470 & 475 Market - Riverfront Redevelopment Oppportunity

Office for Sale
Also listed as Multi-Family
Catylist Listing ID: 30220929
Property Subtypes: Governmental, Institutional, Mixed Use, Flex Space, Office Building, Research & Development, Other
Building Size (RSF): 225,000 SF
Gross Land Area: 2.69 Acres
Sale Price: $9,450,000
Unit Price: $42 PSF
Ceiling: 13 ft.
Property Use Type: Vacant/Owner-User
Building Name: American Box Board Company
Class of Space: Class B
Usable Size (USF): 225,000 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 4/18/2018

Overview / Comments

470 & 475 Market Ave SW is one of the last available redevelopment opportunities near downtown Grand Rapids. This three-story former manufacturing building is extremely clean and ready to develop. All possible zoning (TN-TCC), structural, environmental, asbestos issues have been resolved by the Seller. Building boasts a clear height of 12', one freight elevator, 16'x17' column spacing, LED natural light, traditional red brick on all road frontages, wood beam structure, tongue and groove ceilings & floors, sand brick on rear and east side of the building.

Offering also includes 475 Market, .70 acre asphalt lot that has 295' of frontage along the Grand River.

For more information on this offering visit: www.470market.com

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: S 131 Corridor
Taxing Authority: City of Grand Rapids
Tax ID/APN: 41-13-36-126-005 & 41-13-36-102-018
Zoning: TN-TCC
Property Located Between: Godfrey Street and Wealthy Street
Property Visibility: Excellent
Highway Access: US-131 & I-196
Airports: Gerald R Ford
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 75,000 SF
Year Built: 1915
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Traditional red brick on all road frontages, sand brick on back and east side of building
Parking Type: Surface, Underground
Parking Description: Seller has had parking plans drafted to add 98 parking spaces to the garden level of the building. 475 Market, the lot located along the river, can hold approx. an additional 102 parking spots.
Total Parking Spaces: 200
Freight Elevators: 1
Sprinklers: Dry
Heat Type: Natural Gas
Internet Access: Cable, Gigabit, Other
Zoning Description: TN-TCC: The intent of this District is to maintain and enhance the vitality of downtown, reinforce its intense development pattern, provide services in close proximity to one another, allow diverse uses and maintain the presence of older, often historic, buildings. This zoning ordinance accommodates and promotes commercial, residential, entertainment, educational, cultural, artistic, health care-related and government uses within the City Center Zone District. COMPLETE ZONING ORDINANCE CAN BE FOUND HERE: http://470market.com/pdf/tn-tcc.pdf
Water Service: Municipal
Sewer Type: Municipal, Storm

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,889 151,140 293,911
Median Age: 27.48 30.56 33.71
Households: 5,594 55,952 113,421

Contact

Photograph of Listing Agent

Trent Wieringa

Colliers International
CARWM Member
Photograph of Listing Agent

David S. Rapp

Colliers International
CARWM Member
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