1430 Lake Drive, City of Grand Rapids, Michigan 49506
$1,500,000
Property Details
- MLS#: 65026059701
- Bedrooms: N/A
- Bathrooms: N/A
- Square Feet: N/A
- Lot Size: N/A
- Year Built: 1990
- Property Type: CommercialSale
- Transaction: Transaction type unavailable
- Listing Status: Active
Tax and Assessment Information
Tax and assessment information is unavailable.
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
This property is located in City of Grand Rapids, Michigan. City of Grand Rapids is part of the Metro Detroit area, offering convenient access to employment, schools, shopping, and recreation.
Frequently Asked Questions
What is the price of 1430 Lake Drive?
1430 Lake Drive is listed at $1,500,000.
How many bedrooms does 1430 Lake Drive have?
This property has N/A bedrooms and 0 bathrooms.
Ask about this property
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