1430 Lake Drive SE, Grand Rapids, MI 49506
sale
$1,500,000
|
Retail
Courtesy Of RE/MAX of Grand Rapids
5751 Byron Center Avenue Sw, Wyoming, MI 49519
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.
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Property Features
- Age: 31-40 Years Old
- Amenities: Cable Ready
- Building Units: 2
- Cooling System: Central Air
- Exterior Type: Brick
- Floors: 1
- Heating System: Forced Air
- Legal Description: LOTS 15, 16 & 17* J A GIDDINGS ADDITION
- MLSID: 26059701
- Parking Spaces: 14
- Rooms: Bathroom 1
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