1801 Plainfield AveGrand Rapids, MI 49505

This exceptional mixed-use property, located at 1801 Plainfield Ave NE in Grand Rapids, Michigan, presents a compelling investment opportunity. The 9,200 square foot building, constructed in 1910 and extensively renovated in 2021, features six units across two stories and is currently 100% occupied by four tenants under a gross lease structure. The property boasts a strong net operating income (NOI) of $55,530, yielding a 7.94% cap rate at an asking price of $699,000. Leases are currently in place for a two-year term, commencing May 1, 2023, and expiring May 1, 2024, with a 5% annual rent bump provision. Significant recent renovations include new roofs (2021 and 2023), exterior painting (2022), and extensive interior updates to several units, including new mini-splits, flooring, cabinets, and bathrooms. The property is zoned for retail, office, and residential mixed use, offering flexibility for a variety of potential uses. Situated in the thriving Creston neighborhood, this property benefits from high visibility and accessibility in a prime commercial area of Grand Rapids, a city experiencing robust economic growth. The property's current income stream, coupled with the potential for future lease escalations and the adaptability of its floor plan, makes it an attractive investment for both seasoned investors and owner-occupiers. The property is offered for sale by owner.