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- LoopNet Team
1964 Fuller Ave NE
Grand Rapids, MI 49505
Retail Property For Sale
PROPERTY FACTS
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
ABOUT 1964 FULLER AVE NE , GRAND RAPIDS, MI 49505
The SVN Colvin Team is proud to offer this unique opportunity to afford a very nice Walgreen’s at a substantial discount to settle an estate. We are offering the building for sale as a leasehold interest at a cap rate of 9.76%. There is a recent MAI for $2,260,000. This attractive looking Walgreen’s is located at the busy intersection of Fuller and Knapp in NE Grand Rapids. There are over 220,000 people within a 5 mile radius. The land is owned by the Grand Rapids Fire Fighters and leased to the building owner for a fixed amount that co-terms with the Walgreen’s lease. The cap rate is an estimated 9.76% after a 2% annual reserve of $4,853 is subtracted for roof, structure and parking lot capital repairs. The estimated NOI after reserve is $184,989. The lease runs from Sept 1, 1999 for 60 years with termination rights every five years starting Sept 2019. Landlord is responsible for the roof, structure and parking lot replacement. Grand Rapids Michigan is a very attractive market to invest in.
PROPERTY TAXES
| Parcel Number | 41-14-17-201-037 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,429,800 |
PROPERTY TAXES
