3050 Ivanrest AveGrandville, MI 49418

Property Details for 3050 Ivanrest Ave

Year built

1988

Lot size

1.89 AC

Property size (Sq ft)

12,250 SF

Zone code

OS-1

Property type

Medical offices

Property subtype

Medical space

APN

41-17-16-155-003

APU

411716155003

Description

This exceptional 12,250 square foot medical office building presents a compelling investment opportunity in Grandville, Michigan. Located at 3050 Ivanrest Ave SW, this single-building property sits on a 1.89-acre lot (APN: 41-17-16-155-003) and boasts a desirable 7.12% cap rate. Built in 1988, the building features an attractive atrium entrance, ample parking, and prominent monument signage. The property is currently offered for sale by owner at $1,531,250 ($125/sq ft) and is configured as a multi-tenant building with a gross lease structure. One suite, previously used as an optometry office, is available and includes existing plumbing. The building enjoys a prime location with convenient highway access and nearby shopping amenities. The professional atmosphere is further enhanced by the presence of neighboring dental and podiatry practices. This presents a rare opportunity to acquire a well-located, high-performing medical office building in a thriving market. The property's strong tenant base and attractive features make it an ideal investment for owner-users or investors seeking a stable, high-yield asset.

• CAP approach

  CAP return

  Valuation

  6%

  $2,237,376

  6.5%

  $2,065,270

  7%

  $1,917,750

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,595,562

  Geo Method

  $1,595,562

• Alternative Use

  Use

  Valuation

  Residential

  $2,560,934

  Hospitality

  $2,345,802

  Educational

  $1,951,680

  Medical

  $2,018,801

  Retail

  $3,035,946

Location Insight

City

Grandville

County

Kent

State

Michigan

Latitude

42.9087

Longitude

-85.7431

CBSA code

24340

CBSA name

GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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