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$1,575,000
Est. payment /mo
20,340 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 20,340 sqft
Price per Sqft $77
Subdivision Mi
MLS Listing ID 70463095
Year Built 1988
Annual Tax Amount $30,928
Tax Year 2024
Lot Size 3.610 Acres
Acres 3.61
Lot Dimensions see map
Property Sub-Type Commercial/Industrial
Property Description
*PRICE REDUCED* Great opportunity for a fully leased automotive retail Grand Rapids commercial property with desirable 28th Street frontage plus additional appx 75,000 sq/ft (289x262) of land area for possible venture/expansion (i.e storage facility/your location building) There is current investment buildout in this 28th/Kzoo area! This is a turn-key cashflow investment opportunity with owner operator possibilities. Suite 500 has potential to be split into 2 suites as previous for additional rents. (500 & 550) A Suite is available for Owner Operator! Roof updated 2011. Environmental done 2020: no corrective actions necessary. 2020 appraisal ($1,375,000) adjusting for rents appx 35% more puts estimated value much higher ($1,850,000) than asking price making this a deal! Appx 9% cap rate at asking price. Current total lease at $15,500/monthly gross lease ($186,000 annually) Appx $146,000 cashflow a year with current leases and expenses. See supplement and attached. Call for more info.
Location
State MI
County Kent
Area Grand Rapids (41032)
Zoning Commercial
Interior
Heating Radiant
Exterior
Parking Features 21+ Spaces
Building
Structure Type Block,Concrete
Others
Ownership LLC
Energy Description Natural Gas
Financing Cash,Conventional
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Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Bialik Real Estate LLC
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Christopher Parker
Broker Associate | License ID: 164141; 6506049280
Broker Associate License ID: 164141; 6506049280