Rare Building & Restaurant For Sale on Cherry St

Expired Retail-Commercial for Sale
Catylist Listing ID: 30098672
Property Subtypes: Mixed Use, Restaurant, Street Retail
Building Size (RSF): 7,346 SF
Gross Building Area: See Agent
Sale Price: $949,000
Unit Price: $129.19 PSF
Property Use Type: Business
Building Name: Cherie Inn
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Expired On: 10/28/2017
Last Updated: 10/28/2017

Overview / Comments

Price Reduced. Rare opportunity for an owner operator to own Grand Rapids' landmark restaurant or to open a new concept. The Cherie Inn is an East Hills Neighborhood establishment, with increasing annual sales. This offering consists of two parcels, sale of business, and all equipment. Includes over 3,000 SF of restaurant space plus basement storage (cooler, freezer, dry storage and some mechanicals), 2 two bedroom apartments that are month-to-month, one leased commercial space, and an unfinished second floor space ready for apartment, office or restaurant expansion. Majority of kitchen equipment has been replaced within the past two years.

Contact listing agent for showing instructions.

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: East Grand Rapids
Taxing Authority: City of Grand Rapids
Tax ID/APN: 41-14-29-311-033 & -034
Property Located Between: Eastern Ave & Lake Drive
Tenancy: Multiple Tenants
Number of Stories: 2
Year Renovated: 1992
Parking Type: Surface
Zoning Description: TBA - Traditional Business Area
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,952 159,910 285,944
Median Age: 28.86 31.25 33.67
Households: 11,183 59,057 110,440


Photograph of Listing Agent

Todd Leinberger

NAI Wisinski of West Michigan CARWM Member
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