2905 Lucerne Sale

Expired Office for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30101973
Property Subtypes: Business Park, Net Leased, Office Building, General
Building Size (RSF): 30,000 SF
Gross Land Area: 2.50 Acres
Sale Price: $2,495,000
Unit Price: $83.17 PSF
Ceiling: 9 ft.
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Building Name: 2905 LUCERNE
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Expired On: 11/15/2017
Last Updated: 11/15/2017

Overview / Comments

The SVN Colvin Team at SVN Silveri Co presents this 95% +/- leased office building in a great Cascade location. This recently remodeled building generates approx $230,000 in net income making this a 9% cap deal. This is the first building behind Leo's Coney, making it easy for tenants to walk to lunch.

Tenants include Dialog Direct, Shoppers View, Linden CPA's, West Michigan Case Management and Jet Brokers. Dialog Direct has closed their Grand Rapids operations but is required to pay rent through the end of the 2018 on their 14,130 SF which creates an opportunity for a growing owner/ user to have substantial income while they expand. The building has a large generator for back-up power, 3 class rooms with video screens and 7500 SF of call center in place. This is a beautiful setting with lots of windows. Lot size is approx.

Shoppers View just leased approx 5,000 SF +/- of the Dialog space and signed an 8 year lease. For detailed income and expenses, rent roll and floor plans, contact Peter Colvin at peter.colvin@svn.com or 616-893-1398

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: 28th Street Southeast
Taxing Authority: Cascade
Tax ID/APN: 41-19-17-201-008
Zoning: COMMERCIAL, OFFICE
Property Located Between: Cascade Road and Kraft
Highway Access: Just off the I-196 exit at 28th street.
Airports: 4 minutes away
Area Description: DIRECTIONS: I-96 TO 28TH ST EXIT 43B, E TO LUCERNE, S TO PROPERTY.
Number of Stories: 2
Typical SF / Floor: 15,000 SF
Year Built: 1975
Year Renovated: 2014
Parking Description: The parking lot was repaired and resurfaced in 2014.
Total Parking Spaces: 175
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LOT 11 * FOREMOST CENTENNIAL PARK NO.1 ALSO SLY 45 FT OF LOT 12 EX W 30 FT * AMENDED PLAT OF LOT 12 OF THE PLAT OF FOREMOST CENTENNIAL PARK NO.1

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,716 29,530 93,921
Median Age: 44.28 38.77 38.58
Households: 1,860 11,634 36,389

Contact

Photograph of Listing Agent

Peter Colvin

SVN Silveri Company CARWM Member
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