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20,340 SqFt
20,340 SqFt
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
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
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