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64/70 Ionia Ave Grand Rapids, MI 49503

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For Sale
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Downtown Grand Rapids investment opportunity: high occupancy, strong NOI.

Property size:
61,839 SF

Property Features for 64/70 Ionia Ave

General Information

Property type
Mixed-use properties
Square Feet
61,839 SF
Class
A
Lot Size
15,028 SF

Building Details

Year Built
1916
Buildings
2

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Listing Contact
Chip Bowling
Chip Bowling

Listing Agency: Bradley Company Grand Rapids Listing Agent: Chip Bowling

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

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.
Property Profile Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Law Firm Hair Salon Nail Salon

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Grand Rapids
County
Kent
State
Michigan
Longitude
-85.6699198
Latitude
42.9613976

FAQs

What type of property is this?
Mixed-use property - Downtown Grand Rapids investment opportunity: high occupancy, strong NOI.
Where is this mixed-use property located?
The property is located at 64/70 Ionia Ave Grand Rapids, MI.
What is the asking price?
The asking price for this property is $9,143,939.
What are key features of this property?
This property features: Fully leased, three-tenant Class A building, totaling 61,839 square feet, with a 7.50% cap rate and $685,795 NOI.; Across the street from the 12,500-seat Van Andel Arena.; Located in Grand Rapids' CBD, adjacent to the Studio Park development.
(616) 254-0005 Call to check price and availability
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