Forest Hills Public Schools Multifamily Land

Vacant Land for Sale
Catylist Listing ID: 30554726
Property Subtypes: Multi-Family
Gross Land Area: 7.26 Acres
Sale Price: $1,650,000
Unit Price: $227,272 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/28/2020

Overview / Comments

• Zoning per Future Land Use Map accommodates up to 72 multifamily housing units
• All utilities available (water must be extended from east side of East Beltline Ave)
• Easy access to Interstate 96—very marketable site for future residents
• Excellent demographics— very strong population density and median household income!
• Top rated school district—Forest Hills Public Schools is rated as the best school district in Grand Rapids, one of the top school districts in Michigan, and is nationally ranked and was awarded a Silver Medal by U.S. News & World Report
• Only 2 minute drive to regional retail amenities, including Meijer Superstore, TJ Maxx, Old Navy, Celebration Cinema, PF Chang’s, Panera Bread, Starbucks, and much more!

Well located parcel with great development potential for multifamily use. While the site is conducive to rental housing, it is ideally situated to accommodate for sale condominium housing. This is a rare opportunity to acquire high density residential land within the desirable Forest Hills Public School district. Excellent demographics support a wide range of potential residential product types and price points. The property is located along a major north-south artery with easy access to Interstate-96, and offers convenient access to employment, shopping and entertainment opportunities. The parcel is heavily wooded and currently comprised of rolling terrain. However, the site has been examined by a civil engineer and it is possible to site balance and level the terrain to support a multifamily development. In addition, the property offers useable timber that could be sold to help offset site clearing costs. The Grand Rapids Township future land use map allows a housing density of 10 units per net usable acre via a rezoning to PUD (Planned Unit Development), subject to additional zoning constraints.

Additional Details

Nearest MSA: Grand Rapids-Kentwood
County: Kent
Submarket/Township: East Beltline North
Tax ID/APN: 41-14-03-426-088, 41-14-03-426-083
Zoning: INSTITUTIONAL/PUD-2
Property Located Between: 4 Mile Rd & 3 Mile Rd off E Beltline Southbound
Property Visibility: Excellent
Legal Description: 41-14-03-426-088 N 334.75 FT OF S 2308.75 FT OF THAT PART OF E 1/2 E 1/2 SE 1/4 LYING WLY OF WLY LINE OF HWY M- 44 /EAST BELT LINE RELOCATED/ * SEC 3 T7N R11W 3.54 A. 41-14-03-426-083 THAT PART OF E 1/2 E 1/2 SE 1/4 LYING WLY OF WLY LINE OF HWY M- 44 /EAST BELTLINE RELOCATED/ EX S 2308.75 FT * SEC 3 T7N R11W 3.72 A.
Largest Nearby Street: East Beltline
Zoning Description: See Marketing Package
Topography: Rolling

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,961 50,305 154,073
Median Age: 38.79 37.97 35.24
Households: 1,644 20,478 60,499

Contact

Photograph of Listing Agent

Scott Nurski

NAI Wisinski of West Michigan
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.