1140 Monroe Ave NW

Located at the hard corner of Monroe Ave NW and Leonard St NW, 1140 Monroe offers exceptional visibility and dual frontage along two major Grand Rapids corridors. The property sits in the heart of the North Monroe District, a fast-evolving neighborhood just north of downtown. The area’s momentum is further supported by its close proximity to downtown Grand Rapids and the Medical Mile, providing immediate access to major employers, healthcare institutions, and universities. Walkable access to the Grand River, nearby trails, and parks enhances long-term appeal for future residential, retail, or mixed-use tenants. Quick connections to US-131 and I-196 round out a highly strategic location with strong fundamentals for both interim income and future redevelopment.1140 Monroe Ave NW is a 45,417 SF mixed-use building situated on 2.4 acres. The property is fully leased to a diverse mix of office and retail tenants, including Network 180, Med 1, Subway, and Midwest Movement Collective. Priced at $5,275,000 ($116/SF), the asset offers a projected stabilized cap rate of 7.5%, providing strong in-place yield. The property has long-standing tenants, several of whom have occupied their spaces for over two decades and recently extended their leases. The largest tenant, occupying a significant portion of the building, is locked in on long-term leases running through 2034. Over $275,000 in capital improvements have been completed in the past three years, including upgrades to the roof, HVAC, elevator systems, parking lot, and tenant improvements/lease up. These improvements have significantly reduced deferred maintenance and positioned the asset for long-term operational stability.