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

    940 28th SE St Grand Rapids, MI 49508-1308

    • Commercial real estate
    • 6,753 SF
    • 1.06 lot acres
    OFF-MARKET
    Value Estimations
    $675,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1207987
    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

    • Perception / Art Gallery

    Property Details for 940 28th SE St

    Year built
    1965
    Lot size
    1.06 lot acres
    Property size
    6,753 SF
    Zone code
    MCN-C
    Property type
    Commercial real estate
    APN
    41-18-17-102-006
    APU
    411817102006

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $673,000
      Market price range: $328k - $896k
      AI Estimate
      $673,000
      Market price range: $328k - $896k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $600,000
      Current use
      RETAIL STORES
      $550,000
      Change: -9% Conversion: Easy
      OFFICE BUILDING
      $520,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Rapids
    County
    Kent
    State
    Michigan
    Longitude
    -85.6431
    Latitude
    42.9123
    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
    $18,820
    $0.00
    $0.00
    $447,900
    -
    $0.00
    $0.00
    $895,800

    Comparable in this City

    • Value Estimation by Request
      1.13 Acres

      1040 40th St Ser

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    • Value Estimation by Request
      0.23 Acres

      1535 44th SE St

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      6444 Eastern SE Ave

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      6444 Eastern SE Ave, Grand Rapids, MI 49508-7044
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      6236 Eastern SE Ave

      COMMERCIAL (GENERAL) • 2,593 SF
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    • Value Estimation by Request
      3,000 SF

      3341 Eastern SE Ave

      COMMERCIAL (GENERAL) • 3,000 SF
      3341 Eastern SE Ave, Wyoming, MI 49508-2404
      View Details
    • Value Estimation
      $3,210,000
      36,092 SF

      4600 Breton SE Rd

      COMMERCIAL (GENERAL) • 36,092 SF
      4600 Breton SE Rd, Kentwood, MI 49508-5262
      View Details

    Similar Nearby for Sale

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    • $395,000
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      Prime Wyoming Commercial Outlot

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      Prime Kentwood development site.
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    • $395,000
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      Kentwood Commercial Land & Office

      116,057 SF Office/Land, $395K
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    • $295,000
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      Kentwood Commercial Land - $295k

      1.16-acre C-2 zoned lot, prime Kentwood location.
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    • $695,000
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      Kentwood Commercial Land - $695K

      Prime 3-acre Kentwood outlot, high traffic.
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    Similar Nearby for Lease

    • $6 SF/Yr
      141,638 SF

      Breton Road Retail Center

      Grand Rapids, MI retail space available
      4450 Breton Rd, Grand Rapids, MI 49508
      View Details
    • $9 SF/Yr

      High-Traffic Kentwood Shopping Center

      Community shopping center with investment and leasing opportunities.
      5270 Eastern Ave SE, Kentwood, MI 49508
      View Details
    • $12 SF/Yr
      97,167 SF

      Prime Wyoming Office Space Available

      97,000+ SF Office Building, Multiple Suites
      4147 Eastern Ave, Kentwood, MI 49508
      View Details
    • $16 SF/Yr
      24,836 SF

      Grand Rapids Retail Center Investment

      Family Fare-anchored, high-traffic location.
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    • $5 SF/Yr
      1,500,000 SF

      Grand Rapids Industrial Space

      1M+ SF Flexible Industrial Space
      1120 36Th St, Wyoming, MI 49508
      View Details
    • $12 SF/Yr

      Kentwood Office Space For Rent

      Multi-tenant office building in Kentwood with highway access.
      1486 44Th St Southeast, Grand Rapids, MI 49508
      View Details
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    940 28th SE St
    Grand Rapids, MI 49508-1308
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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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