PRICE REDUCED ON FULLY LEASED BUILDING

Retail-Commercial for Sale
Catylist Listing ID: 30278863
Property Subtypes: Free-Standing Building
Building Size (RSF): 7,200 SF
Gross Land Area: 10 Acres
Sale Price: $765,000
Unit Price: $106.25 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Northern Physical Therapy
Usable Size (USF): 7,200 SF
Sale Terms: Cash to Seller
Cap Rate: 9.5%
Average Occupancy Rate: 100
Last Updated: 8/22/2019

Overview / Comments

Built in 1997, this brick and vinyl-sided two-story walkout sits on a hard corner at M-37 and Moore Road. As the aerial illustrates, the building is situated on the southeast corner of the 10-acre parcel.

The building is FULLY LEASED WITH A NNN STRUCTURE for the next five years to longtime owner-occupant Northern Physical Therapy. NPT serves the greater Newaygo County and surrounding communities for physical therapy services in this expansive 7,200 two-level building, which offers ample parking in both the building's front and rear. The building includes several entrances.

Attachments & Media

Additional Details

Nearest MSA: Big Rapids
County: Newaygo
Taxing Authority: City of Grant
Tax ID/APN: 61-13-001-100-0001-10
Zoning: 201 COMMERCIAL IMPROVED
Retail Clientele: General
Property Located Between: Corner of M-37 and Moore Road
Property Visibility: Excellent
Largest Nearby Street: M-37
Feet of Frontage: 445
Highway Access: Sits on bustling M-37 on a hard corner
Site Description: The site dimensions are approximately 445 feet x 957 x 423.7 x 957.
Area Description: The property is located on M-37 and 37 miles from downtown Grand Rapids.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 4,000 SF
Year Built: 1997
Year Renovated: 2010
Construction/Siding: Brick/Vinyl Siding
Exterior Description: The front elevation features a tan brick face with large breezeway with brick columns. Light tan vinyl siding in rear and on sides. Building frame is wood construction. Shingles were replaced in 2010.
Total Parking Spaces: 66
Parking Type: Surface
Parking Description: Ample parking to the front and rear of building totaling 66 spaces. Access point off Moore Road.
Passenger Elevators: 1
Heat Source: Central
Interior Description: The first floor (main floor) includes several offices, reception, break area, with an open center where approximately 2,000 SF of that portion features a 25-foot vaulted ceiling. The main floor consists of carpet and laminate flooring. The lower level features a therapy pool area with a standard concrete floor and two small locker rooms with two showers in each, and a private ADA restroom. Next to the pool is a large group fitness room featuring a hardwood floor and a single ADA restroom.
Zoning Description: 201 COMMERCIAL IMPROVED
Lot Frontage: 445
Lot Depth: 957
Water Service: Well
Sewer Type: Septic
Easements Description: N/A

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 5,126 8,384
Median Age: 34.35 34.08
Households: 1,761 2,882

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