1850 28th SE Street Grand Rapids, MI 49508
20,340 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 20,340 sqft
Price per Sqft $77
Municipality City of Grand Rapids
MLS Listing ID 25016435
Year Built 1988
Annual Tax Amount $30,928
Tax Year 2024
Lot Size 3.605 Acres
Acres 3.61
Lot Dimensions see map
Property Sub-Type Industrial
Source Michigan Regional Information Center (MichRIC)
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. 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 - G
Direction South side of 28th Street between Kalamazoo Ave and Breton.
Interior
Heating Radiant
Inclusions Non-Applicable
Exterior
Utilities Available Phone Available, Natural Gas Available, Electricity Available, Phone Connected, Natural Gas Connected, Electricity Connected
View Y/N No
Street Surface Paved
Total Parking Spaces 50
Building
Structure Type Block
New Construction No
Schools
School District Grand Rapids
Others
Tax ID 41-18-16-126-005
Ownership LLC
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
