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1430 Lake Drive SE, Grand Rapids, MI 49506

$1,500,000
1
BA
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List Price
$1,500,000
Status
ACTIVE
Days on Market
1
MLS#
26059701
Subtype
Commercial Sale
Year Built
1990
Bathrooms
1
Full Baths
1
Lot Size
14,418
Acres
0.33
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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, café and live-work uses. Do not disturb tenants. Showings by appointment only with 24-hour notice.

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Additional Information

Taxes
$8,779
Zoning
TN-TBA
Heating
Forced Air
Air Conditioning
Central Air
School District
Grand Rapids
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Listing courtesy of Listing Agent: Cheryl A Grant from Listing Office: RE/MAX of Grand Rapids (FH).

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