Bridge Street Investment Portfolio for Sale

Multi-Family for Sale
Also listed as Vacant Land, Retail-Commercial
Catylist Listing ID: 30355597
Property Subtypes: Duplex/Fourplex, Mid-Rise, Mixed Use, Other
Number of Units: 6 Units
Building Size (RSF): 8,500 SF
Gross Building Area: 10,000 SF
Gross Land Area: 1.10 Acres
Sale Price: $1,500,000
Unit Price: $250,000 Per Unit
Ceiling: 17 ft.
Property Use Type: Investment
Building Name: VAN'S
Sale Terms: Cash to Seller, Purchase Money Mortgage, Other
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 6/10/2021

Overview / Comments

Great opportunity for cash flowing investment as well as a long term redevelopment opportunity with over an acre of prime commercial land available in GR's hottest retail / nightlife district. Potential for additional land allow for endless opportunites.

827-A (1,500sf retail/commercial) - leased
827-B (2,100 flex office /commercial - kitchen, conference room included) - leased
827-C (2 bed residential) - leased

829 (storage / parking) - leased

831 (4 bed SFR) - leased

Further additional parcels available as a separate purchase.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $6,500 (Annual)
Tax Value Land $180,000
Potential Rental Income $131,000 (Annual)
Net Operating Income $90,000 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Grand Rapids-Kentwood
County: Kent
Submarket/Township: Northwest Business District
Tax ID/APN: 41-13-23-482-020, 012, 019
Zoning: C-2
Percent Occupied: 100%
Property Located Between: Lane and Stocking
Highway Access: 1-96, 131
Area Description: DIRECTIONS: BRIDGE ST BETWEEN PETTIBONE & MILWAUKEE
Total Number of Buildings: 3
Property Condition: Good
Parking Type: Surface, Other
Parking Description: 20 parking spots
Total Parking Spaces: 20
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Engineered System
Internet Access: Cable
Zoning Description: TN TBA & MDR
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,834 139,984 270,421
Median Age: 30.04 31.16 33.13
Households: 8,913 52,684 103,643
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