Excellent 1031 Exchange Opportunity. Located In An Opportunity Zone

Industrial for Sale
Catylist Listing ID: 30372242
Property Subtypes: Free-Standing, Manufacturing, Light Industrial, Warehouse/Distribution
Building Size (RSF): 161,100 SF
Gross Land Area: 4.03 Acres
Sale Price: $4,575,000
Unit Price: $28.40 PSF
Ceiling: 24 ft.
Docks/Doors: 6 Docks, 2 Doors
Office SF: 16,756 SF
Property Use Type: Investment
Usable Size (USF): 161,100 SF
Sale Terms: Cash to Seller
Cap Rate: 9.1%
Last Updated: 5/19/2019

Overview / Comments

EXCELLENT 1031 EXCHANGE OPPORTUNITY. LOCATED IN AN OPPORTUNITY ZONE.
NAI Wisinski of West Michigan is pleased to offer for sale to qualified investors, the opportunity to purchase an office and industrial building that is 100% leased to Michigan Wheel Operations, LLC and guaranteed by it’s parent, Michigan Wheel Holdings LLC (collectively, “Michigan Wheel”). The property is located Grand Rapids, MI.
Michigan Wheel has over 100 years of experience in propulsion with custom-crafted boat propellers. Their boat propellers range from marine inboard and industrial fixed pitch propellers with the majority of the inboard propulsion being manufactured at the Property.
The Property is a 161,100 SF facility consisting of office and manufacturing space. Michigan Wheel has been manufacturing at this facility since 1959 and currently operates under a long-term lease with over 16 1/2 years of lease term remaining, expiring in June 2035. The absolute net lease features generous rental increases with no landlord responsibilities.
The property is well located on Buchanan Avenue SW with 6,460 vehicles per day. According to CoStar’s most recent report, the Central Grand Rapids industrial Submarket vacancy rate is at a historic low of 1.1%, with positive net absorption and a 12 month rent growth rate of 7.2%. These metrics are evidence of the continued strength of the overall local market.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $58,784 (Annual)
Assessed Value - Total($) $1,348,500 (Annual)

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: S 131 Corridor
Taxing Authority: City of Grand Rapids
Tax ID/APN: 41-17-01-252-002
Zoning: SD-IT TN - INDUSTRIAL TRANSPORTATION
Property Located Between: Hall St SW and Burton St SW and US-131 and Division Ave S
Highway Access: 0.75 Miles to US-131
Airports: Gerald R. Ford International Airport
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Average
Year Built: 1926
Year Renovated: 1952
Construction/Siding: Brick, Concrete
Parking Type: Surface
Parking Description: On Site
Column Spacing: Varies
Overhead Cranes: 4
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Lighting: Fluorescent
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,987 156,579 310,981
Median Age: 25.1 31.25 33.51
Households: 6,558 58,301 119,047

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