Office Building

Office for Sale
Catylist Listing ID: 30761453
Property Subtypes: Mixed Use, Office Building
Condo? Yes
Building Size (RSF): 2,784 SF
Gross Building Area: See Agent
Sale Price: $250,000
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/26/2021

Overview / Comments

Great location near US31. Well maintained income generating office condo for sale with 2 lease spaces inside. Each lease space includes a kitchenette, bathroom, office space, & separate entrances off common vestibule. Both spaces are leased thru 12/2022 with one tenant expressing intent to leave 12/2021. Existing leases survive under new ownership. RMU zoning allows for mixed use residential/comm'l shared space.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $5,226 (Annual)
Assessed Value - Total($) $123,100 (Annual)

Current Tenants

Tenant Business Name Meraki Social
Is Renting? Yes
SF of Space Occupied 1,114 SF
Current Rent $1,125 PSF (Annual)
Lease Expiration 12/2022
Tenant Notes Meraki has sent a 90 notice of termination of lease as of 12/2021
Tenant Business Name Allstate
Is Renting? Yes
SF of Space Occupied 1,670 SF
Current Rent $1,336 PSF (Annual)
Lease Expiration 12/2022

Additional Details

Nearest MSA: Grand Rapids-Kentwood
County: Ottawa
Tax ID/APN: 70-16-33-205-701
Is Condo?: Yes
Zoning: RMU RESIDENTIAL COMMERCIAL MIXED USE
Property Located Between: 16th and US 31
Property Visibility: Good
Highway Access: Yes super close to US31
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,784 SF
Year Built: 2004
Construction/Siding: Vinyl Siding, Wood Frame
Parking Type: Surface
Total Parking Spaces: 10
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Other
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal
Legal Description: UNIT 1 CENTURY LANE OFFICE CONDO SEC 33 T5N R15W 2/2006 FROM 70-16-33-205-006

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,365 56,334 89,825
Median Age: 30.8 35.15 35.53
Households: 3,647 20,472 32,448

Contact

© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Alliance of REALTORS West Michigan nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.