MIXED-USE (COMMERCIAL - RESIDENTIAL)

Retail-Commercial for Sale
Catylist Listing ID: 29975458
Property Subtypes: Convenience Store, Day Care Facility, Free-Standing Building, Mixed Use, Post Office, Restaurant, Street Retail, Tavern/Bar/Nightclub, Vehicle Related, Other, General
Building Size (RSF): 3,088 SF
Gross Land Area: 0.11 Acres
Sale Price: $375,000
Unit Price: $121.44 PSF
Ceiling: 12 ft.
Property Use Type: Vacant/Owner-User
Building Name: REDEVELOPMENT OPPORTUNITY
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/18/2017

Overview / Comments

Corner Lot with 110' feet of frontage on Michigan Street NE (Michigan & Housman). Property currently set up for retail on the main floor with additional warehouse space. There were two overhead doors on the building at one time that could be put back in. The upstairs is a two bedroom apartment. There was a brand new roof put on at the end of 2015. Original Tin Ceilings and other original fixtures still in place. This property could be renovated or razed with most of the value in the land. The Property is currently owner occupied and would be vacated in 60days or sooner of a closing. There is a leased Billboard on the West side of the building with an income of approximately $1,500 annually. Possibility of combining two residential parcels to the South of the subject property.

Attachments & Media

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $3,532 (Annual)
Assessed Value - Total($) $72,500 (Annual)
Net Operating Income $1,500 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: Northeast Business District
Taxing Authority: Grand Rapids
Tax ID/APN: 41-14-29-102-001
Zoning: TN-TBA TRADITIONAL BUSINESS AREA
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: HOUSEMAN & DIAMOND
Property Visibility: Excellent
Largest Nearby Street: FULLER & EASTERN
Feet of Frontage: 110
Traffic/Vehicle Count: 17,000
Highway Access: I-196 via Fuller Ave and Ottawa Ave US-131 via Ottawa Ave
Airports: GERALD R FORD INTERNATIONAL AIRPORT
Area Description: Medical Mile, Helen Devos Children's Hospital, Seven Monks Brewery, Atwater Brewery, Bagel Beanery, Taco Bell, Michigan State University Research Center, Rylee's Ace Hardware.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Fair
Year Built: 1920
Roof Type: Flat
Construction/Siding: Brick/Vinyl Siding
Exterior Description: The Exterior of the building is made up of Brick, Vinyl, and Wood.
Total Parking Spaces: 8
Parking Ratio: 2.7 (per 1000 SF)
Parking Type: Surface
Parking Description: The parking area is paved, but needs to be resurfaced. There are two curb cuts onto Michigan Street.
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Baseboard
Air Conditioning: Window Unit
Internet Access: Cable
Zoning Description: TN-TBA, Traditional Neighborhood - Traditional Business Area Zone District - The TN–TBA Zone District is designed to reinforce a pedestrian- and transit-friendly environment in a compact area characterized by a mix of uses. Small lot sizes, storefront windows, observable building entrances, structures that abut the sidewalk and on-street or hidden off-street parking all contribute towards the establishment of a pedestrian-oriented Zone District. A mix of small-scale retail, service, entertainment, civic, and upper-level office and residential uses are encouraged to enhance the vitality of the areas. High quality architectural design and materials are important components of all structures to reinforce existing neighborhood character. New development on primary and secondary street frontages shall be compatible in use and scale with surrounding, existing uses and structures. The recommendations for Traditional Business Area in a Pre-World War II Neighborhood Context
Lot Frontage: 110
Lot Depth: 45
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: FEE SIMPLE
Legal Description: N 45' of Lot 1 and 2 blk 4, larges Cable Rd addition

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 25,382 148,720 273,251
Median Age: 28.79 31.09 33.48
Households: 10,533 55,069 105,105
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