Grand Rapids, MI 49508,1850 28th ST SE
Grand Rapids, MI 49508,1850 28th ST SE
Grand Rapids, MI 49508,1850 28th ST SE
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$1,575,000
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20,340 SqFt
Pending

1850 28th ST SE Grand Rapids, MI 49508

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Brent Ditto

Brent Ditto

+1(586) 839-9852

UPDATED:

Key Details

Property Type Commercial

Listing Status Pending

Purchase Type For Sale

Square Footage 20,340 sqft

Price per Sqft $77

MLS Listing ID 65025016435

Year Built 1988

Lot Size 3.610 Acres

Acres 3.61

Property 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.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 11/4/2026

Tenant 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.

Location

State MI

County Kent

Area Area41142Grandrapids

Interior

Heating Natural Gas, Radiant

Fireplace No

Exterior

Parking Features Paved

Utilities Available ElectricityConnected, NaturalGasConnected, PhoneAvailable, PhoneConnected

View Y/N No

Building

Foundation None

Sewer Public Sewer

Water Public

New Construction No

Schools

High Schools Grand Rapids

School District Grandrapids

Others

Ownership LLC

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition CorporateRelocation

Realcomp MLS
©2026 Realcomp II Ltd. Shareholders
Listed by Nathaniel R Bialik of Bialik Real Estate LLC

NEARBY SCHOOL & BUSINESS

SCHOOLSPROPERTIES
Elementary Schools 20
  • 9

    Breton Downs School

    Public | PK - 5

  • 8

    Wealthy School

    Public | PK - 5

  • 8

    Excel Charter Academy

    Public | KG - 8

  • 7

    Bowen Elementary School

    Public | KG - 5

  • 7

    Lakeside School

    Public | PK - 5

  • 7

    Challenger Elementary School

    Public | KG - 5

  • 5

    Grand Rapids Child Discovery Center

    Public | KG - 5

  • 5

    Vista Charter Academy

    Public | KG - 8

  • 5

    Meadowlawn Elementary School

    Public | KG - 5

  • 5

    New Branches School

    Public | KG - 8

  • 4

    Godwin Heights Middle School

    Public | 5 - 8

  • 4

    East Kelloggsville School

    Public | KG - 1

  • 4

    Southeast Kelloggsville School

    Public | 4 - 5

  • 4

    River City Scholars Charter Academy

    Public | KG - 8

  • 3

    Brookside School

    Public | KG - 5

  • 3

    Dickinson School

    Public | PK - 8

  • 3

    Martin Luther King Leadership Academy

    Public | PK - 8

  • 3

    Ken-O-Sha Park Elementary School

    Public | PK - 5

  • 2

    Lighthouse Academy

    Public | KG - 12

  • 1

    Hope Academy of West Michigan

    Public | PK - 12

Middle Schools 8
  • 8

    East Grand Rapids Middle School

    Public | 6 - 8

  • 5

    Crestwood Middle School

    Public | 6 - 8

  • 4

    Kelloggsville Middle School

    Public | 6 - 8

  • 3

    Grand Rapids University Preparatory Academy

    Public | 6 - 12

  • 2

    William C. Abney Academy - Middle School

    Public | 6 - 8

  • 1

    Valleywood Middle School

    Public | 6 - 8

  • 0

    Southeast Career Pathways

    Public | 8 - 12

  • 0

    Alger Middle School

    Public | 6 - 8

High Schools 10
  • 10

    East Grand Rapids High School

    Public | 9 - 12

  • 8

    Excel Charter Academy-Grand River Preparatory School

    Public | 9 - 12

  • 4

    Kelloggsville High School

    Public | 9 - 12

  • 3

    Godwin Heights Senior High School

    Public | 9 - 12

  • 2

    Ottawa Hills High School

    Public | 9 - 12

  • 0

    Catholic Central High School

    Private | 9 - 12

  • 0

    Rocket Learning Lab

    Public | 9 - 12

  • 0

    Godwin Heights Learning Center

    Public | 9 - 12

  • 0

    Grand Rapids Learning Center

    Public | 9 - 12

  • 0

    Grand Rapids Christian High School

    Private | 9 - 12

School and business data provided by Attom Data.

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Brent Ditto

Brent Ditto

Agent | License ID: 6501428605

+1(586) 839-9852

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1850 28th ST SE