613 28th St SE & 611 28th St SE

Retail-Commercial for Sale
Catylist Listing ID: 30208029
Property Subtypes: Convenience Store, Day Care Facility, Free-Standing Building, Mixed Use, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub, Vehicle Related
Building Size (RSF): 7,500 SF
Gross Land Area: 3.28 Acres
Sale Price: $899,000
Unit Price: $119.87 PSF
Ceiling: 14 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller
Cap Rate: 8.9%
Last Updated: 7/17/2018

Overview / Comments

Single-tenant NNN investment property at 8.90% cap rate. Tenant is Continental Rental Home Centers, who have 26 locations across Michigan, with this location producing top sales numbers. This business has been successfully operating at this location since 1996. Free standing property with excellent 175' frontage and visibility on 28th St corridor. Sale includes 613 28th St SE (7,500 SF building with overhead door, and 1,950 SF basement) and 611 28th St SE, which offers surplus buildable commercial vacant land (total of 3.28 acres).

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: 28th Street Central
Taxing Authority: City of Grand Rapids
Tax ID/APN: 41-18-07-476-030 & 41-18-07-476-032
Zoning: COMMERCIAL ( MON-C)
Retail Clientele: General
Property Located Between: Madison and Eastern
Property Visibility: Excellent
Largest Nearby Street: Eastern
Traffic/Vehicle Count: 37,053
Highway Access: 1 Mile to US-131, 5 Miles to I-96
Airports: Gerald R Ford International Airport
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1951
Year Renovated: 1997
Parking Type: Surface
Parking Description: Ample surface parking. Existing paved area can accommodate ~100+ vehicles. Additional land included in sale.
Zoning Description: Commercial (MON-C)
Lot Frontage: 175'
Legal Description: PART SE 1/4 COM 1089 FT W ALONG S SEC LINE FROM SE COR OF SEC TH N 5D 10M E 104.0 FT TH N 3D 35M W 558.49 FT TO A PT 660 FT N FROM S SEC LINE TH N 89D 35M W 224.07 FT TO E 1/8 LINE TH SLY ALONG E 1/8 LINE TO A PT 267 FT N FROM S SEC LINE TH E 62 FT TH S 267 FT TO S SEC LINE TH E TO BEG EX N 260 FT & EX S 50 FT * SEC 7 T6N R11W 1.73 A. N 318.10 FT OF FOL DESC - PART SE 1/4 COM 1089 FT W ALONG S SEC LINE FROM SE COR OF SEC TH N 5D 10M E 104.0 FT TH N 3D 35M W 616.71 FT TH N 89D 35M W 222.46 FT TO E 1/8 LINE TH SLY ALONG E 1/8 LINE TO S SEC LINE TH E TO BEG * SEC 7 T6N R11W 1.64 A.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,930 144,008 301,995
Median Age: 32.3 32.55 33.21
Households: 4,895 52,384 114,743

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