Grand Rapids Downtown South Investment

Industrial for Sale
Sale Pending/Contingent
Catylist Listing ID: 29827503
Property Subtypes: Flex Space, Mixed Use, Light Industrial, Net Leased, Warehouse/Distribution, Other
Status: Pending/Contingent
Building Size (RSF): 635,000 SF
Gross Land Area: 4.95 Acres
Sale Price: $7,500,000
Unit Price: $11.81 PSF
Ceiling: 16 ft. / 12 ft. Clear
Docks/Doors: 10 Docks, 10 Doors
Drive In Bays: 6 Bays
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: 446 Grandville Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/12/2017

Overview / Comments

446 Grandville is a Multi-Story & Multi-Tenant Building Located Adjacent to the South Side of the Grand Rapids Central Business District and in the Pathway of the Southern Downtown Expansion. Addressed as both 446 Grandville Avenue and 211 Logan Street, the Building is Located South of Wealthy Street and West of US-131 in an Area Seeing Rapid Expansion, including but not limited to:
*A newly constructed Amtrak Station with High Speed Service to Chicago.
*A Newly Opened and Upscale Farmer's Market & Commercial Center.
*The In Process Redevelopment of the Former Klingman's Factory Into Lofts.
*The Modern Rapid Transportation Center Serving Local & Long Distance Buses.
*The Founder's Brewery & Its In Process Expansion.
*Many Other Redevelopments In Process.
This Property is Ripe for Current or Future Development and Supports the Region's Highest Average Daily Vehicle Count of 116,700, Second only to I-75 in Metro Detroit.
Agent is a Involved in the Operations of the Subject Real Estate.

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: S 131 Corridor
Taxing Authority: City of Grand Rapids
Tax ID/APN: 41-13-36-205-001
Zoning: TN-TCC, TRANSITIONAL CENTER CITY ZONE
Market Type: Large
Property Located Between: Grandville to West, Logan to South and Century to East
Road Type: Paved
Transportation: Bus, Rail, Highway, Taxi
Highway Access: US-131 at Wealthy Street and Franklin Street Exits
Site Description: Older Multi-Story Industrial Building with Frontage on Three Streets with Hard Surfaced Perimeter. Raised Elevation of US-131 South of Downtown "S" Curve is Directly East of Building Affording a Prominent View from the Highway Which Carries the Region's Highest Average Daily Vehicle Count of 116,700 and is Second Only to I-75 In Metro Detroit..
Area Description: Transitional Area in Path of Downtown Southward Growth Along US-131. Multiple Commercial Businesses Adjacent to Building. Recently Constructed Amtrak Rail Station with High Speed Service to Chicago is Located Adjacent to the East Between the Building and US-131.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 7
Property Condition: Average
Roof Type: Flat
Construction/Siding: Brick, Concrete, Wood Frame
Exterior Description: Brick and Concrete Fascia Surrounding Wooden Frame Structure Covered with Modified Bituminous Roofing. Mostly Metal Factory Window Frames and Double Hung Single Slot Windows.
Parking Type: Surface
Parking Description: Perimeter Around Building and On Site Parking Lot.
Overhead Cranes: Undisclosed
Heat Source: Central, Ceiling Units
Lighting: Fluorescent, Incandescent, Metal Halide, Mercury Vapor
Internet Access: Cable
Interior Description: Natural State Brick/Concrete Exterior with Wooden Framed Interior Structure with Hardwood Floors, Elevators and Full Concrete Basement.
Zoning Description: The Transitional City Center (TCC) District is the buffer district between the dense City Center Zone District and surrounding near-downtown neighborhoods. This District provides a transition in the intensity of the downtown development pattern for adjacent areas, however, it allows for more development than would ordinarily be allowed in general neighborhood commercial locations. The presence of older, often historic, large warehouse buildings in such transition areas requires dense development for proper reuse of these structures. Sensitivity in the redevelopment of these structures and in new development is necessary to reinforce the unique physical characteristics of downtown and surrounding neighborhoods; ensure compatibility with adjacent land uses and structures; and to maintain neighborhood stability. Structures within this Zone District shall create and maintain a compact, transit-friendly, walk-able mixed-use environment.
Lot Frontage: 1,395
Easements: Utilities
Land Ownership: Fee Title By Building Owner
Legal Description: Upon Request

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,557 159,377 297,101
Median Age: 27.35 30.91 33.83
Households: 7,502 59,550 114,510

Contact

Photograph of Listing Agent

Jeffrey R. Bean

CPIX Member
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