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GRid70 70 Ionia Ave SW 34,923 SF 100% Leased Office Building Grand Rapids, MI 49503 $9,143,939 ($261.83/SF) 7.50% Cap Rate
INVESTMENT HIGHLIGHTS
- 1005 leased Three-Tenant, Class A Building
- Located in the Grand Rapids CBD adjacent to the live/work/play Studio Park Development
- Interior and exterior of the building recently updated
- Located across the street from the 12,500 seat Van Andel Arena
- Minutes away from the soon-to-be developed 12,000 seat Grand Rapids Amphitheater located on the Grand River
- Building comes with "rights" to 87 parking spaces
EXECUTIVE SUMMARY
Class A mixed use (office & retail) building located in the Entertainment District of Grand Rapids, Michigan - one of the fastest growing Midwestern cities in the United States. Located in close proximity to multiple entertainment venues and positioned among other properties with several AAA credit tenants. Area also includes a fast growing population of market rate multi family developments, restaurants and hotels.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
34,923 SF
Building Class
A
Year Built
2004
Price
$9,143,939
Price Per SF
$261.83
Cap Rate
7.50%
NOI
$685,795
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
8,625 SF
Slab To Slab
14’
Building FAR
3.49
Lot Size
0.23 AC
Zoning
CBD-4 - Commercial district zone
AMENITIES
- Bus Line
- Security System
Walk Score®
Walker's Paradise (97)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $2,896,100 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,896,100
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GRid70 | 70 Ionia Ave SW
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