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7th St Lofts 600 7th St NW 70 Unit Apartment Building $2,100,000 ($30,000/Unit) 8.12% Cap Rate Grand Rapids, MI 49504
INVESTMENT HIGHLIGHTS
- 8.1% cap rate on existing NOI
- Secured long term parking with a 99-year parking agreement
- First floor of the 7th Street Lofts redevelopment
EXECUTIVE SUMMARY
Seward and 7th presents an exceptional investment opportunity with upside in the heart
of Grand Rapids' thriving northwest downtown corridor. Located on the prime first floor
of the historic 7th Street Lofts redevelopment, this investment property features two
established tenants: Chervon, a global power tool and outdoor equipment manufacturer,
and Roots Brew Shop, a community-focused coffee shop offering high-quality coffee, tea,
bagels, and artisan fare. The property also has one suite available for existing tenant
expansion or to lease to a third tenant.
of Grand Rapids' thriving northwest downtown corridor. Located on the prime first floor
of the historic 7th Street Lofts redevelopment, this investment property features two
established tenants: Chervon, a global power tool and outdoor equipment manufacturer,
and Roots Brew Shop, a community-focused coffee shop offering high-quality coffee, tea,
bagels, and artisan fare. The property also has one suite available for existing tenant
expansion or to lease to a third tenant.
PROPERTY FACTS
| Price | $2,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $30,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.31 AC |
| Cap Rate | 8.12% | Building Size | 72,591 SF |
| No. Units | 70 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2012 |
| Property Subtype | Apartment | ||
| Zoning | TN-TCC - Multi-Family | ||
| Price | $2,100,000 |
| Price Per Unit | $30,000 |
| Sale Type | Investment |
| Cap Rate | 8.12% |
| No. Units | 70 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.31 AC |
| Building Size | 72,591 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2012 |
| Zoning | TN-TCC - Multi-Family |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Hardwood Floors
- High Speed Internet Access
- Oven
- Stainless Steel Appliances
- Island Kitchen
- Pantry
- Patio
SITE AMENITIES
- Courtyard
- Fitness Center
- Gated
- Recycling
- Roof Terrace
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 30 | - | 698 |
| 2+1 | 20 | - | 972 |
| 3+2 | 20 | - | 1,278 - 2,500 |
1 1
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 41-13-24-317-001 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $113,200 |
PROPERTY TAXES
Parcel Number
41-13-24-317-001
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$113,200
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7th St Lofts | 600 7th St NW
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