212 Cesar E Chavez Ave SW
Grand Rapids, MI 49503
Hopson Flats · Multifamily Property For Sale · 44 Units

Hopson Flats (“Hopson Flats”) is located in Downtown Grand Rapids at the intersection of Grandville Ave SW and Williams St SW across the street from Founders Brewing and approximately ½ mile Grand Valley State University’s Pew Campus. Grand Rapids is experiencing a boom in development and two exiting major redevelopment projects on adjacent parcels are pending that will have a significant positive economic impact on Hopson Flats. One of the largest developments in Grand Rapids history, 201 Market is a 15.8-acre river front property located two blocks from Hopson’s front door. The winning proposal from Flaherty & Collins includes four buildings, which would be built in three phases. Overall, the site would include a grocery store, luxury hotel, multiple mixed-use residential and retail buildings, a riverfront plaza and walkway along the Grand. As more and more students and young professionals choose to live in more urban locations, the addition of walkable amenities such as a grocery store and added retail will give Hopson Flats a significant advantage over competing properties. This development will transform the riverfront in downtown Grand Rapids. Another large development to have a positive impact on Hopson is Studio Park. This $110M development is located 2 blocks from Hopson’s front door and will include a nine-screen movie theater, a ‘Canopy by Hilton’ 138-room four-star hotel, 98 apartments, 40,000 square feet of retail space, office space and a parking ramp. This is one of the largest private capital investments in the history of the City. The project also will include a public piazza that will be surrounded by restaurants and retail shops and serve as a "10th screen" for Studio Park. Hopson Flats is a condominium development containing four condo units: a 44-unit/152-bed apartment condo and three office/retail suite condos. The ownership is selling the apartment condo and one 3,020 ft.2 office/retail condo and the buyer will have super-majority control of voting for the condo association; the other two office/retail condo suites sold to professional businesses and pay condo association dues. Details can be found with the enclosed condominium documents. The Master Deed permits a further condominium development to convert the apartment condos into separately parceled condos for a sell-off at a future date, providing potential to add considerable value for a savvy investor. Hopson Flats was built in 1905 and historically used mostly as a warehouse. It was completely gut-renovated in 2007 into student apartments and offers 44 two-, three- and four-bedroom loft-style apartments with wood floors, exposed brick, and high ceilings. Hopson Flats is one of only four communities which rents by the bed or entire flats in downtown Grand Rapids and consists of a very attractive unit mix of ten 890-930 ft.2 two-bedroom units, four 1140 ft.2 three-bedroom units, twenty-two 1,350-1,520 ft.2 four–bedroom units, and eight 1,525-1,545 ft.2 four-bedroom corner units. Notable for investors is the exceptional condition of this asset and the comprehensive building system upgrades it’s received, such as mechanicals, elevators, new windows, new entry doors, exterior painting, and numerous unit upgrades including flooring and kitchen cabinets. There are 28 private parking spaces owned by Hopson Flats and an additional 116 spaces leased from the City of Grand Rapids with the additional costs paid by residents. All utilities, including gas heat, electricity, and air conditioning, are paid by the landlord. Other amenities include free Wi-Fi access throughout, optional in-unit Ethernet, convenient parking, fitness center, quiet reading lounge, entertainment/game room, laundry facilities, and more. Hopson Flats offers industrial chic living at its finest.