Manufacturing Facility with Net
For Sale
$50,078,571
3290 Patterson Ave SE, Grand Rapids, MI 49512
Engineering, testing, and production functions operate within a fully leased industrial facility serving aerospace product lines.
Property Size285,875 SF
Lot Size42.17 Acres
Price / SF$175.18
Days on Market215
Property Features for 3290 Patterson Ave SE
General Information
Standard status
Active
Size
285,875 SF
Lot size
42.17 Acres
Property subtype
Industrial
Occupancy
100%
Building Details
Building Size
285,875 SF
Tenancy
Single
Listing Agency:
Fortis Net Lease
Listed By:
Doug Passon · License #6502361821
(248) 254-3407
Source:
Cpix.resimplifi
Added: Mar 18
Changed: Oct 7
Last Checked: Oct 16 at 5:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fortis Net Lease
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This manufacturing property combines engineering, testing, data management, computing, networking, and production functions within a highly improved facility. The building supports GE Aviation Systems LLC, a GE Aerospace division, in its Navigation & Guidance and related product areas. The property is fully leased under a long-term net lease, with limited landlord responsibilities and scheduled annual rent increases.
The facility occupies ±42.17 acres at 3290 Patterson Ave SE in Grand Rapids, Michigan, less than ten minutes from Gerald R. Ford International Airport. The lease runs through December 31, 2035, with 2% annual increases. The lease structure also includes a negotiated roof replacement and tenant improvement program, along with a new roof backed by a long-term warranty.
The facility occupies ±42.17 acres at 3290 Patterson Ave SE in Grand Rapids, Michigan, less than ten minutes from Gerald R. Ford International Airport. The lease runs through December 31, 2035, with 2% annual increases. The lease structure also includes a negotiated roof replacement and tenant improvement program, along with a new roof backed by a long-term warranty.
Key Highlights
- 100% leased to GE Aviation Systems LLC, a division of GE Aerospace
- ±42.17‑acre site in Grand Rapids, Michigan
- Lease extends through 12/31/2035 with 2% annual increases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$2,981,276
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$59,625,520
$59.6M
Cap Rate 7%
$42,589,657
$42.6M
Cap Rate 9%
$33,125,289
$33.1M
Market Conditions
NOI Build-Up for 285,875 SF
Gross rent
$4.46M $15.60/SF
− Vacancy
−$200.7K −$0.70/SF
EGI
$4.26M $14.90/SF
− OpEx
−$1.28M −$4.47/SF
NOI
$2.98M $10.43/SF
Area
Grand Rapids, MI
Vacancy
4.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$59,625,520
Cap Rate 7%
$42,589,657
Cap Rate 9%
$33,125,289
Alternative Uses
Best Use
Industrial
$42.59M
$37.27M – $49.69M
NOI $2,981,276 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$66.34M
$58.05M – $77.40M
NOI $4,644,039 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 49512, MI
18,558
Population
8,870
Households
2.1
Avg Household Size
33
Median Age
38%
College-Educated
91%
High-School Grad
23.0 sq mi
ZIP Area
807
Density / Sq Mi
$70,955
Median Household Income
$41,538
Median Earnings
$1,229
Median Rent
$279,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Manufacturing property - Engineering, testing, and production functions operate within a fully leased industrial facility serving aerospace product lines.
Where is this manufacturing property located?
The property is located at 3290 Patterson Ave SE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $50,078,571.
What are key features of this property?
This property features: 100% leased to GE Aviation Systems LLC, a division of GE Aerospace; ±42.17‑acre site in Grand Rapids, Michigan; Lease extends through 12/31/2035 with 2% annual increases
