Fully Leased Investment Property - Retail/Apts

Retail-Commercial for Sale
Catylist Listing ID: 30049013
Property Subtypes: Mixed Use, Restaurant, Retail-Pad, Street Retail, Other
Building Size (RSF): 4,644 SF
Gross Land Area: 0.63 Acres
Sale Price: $169,000
Unit Price: $36.39 PSF
Property Use Type: Investment, Business
Sale Terms: Cash to Seller, Other
Last Updated: 6/15/2017

Overview / Comments

Available 2 bedroom apartment for you to live in while the rest of the property pays for the whole thing! Did you know that the payment on $150,000 mortgage is around $800? This property currently brings in around $1,150 a month and there is still growth opportunity! Don't miss out on this instant cash flow opportunity! 2 buildings zoned commercial with 2 leases in place and room for expansion! Building #1 has a Pizzeria that is well established and has a 5+5+5 year lease. 2 bedroom apt upstairs available. Building #2 has new tenant in new apartment and then has over 1500 square feet of room to finish off for whatever income stream you'd like! Solid tenants! This is Investment Property only with tenant leases. The Pizzeria business is NOT for sale but serves as a great tenant.

Current Tenants

Tenant Business Name Russo's Pizza
Is Renting? Yes
Annual Revenue $9,000 (Annual)
SF of Space Occupied 882 SF
Current Rent $750 PSF (Annual)
Tenant Notes Long term tenant with a 5+5+5 year lease.
Tenant Business Name Vacant
SF of Space Occupied 882 SF
Tenant Notes 2 bedroom apt just freed up! Rent out again or live as owner occupied and have the rest of the building pay for it!
Tenant Business Name Residential Tenant#2
Is Renting? Yes
Annual Revenue $4,800 (Annual)
SF of Space Occupied 800 SF
Current Rent $400 PSF (Annual)
Tenant Notes New tenant in new apartment on an annual lease.

Additional Details

Nearest MSA: Holland
County: Allegan
Taxing Authority: Salem Township
Tax ID/APN: 03-19-015-026-00
Zoning: C1 GEN BUSINESS
Retail Clientele: General, Family, Business
Property Located Between: 142nd Avenue and 143rd Avenue
Property Visibility: Excellent
Largest Nearby Street: 142nd Avenue
Feet of Frontage: 83
Site Description: 2 Investment buildings on each side of the property with a shared driveway that runs between them.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Average
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Central
Internet Access: Cable
Zoning Description: Commercial - General Business
Lot Frontage: 83
Lot Depth: 328
Water Service: Well
Sewer Type: Septic
Legal Description: COM 280.5' S OF NW COR SW 1/4 TH E 326.2' TH S 16.5' TH E 4' TH S 66' TH W 330' TH N 82.5' TO BEG SEC 15 T4N R13W (71)

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 4,374 7,608
Median Age: 34.79 34.49
Households: 1,499 2,533

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