$1,575,000

1850 28th Street, Grand Rapids, MI 49508

  • 20,340 sqft
  • Property Icon Commercial Property
  • Property Year Built Icon Built in 1988
  • Property Lot Size Icon3.61acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $77/sqft
  • Property List Date Icon Listed 7 months ago

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.

Listing Status:
Active
Listing Office:
Bialik Real Estate LLC : 616-710-1220
Listing Agent:
Nathaniel Bialik : 616-299-3274
MLS ID:
70463095
  • Heating: Radiant
  • Parking: 21+ Spaces
  • General: BlockConcrete
  • Road/Access: City/County
  • Originating MLS: MiRealSource
  • County: Kent
  • Zoning: lengthy legal attached
  • Source: MiRealSource
  • Ownership: LLC

This listing courtesy of Nathaniel Bialik, Bialik Real Estate LLC

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

K

Kenosha Park Elementary School

1353 Van Auken St SE, Grand Rapids, MI, 49508

Grades PK-5

0.75 miles away

A

Alger Middle School

921 Alger St SE, Grand Rapids, MI, 49507

Grades 6-8

1.25 miles away

O

Ottawa High Transition

2055 Rosewood Ave SE, Grand Rapids, MI, 49506

Grades 9-12

0.97 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.