Investment Property for Sale

Retail-Commercial for Sale
Also listed as Industrial, Office
Catylist Listing ID: 30258898
Property Subtypes: Mixed Use, Street Retail, Other
Building Size (RSF): 15,000 SF
Gross Land Area: 1.02 Acres
Sale Price: $590,000
Unit Price: $39.33 PSF
Ceiling: 12 ft.
Office SF: 2,000 SF
Drive In Bays: 2 Bays
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Usable Size (USF): 15,000 SF
Sale Terms: Cash to Seller
Average Occupancy Rate: 66
Last Updated: 11/27/2018

Overview / Comments

Mostly leased property with 3 separate suites, Each suite is 5,000 SF and 2 of those are leased. 5,000 SF for an owners business with income from the other 2 suites.
Net Income of ~ $40,000/yr. Leases are for 2 and 3 years. Tenant mix includes: tire sales and service, and a group that specializes in furniture repair and restoration (Furniture Medic Franchisee). Contact Olga @ 616-893-0134 for more information and rent roll.

Newer construction directly across the street with Biggby Coffee and T-Mobile. Located less than 1/2 mile from Home Depot & newly constructed (2014) Wal-Mart on 54th St. On the Silver bus line.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $10,797 (Annual)
Net Operating Income $66,025 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: 36th/44th St Corridor
Taxing Authority: Kentwood
Tax ID/APN: 41-18-31-101-040,039,043
Zoning: C-5
Market Type: Large
Retail Clientele: General, Family, Business, Recreation, Other
Property Located Between: Between 44th and 54th Street on Division Ave. Just East of US 131 & 54th Street exit.
Side of Street: East
Road Type: Paved
Property Visibility: Excellent
Largest Nearby Street: 54th St. & US 131
Feet of Frontage: 230
Transportation: Bus, Taxi
Highway Access: Just East of US 131 & 54th Street exit, North to site.
Site Description: Just East of US 131 & 54th Street exit, North to site.
Area Description: Area is being revitalized with new construction in the area. DIRECTIONS: US-131 TO 54TH ST, N ON DIVISION.
Tenancy: Multiple Tenants
Total Number of Buildings: 3
Number of Stories: 1
Typical SF / Floor: 5,000 SF
Property Condition: Good
Year Built: 1969
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Brick, block & glass
Total Parking Spaces: 25
Parking Type: Surface
Sprinklers: None
Heat Source: Ceiling Units
Air Conditioning: Other
Interior Description: Well maintained brick building. Adaptable for many uses.
Zoning Description: C-5 Mixed Use/ Neighborhood Business
Lot Frontage: 230
Lot Depth: 168
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 5318 S. Division - PPN 41-18-31-101-039 W 215 FT OF S 50 FT OF N 225 FT OF THAT PART OF NW 1/4 LYING S OF S LINE OF MILLER PARKWAY * SEC 31 T6N R11W 0.25 A. 5320 S. Division – PPN 41-18-31-101-040 W 215 FT OF S 50 FT OF N 275 FT OF THAT PART OF NW 1/4 LYING S OF S LINE OF MILLER PARKWAY * SEC 31 T6N R11W 0.25 A. 5330 S. Division – PPN 41-18-31-101-043 W 215 FT OF S 130 FT OF N 405 FT OF THAT PART OF NW 1/4 LYING S OF S LINE OF MILLER PARKWAY * SEC 31 T6N R11W 0.64 A.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,457 101,839 230,896
Median Age: 34.32 35.28 34.05
Households: 4,115 38,869 86,251
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