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Jessica A Wilson

jannewilsonrealtor@gmail.com +1(313) 399-5605

$ 1,500,000

Est. payment | -/mo

1 Bath

2,955 SqFt

Save

$ 1,500,000

Est. payment | -/mo

Save

1 Bath

2,955 SqFt

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

Listed by Cheryl A Grant of RE/MAX of Grand Rapids (FH)

Schools and Properties Nearby

Find out why customers are choosing LPT Realty to meet their real estate needs

+1(313) 399-5605

jannewilsonrealtor@gmail.com

6838 Park Ave, Allen Park, MI 48101-2036, USA

Learn More About LPT Realty

1430 Lake DR SE City Of Grand Rapids, MI 49506