Investment Opportunity - 610 Plymouth Ave NE

Industrial for Sale
Catylist Listing ID: 30526712
Property Subtypes: Industrial-Business Park, Manufacturing, Light Industrial, Warehouse/Distribution
Building Size (RSF): 14,620 SF
Gross Building Area: See Agent
Gross Land Area: 1.20 Acres
Sale Price: $1,325,000
Unit Price: $90.63 PSF
Ceiling: 24 ft. Clear
Docks/Doors: 2 Doors
Office SF: 2,040 SF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Last Updated: 1/17/2020

Overview / Comments

The property located at 610 Plymouth Ave NE is presently being occupied by Classic Die. Classic Die has occupied the building since its construction.
Classic Die has recently been purchased by a private equity group who prefers to lease their space rather than own it. As such they are willing to sell this building utilizing a sale lease back approach. At close the Seller will sign a 10 year triple net lease back to the Buyer.
The Property is in excellent condition and contains a nice compliment of office space and warehouse / manufacturing space. The building features heavy power and is fully air conditioned. This facility serves as Classic Die’s corporate headquarters and contains all of its engineering and design staff as well as its tool making capabilities.
The company also occupies, by way of a lease, the property across the street where it is doing manufacturing. This truly is an excellent long-term opportunity for those seeking returns via real estate leasing and / or a 1031 Exchange opportunity.

Broker has been advised that the identified Seller is not the owner of the Premises, but is the tenant under a Lease Agreement that contains a purchase option in favor of Seller, and that Seller’s right to sell the Premises exists only under the terms and upon exercise of the purchase option. Broker acknowledges its receipt and review of the Lease Agreement, including the terms of the purchase option. Any purchase agreement or offer pursuant to this Agreement must reflect the terms of the purchase option and the timing issues that result therefrom. If Seller is unable to exercise its purchase option or its attempt to exercise is contested or denied by the Premises owner (Seller’s landlord) or the Premises owner otherwise fails to timely and properly convey title and possession to Seller or Seller’s designated purchaser so as to facilitate timely and proper transfer of title and possession by Seller to its purchaser, then notwithstanding any other provision of this Agreement, no commission or other fee or charge will be due to Broker. Recognizing that Seller is not the owner of the Premises, Broker agrees that any broker’s lien that may arise or exist in its favor on account of this Agreement shall not in any circumstance attach to or affect the Premises owner or the Premises owner’s interest in or title to the Premises. Notwithstanding any other provision of the Agreement, Seller makes no representation or warranty whatsoever (express, implied, written, oral, or otherwise), as to the Premises, including without limitation title to or the condition or legal compliance of the Premises.

At close Seller will execute a new ten (10) year triple net lease in a form and substance reasonably acceptable to Seller at $6.25 per square foot NNN with 2% annual increases. The lease will contain two (2) five (5) year options to renew. Said lease shall not be a commission earning event.

There shall be no third party beneficiaries of Seller's obligations contemplated by the agreement.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $11,673 (Annual)
Assessed Value - Total($) $309,300 (Annual)

Additional Details

Nearest MSA: Grand Rapids-Kentwood
County: Kent
Submarket/Township: Knapp/Fulton
Taxing Authority: City of Grand Rapids
Tax ID/APN: 41-14-21-328-008
Zoning: SD-IT - MCN
Property Located Between: Michigan Street and I-196 and Ball Ave and Maryland Ave
Highway Access: 1.29 Miles to I-196 and 2.33 Miles to I-96
Airports: Gerald R. Ford International Airport
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1988
Year Renovated: 1995
Parking Type: Surface
Parking Description: On Site
Overhead Cranes: 1
Amps: 600
Volts: 480
X-Phase: 3 Phase
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Lighting: Fluorescent
Lot Frontage: 181.33
Lot Depth: 287.65
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,376 130,915 267,904
Median Age: 33.63 32.83 33.22
Households: 4,040 49,958 102,419
The information presented herein is provided as is, without warranty of any kind. Neither Commercial Alliance of REALTORS West Michigan nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.