1661 Monroe AveGrand Rapids, MI 49505

Property Details for 1661 Monroe Ave

Year built

1982

Lot size

7.28 AC

Property size (Sq ft)

369,713 SF

Zone code

TN-TCC

Property type

Industrial properties

APN

41-13-13-276-008

APU

411313276008

Description

This exceptional $12,000,000 investment opportunity presents a remarkable 170,500 square foot, five-story brick building situated on a 3.76-acre lot in Grand Rapids, Michigan. Constructed in 1872, this historic post and beam structure, with its L-shaped configuration, offers significant potential for adaptive reuse as a high-density residential development, accommodating an estimated 200-240 units. The building boasts impressive features including high ceilings with exposed timber beams, wood ceilings and floors, and large windows providing ample natural light. The interior layout is well-suited for a "double load" residential unit design with a central hallway. The property features over 450 feet of Grand River frontage and is part of a planned site condominium with over 930 feet of waterfront access. Over two acres of paved surface area provide ample on-site parking, a valuable asset in a rapidly revitalizing urban area. Additional street parking is also available. The building shares a party wall with a renovated industrial warehouse, now the headquarters of an education-focused furniture manufacturer, minimizing potential noise and disruption. This prime location offers excellent visibility from US-131 Highway and is situated in the rapidly developing North Monroe District, providing easy access to downtown Grand Rapids and the freeway. The property's proximity to the Creston Business District/North Quarter Corridor Improvement District further enhances its investment appeal. The permitted zoning is TN-TCC (Traditional Neighborhood - Transitional City Center). This unique property offers a blend of historic charm and modern development potential in a thriving urban setting.

• CAP approach

  CAP return

  Valuation

  6%

  $141,066,000

  6.5%

  $130,215,000

  7%

  $120,914,000

• Comparable approach

  Method

  Valuation

  Relative Method

  $77,048,200

  Geo Method

  $77,048,200

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $68,508,500

  Mixed-Use / Specialty

  $69,631,600

  Hospitality / Lodging

  $52,866,600

  Office

  $70,642,000

  Institutional / Educational

  $72,877,400

  Residential Income

  $85,266,600

  Multifamily

  $94,684,100

  Automotive / Energy

  $62,466,400

  Parking / Income-Based Land

  $20,205,500

  Restaurant / Food Service

  $39,134,000

  Healthcare / Senior Housing

  $70,003,700

Location Insight

City

Grand Rapids

County

Kent

State

Michigan

Latitude

42.9938

Longitude

-85.6713

CBSA code

24340

CBSA name

GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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