$ 1,575,000
-
$1,575,000
Price -
0
Bed - Bath
-
20,340
SqFt
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About the Listing 77678 - 528442
*PRICE REDUCED* Great opportunity for a fully leased automotive retail Grand Rapids commercial property with desirable 28th Street frontage plus additional appx 75,000 sq/ft (289x262) of land area for possible venture/expansion (i.e storage facility/your location building) There is current investment buildout in this 28th/Kzoo area! This is a turn-key cashflow investment opportunity with owner operator possibilities. Suite 500 has potential to be split into 2 suites as previous for additional rents. (500 & 550) A Suite is available for Owner Operator! Roof updated 2011. Environmental done 2020: no corrective actions necessary. 2020 appraisal ($1,375,000) adjusting for rents appx 35% more puts estimated value much higher ($1,850,000) than asking price making this a deal! Appx 9% cap rate at asking price. Current total lease at $15,500/monthly gross lease ($186,000 annually) Appx $146,000 cashflow a year with current leases and expenses. See supplement and attached. Call for more info.
Listing Highlights for 1850 28th
Status
Active
Days on Site
199
Property Type
Commercial Sale
MLS ®
70463095
Year Built
1988
Total Square Footage
20,340
Lot/Acreage
3.61
County
Kent
Area
Grand Rapids (41032)
Interior Details
- Bedrooms: 0
- Bathrooms: Full
- Appliances:
- Air Cond:
- Heating: Radiant
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 20340
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water:
Exterior Details
- Garage Capacity: N/A
- Lot Dimensions: see map
- Zoning: Commercial
- Roof:
- Others:
- Sewer:
- Parking Features: 21+ Spaces
Financial Details
- Tax Amount: $30,928
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2024
Payment Calculator
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Listing Location
Questions About..
1850 28th Grand Rapids, MI 49508
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