64/70 Ionia AveGrand Rapids, MI 49503

Property Details for 64/70 Ionia Ave

Year built

1916

Lot size

0.35 AC

Property size (Sq ft)

61,839 SF

Property type

Retail properties

Property subtype

Office properties

Description

This exceptional Class A mixed-use (office and retail) property, located at 64/70 Ionia Avenue SW in Grand Rapids, Michigan, presents a compelling investment opportunity. The 61,839 square foot building boasts a 7.50% cap rate and a strong net operating income (NOI) of $685,795, with 100% occupancy across three tenants. Built in 1916 and completely renovated inside and out within the last 15 years, this two-building complex sits on a 0.345-acre lot and includes rights to 87 parking spaces. Its prime location in the heart of Grand Rapids' Entertainment District places it directly across the street from the 12,500-seat Van Andel Arena and adjacent to the vibrant Studio Park development. The property also benefits from its proximity to the soon-to-be-completed 12,000-seat Grand Rapids Amphitheater situated along the Grand River. This thriving area is experiencing significant growth, with numerous high-credit tenants, market-rate multi-family developments, restaurants, and hotels. The asking price is $9,143,939, translating to $148.99 per square foot. The permitted zoning is commercial. Please note that this investment sale excludes the second-floor condo at 70 Ionia Avenue.

Location Insight

City

Grand Rapids

County

Kent

State

Michigan

Latitude

42.9614

Longitude

-85.6699

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