1850 28th Street SE Active Save Request In-Person Tour Request Virtual Tour
Grand Rapids,MI 49508
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 20,340 sqft
Price per Sqft $77
MLS Listing ID 65025016435
Year Built 1988
Annual Tax Amount $30,928
Lot Size 3.610 Acres
Acres 3.61
Lot Dimensions see map
Source Greater Regional Alliance of REALTORS®
Property Description
*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.Tenant 1 - $9500/month total (Ste: 100 $3500/month, Ste: 200 $3000, Ste:300 $1500, Ste: 400 $1500)
Auto renew 3 year lease option w/ CPI increase. Next renewal option 11/4/2026
Tenant 2 - $2000/month - 3112 square feet
Month to month Suite 500 (Rents could be higher and could be split back to 2 suites, 500 & 550)
Tenant 3 - $4000/month lease - 2100 square feet plus basement (Oil Changers)
4 more 5 year terms w/ rent increase Suite 600. Next lease renewal option 4/1/2026 new base rent $4400.
Appx 9% cap rate at asking price. Current total lease at $15,500/monthly gross lease ($186,000 annually) Approximate Expenses: Property tax: $30,928 annual, Insurance $950/quarterly, consumers $83/month, Water $322/month. (Appx $39,588 annual expenses) Appx $146,000 cashflow a year with current leases and expenses.
Location
State MI
County Kent
Area Grand Rapids
Zoning Other
Direction South side of 28th Street between Kalamazoo Ave and Breton.
Interior
Heating Radiant
Heat Source Natural Gas
Exterior
Road Frontage Paved
Building
Sewer Sewer (Sewer-Sanitary)
Water Public (Municipal)
Structure Type Block
Schools
School District Grand Rapids
Others
Tax ID 411816126005
Ownership Corporate/Relocation
Acceptable Financing Cash,Conventional
Rebuilt Year 1992
Listing Terms Cash,Conventional
Financing Cash,Conventional
Special Listing Condition Unknown/Data Share Listings