Catylist ID:
#30355597
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 |
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 |
Contact
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