$1,575,000
Grand Rapids, MI 49508
MLS# 25016435
20340 sqft
1 / 24
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.
Details
Maps
Documents
Location Property Info
County: Kent
Street #: 1850
Street Name: 28th
Suffix: Street
Post Direction: SE
State: MI
Zip Code: 49508
Area: Grand Rapids - G
OfficeContract Info
Status: Active
Current Price: $1,575,000
List Price: $1,575,000
Listing Date: 2025-04-19
General Property Info
New Construction: No
Lot Measurement: Acres
Lot Acres: 3.61
Lot Square Footage: 157034
Lot Dimensions: see map
Year Built: 1988
Road Frontage: 400
Mineral Rights: Unknown
Year Remodeled: 1992
Total # Units: 6
# Fin Bldg Lvls: 20340
Total # Bldgs: 1
Total SqFt: 20340
Total Net SqFt: 20340
Property Use Type: Net Leased (nnn)
Waterfront: No
School District: Grand Rapids
Tax Info
Tax ID #: 41-18-16-126-005
Taxable Value: 580692
SEV: 892600
For Tax Year: 2024
Seller's Annual Property Tax: 30928
Tax Year: 2024
Spec Assessment & Type: None Known
Non-Conforming Use: No
Zoning: C-2 Commercial
Remarks Misc
Directions: South side of 28th Street between Kalamazoo Ave and Breton.
Additional Details
Total Parking Spaces: 50
Grd Lvl OH Doors: 28
Ceiling Height: 14
Income and Expenses
Annual Maint ($): 2400
Annual Prop Ins ($): 3800
Annual Utilities ($): 4860
Gross Op Income ($): 186000
Net Operating Income: 136412
Operating Expense: 41988
Property Features
Property Use: Investment
Uses: Auto Service; Professional Service; Retail; Storage; Other
Ownership: LLC
Business Includes: Non-Applicable
Construction Type: Concrete
Exterior Material: Block
Below Grade: None
Sewer: Public Sewer
Water: Public Water
Utilities Attached: Electricity Connected; Natural Gas Connected; Phone Connected
Util Avail at St: Electricity Available; Natural Gas Available; Phone Available
Heat Source: Natural Gas
Heat Type: Radiant
Driveway: Paved
Street Type: Paved; Public
Purchase Terms Avail: Cash; Conventional
Sale Conditions: None
Possession: Close Of Escrow; Subject To Tenant Rights
Supplements
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.
GIS Map w/ estimated measurements Listing Office: Bialik Real Estate LLC
Listing Agent: Nathaniel Bialik
Last Updated: September - 29 - 2025
The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of MICHRIC , and site contains live data. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
