acres
    OFF-MARKET
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1548626
    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

    • Dr. Jason B. Van Ittersum, M.D. / Physician / Medical Clinic
    • Team Financial Group, Inc. / Bank / Credit Union
    • Grand Valley Health Plan / Medical Clinic
    • Dr. Katherine Foster / Physician / Medical Clinic
    • Lakeshore Dermatology - Grand Rapids / Medical Clinic / Skin Care Clinic

    Property Details for 650 3rd Mile NW Rd

    Year built
    1984
    Lot size
    1.14 lot acres
    Property size
    4,844 SF
    Zone code
    ORP
    Property type
    Commercial real estate
    APN
    41-13-12-101-058
    APU
    411312101058

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $667,000
      Market price range: $213k - $667k
      AI Estimate
      $667,000
      Market price range: $213k - $667k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $425,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6855
    Latitude
    43.0136
    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
    $16,970
    $0.00
    $0.00
    $505,100
    -
    $0.00
    $0.00
    $1,010,200

    Comparable in this City

    • Value Estimation by Request
      59.89 Acres

      3800 Fruit Rdg NW Ave

      COMMERCIAL (GENERAL) • 59.89 Acres
      3800 Fruit Rdg NW Ave, Grand Rapids, MI 49544-9217
      View Details
    • Value Estimation by Request
      0.87 Acres

      2200 Alpine NW Ave

      COMMERCIAL (GENERAL) • 0.87 Acres
      2200 Alpine NW Ave, Grand Rapids, MI 49544-1974
      View Details
    • Value Estimation by Request

      2290 4th Mile NW Rd

      COMMERCIAL (GENERAL)
      2290 4th Mile NW Rd, Grand Rapids, MI 49544-9703
      View Details
    • Value Estimation by Request

      2500 Turner NW Ave

      COMMERCIAL (GENERAL)
      2500 Turner NW Ave, Grand Rapids, MI 49544-2058
      View Details
    • Value Estimation
      $1,070,000
      7,773 SF

      3179 Alpine NW Ave

      COMMERCIAL (GENERAL) • 7,773 SF
      3179 Alpine NW Ave, Grand Rapids, MI 49544-1630
      View Details
    • Value Estimation
      $1,330,000
      12,576 SF

      555 3rd Mile NW Rd

      COMMERCIAL (GENERAL) • 12,576 SF
      555 3rd Mile NW Rd, Grand Rapids, MI 49544-8223
      View Details

    Similar Nearby for Sale

    • $1,049,000
      9.04 Acres

      Grand Rapids Commercial Land - $1M

      9 Acres, I-96 Access, Buildable Land
      3421 Walker Ave, Grand Rapids, MI 49544
      View Details
    • Contact for pricing
      1.67 Acres

      High-Visibility Commercial Land in Walker, MI

      Prime I-96 Corridor Location; Multiple Lots Available
      2365 Northridge Dr, Grand Rapids, MI 49544
      View Details
    • Contact for pricing
      7.30 Acres

      Grand Rapids Industrial Land - 7.3 Acres

      Prime Walker location, I-96 access, fully improved.
      2000 Northridge Dr, Grand Rapids, MI 49544
      View Details
    • $1,100,000
      0.43 Acres

      Turnkey Oil Change Business in Walker, MI

      Established Business, High Traffic Location, Great ROI
      2241 Alpine Ave, Walker, MI 49544
      View Details
    • Contact for pricing
      1.70 Acres

      Prime Walker View Land Investment

      High-traffic retail land near I-96
      0 Walker Vw Dr, Grand Rapids, MI 49544
      View Details
    • $1,049,000

      Development Opportunity Near I-96

      9.04 acres of land near I-96 in Grand Rapids.
      3421 Walker Ave NW, Grand Rapids, MI 49544
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      17,895 SF

      Prime Suburban Office Space

      Three-story office building, multiple suites available.
      588 3 Mile Rd, Grand Rapids, MI 49544
      View Details
    • $7 SF/Yr
      198,000 SF

      Grand Rapids Industrial Space for Lease

      90,000 SF Manufacturing/Warehouse
      3101 Fruit Ridge Ave, Grand Rapids, MI 49544
      View Details
    • $14 SF/Yr
      4,132 SF

      600 3 Mile Rd Creative Office Space

      Kent County Creative Office Suites Available
      600 3 Mile Rd, Grand Rapids, MI 49544
      View Details
    • $14 SF/Yr
      21,239 SF

      Prime Walker, MI Office Space

      2,532 SF Office + Storage Available
      2882 Northridge Dr, Walker, MI 49544
      View Details
    • Contact for pricing
      249,810 SF

      Green Ridge Square Retail Space

      Walker, MI: Prime Retail Opportunity
      3250-3410 Alpine Ave, Walker, MI 49544
      View Details
    • $13 SF/Yr
      10,722 SF

      Walker, MI Commercial Space

      Commercial space available for lease in Walker, Michigan.
      25 N Park St NW, Grand Rapids, MI 49544
      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.
    650 3rd Mile NW Rd
    Grand Rapids, MI 49544-1616
    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.