56
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$1,500,000
Est. payment /mo
1 Bath
2,955 SqFt
New
1430 Lake DR SE City Of Grand Rapids, MI 49506
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 2,955 sqft
Price per Sqft $507
MLS Listing ID 65026059701
Year Built 1990
Lot Size 0.330 Acres
Acres 0.33
Property Description
Rare investment opportunity in the heart of Eastown. 1430 Lake Drive is a 2,955 SF brick retail building on 0.33 acres with 14 on-site parking spaces. The former bank building has four sources of income: two retail suites, a drive-up ATM leased to LMCU through 2038 with built-in rent increases, and a billboard leased through 2035. Both suites rent below market rates and renew every year. Long term tenants are motivated to stay and expect higher rents. Or an owner can move in at end of current suite leases while the ATM and billboard leases help cover costs. The roof was replaced in 2017 and carries a 15-year warranty. The main HVAC was also replaced in 2017, and the rear suite has its own rooftop unit. TN-TBA zoning allows retail, salon/spa, studio, gallery, cafe and live-work uses. Do not disturb tenants. Showings by appointment only with 24-hour notice.
Location
State MI
County Kent
Area Area41142Grandrapids
Interior
Heating Forced Air, Natural Gas
Cooling Central Air
Fireplace No
Exterior
Parking Features Asphalt
Utilities Available CableConnected, ElectricityConnected, NaturalGasConnected, PhoneAvailable, PhoneConnected
View Y/N No
Building
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Grand Rapids
Others
Acceptable Financing Cash, Contract, Conventional
Listing Terms Cash, Contract, Conventional
Special Listing Condition Standard
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Listed by Cheryl A Grant of RE/MAX of Grand Rapids (FH)
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