1850 28th Street SE, Grand Rapids, MI 49508

$1,575,000
Property Type: Commercial Sale Square Footage: 20,340 Lot Size (sq. ft.): 157,034 Status: Active
Current Price: $1,575,000 List Date: 4/19/2025 Last Modified: 9/29/2025

Description

*PRICE REDUCED* Great opportunity for a fully leased automotive retail Grand Rapids commercial property with desirable 28th Street frontage plus additional appx 75,000 sq/ft (289x262) of land area for possible venture/expansion (i.e storage facility/your location building) There is current investment buildout in this 28th/Kzoo area! This is a turn-key cashflow investment opportunity with owner operator possibilities. Suite 500 has potential to be split into 2 suites as previous for additional rents. (500 & 550) A Suite is available for Owner Operator! Roof updated 2011. Environmental done 2020: no corrective actions necessary. 2020 appraisal ($1,375,000) adjusting for rents appx 35% more puts estimated value much higher ($1,850,000) than asking price making this a deal! Appx 9% cap rate at asking price. Current total lease at $15,500/monthly gross lease ($186,000 annually) Appx $146,000 cashflow a year with current leases and expenses. See supplement and attached. Call for more info.

Supplements: Tenant 1 - $9500/month total (Ste: 100 $3500/month, Ste: 200 $3000, Ste:300 $1500, Ste: 400 $1500) Auto renew 3 year lease option w/ CPI increase. Next renewal option 11/4/2026Tenant 2 - $2000/month - 3112 square feet Month to month Suite 500 (Rents could be higher and could be split back to 2 suites, 500 & 550)Tenant 3 - $4000/month lease - 2100 square feet plus basement (Oil Changers) 4 more 5 year terms w/ rent increase Suite 600. Next lease renewal option 4/1/2026 new base rent $4400.Appx 9% cap rate at asking price. Current total lease at $15,500/monthly gross lease ($186,000 annually) Approximate Expenses: Property tax: $30,928 annual, Insurance $950/quarterly, consumers $83/month, Water $322/month. (Appx $39,588 annual expenses) Appx $146,000 cashflow a year with current leases and expenses.

More Information MLS# 25016435

Location & Property Info

Cross Streets: kzoo/breton Property Sub-Type: Industrial Municipality: City of Grand Rapids Principal Road: Yes Ownership Type: Corporate Owned

Office/Contract Info

Auction or For Sale: For Sale List Price/SqFt: 77.43 Prop Avail for Lease?: No Current Bldg Use: Retail/Automotive/Industrial

General Property Info

New Construction: No Lot Dimensions: see map Road Frontage: 400 Mineral Rights: Unknown Waterfront: No Year Remodeled: 1992 Total # Units: 6 Total # Bldgs: 1 # Fin Bldg Lvls: 20340 Total SqFt: 20340 Total Net SqFt: 20340 Property Use Type: Net Leased (nnn) School District: Grand Rapids Lot Measurement: Acres Lot Acres: 3.61 Lot Square Footage: 157034 Year Built: 1988

Tax Info

Taxable Value: 580692 SEV: 892600 For Tax Year: 2024 Seller's Annual Property Tax: 30928 Tax Year: 2024 Homestead %: 0 Spec Assessment & Type: None Known Non-Conforming Use: No Zoning: C-2 Commercial Tax ID #: 41-18-16-126-005

Remarks & Misc

Public Remarks: *PRICE REDUCED* Great opportunity for a fully leased automotive retail Grand Rapids commercial property with desirable 28th Street frontage plus additional appx 75,000 sq/ft (289x262) of land area for possible venture/expansion (i.e storage facility/your location building) There is current investment buildout in this 28th/Kzoo area! This is a turn-key cashflow investment opportunity with owner operator possibilities. Suite 500 has potential to be split into 2 suites as previous for additional rents. (500 & 550) A Suite is available for Owner Operator! Roof updated 2011. Environmental done 2020: no corrective actions necessary. 2020 appraisal ($1,375,000) adjusting for rents appx 35% more puts estimated value much higher ($1,850,000) than asking price making this a deal! Appx 9% cap rate at asking price. Current total lease at $15,500/monthly gross lease ($186,000 annually) Appx $146,000 cashflow a year with current leases and expenses. See supplement and attached. Call for more info. Legal: lengthy legal attached

Additional Details

Total Parking Spaces: 50 Grd Lvl OH Doors: 28 Ceiling Height: 14

Income and Expenses

Annual Maint ($): 2400 Annual Prop Ins ($): 3800 Annual Utilities ($): 4860 Gross Op Income ($): 186000 Net Operating Income: 136412 Operating Expense: 41988

Street Type

Paved: 1 Public: 1

Property Use

Investment: 1

Utilities Attached

Electricity Connected: 1 Natural Gas Connected: 1 Phone Connected: 1

Sewer

Public Sewer: 1

Water

Public Water: 1

Uses

Auto Service: 1 Professional Service: 1 Retail: 1 Storage: 1 Other: 1

Construction Type

Concrete: 1

Exterior Material

Block: 1

Heat Source

Natural Gas: 1

Sale Conditions

None: 1

Ownership

LLC: 1

Below Grade

None: 1

Heat Type

Radiant: 1

Business Includes

Non-Applicable: 1

Util Avail at St

Electricity Available: 1 Natural Gas Available: 1 Phone Available: 1

Driveway

Paved: 1

Purchase Terms Avail

Cash: 1 Conventional: 1

Possession

Close Of Escrow: 1 Subject To Tenant Rights: 1

Location Property Info

County: Kent Street #: 1850 Street Name: 28th Suffix: Street Post Direction: SE State: MI Zip Code: 49508 Area: Grand Rapids - G

OfficeContract Info

Status: Active Current Price: $1,575,000 List Price: $1,575,000 Listing Date: 2025-04-19

Remarks Misc

Directions: South side of 28th Street between Kalamazoo Ave and Breton.

Property Features

Property Use: Investment Uses: Auto Service; Professional Service; Retail; Storage; Other Ownership: LLC Business Includes: Non-Applicable Construction Type: Concrete Exterior Material: Block Below Grade: None Sewer: Public Sewer Water: Public Water Utilities Attached: Electricity Connected; Natural Gas Connected; Phone Connected Util Avail at St: Electricity Available; Natural Gas Available; Phone Available Heat Source: Natural Gas Heat Type: Radiant Driveway: Paved Street Type: Paved; Public Purchase Terms Avail: Cash; Conventional Sale Conditions: None Possession: Close Of Escrow; Subject To Tenant Rights

Documents

Listing Office: Bialik Real Estate LLC
Listing Agent: Nathaniel R Bialik
IDX
Last Updated: September - 29 - 2025
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