Retail / Multi-Family Mixed Use on N. Monroe

Retail-Commercial for Sale
Sale Pending
Also listed as Multi-Family
Catylist Listing ID: 30130878
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail, Other
Status: Pending
Building Size (RSF): 8,732 SF
Gross Land Area: 0.32 Acres
Sale Price: $449,000
Unit Price: $51.42 PSF
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 11.0%
Last Updated: 11/20/2017

Overview / Comments

Great investment opportunity in the "Hot" North Monroe corridor. Property consists of 2 buildings, 1744 Monroe is a 2 unit residential building, 900 SF per unit. 1732 Monroe is a mixed use building with two 1100 SF apartments on the upper floor and a 4500 SF Retail/office/industrial space on the lower level. This lower level consists of a newly remodeled 2300 SF space that can be used as Retail or office. New HVAC systems, new Bathroom, drywall and paint. The other 2200 SF section is space that could be used for storage, light industrial, or could also be converted into more office or retail space. There is also a 10' loading door onto Monroe. The lower level space has been purposely kept empty for a possible owner/user, but could be leased out very easily.. All of the residential units are currently leased. The Pro-forma cap rate is 11% assuming the retail space is leased out at approx. $2200 Per month. Total gross income would be approx $60k with expenses at approx $9k. NOI of approx. $51k.

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: Northeast Business District
Taxing Authority: City of Grand Rapids
Tax ID/APN: 41-13-13-277-010, 41-13-13-277-008
Zoning: COMMERCIAL / RESIDENTIAL
Retail Clientele: General
Property Located Between: Monroe, Between Leonard and Ann st.
Property Visibility: Excellent
Largest Nearby Street: Ann St
Feet of Frontage: 135
Highway Access: US 131 at Ann st.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Good
Year Built: 1910
Year Renovated: 2016
Roof Type: Flat
Construction/Siding: Block
Total Parking Spaces: 7
Parking Type: Surface
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Lot Frontage: 135
Lot Depth: 100
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,080 114,549 238,501
Median Age: 29.74 32.86 33.67
Households: 4,756 46,941 91,277

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