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Special, Smaller, Cash Flowing Strip Mall Opp.

active
Asking Price
$695,000
Cashflow
$60,000
Gross
$70,000
FEBRUARY 17, 2022

Value priced at $695,000 this attractive business opportunity offers the buyer:

• A nearly 6,000 square foot Grand Rapids (MI) neighborhood strip mall • ½ acre of street corner real estate • Easy, ample, paved parking directly in front of and on the side of the building with curb cuts on both entrances. • 100% occupancy with four fully leased units

The current owner operators have relocated abroad which has trigged favorably priced listing of this investment opportunity. Tenants of this strip mall include food service, retail, and service industries creating a dynamic environment drawing in locals and helping to support the community. Three of the four tenants have been long standing and intend to continue renewing their leases. The newest tenant has just signed on, and has already refurbished the unit, giving a new dynamic to the strip mall.

Here is a brief summary of the four units:

• Unit 1-Approx. 1,700sqft of warehouse space with large bay door • Unit 2-Approx. 1,000sqft of retail space • Unit 3-Approx. 2,000sqft of retail space • Unit 4-Approx. 1,000sqft of food service space

Now, let’s talk numbers. The strip mall generates nearly $70,000 of annual rental income, which after insurance and real estate taxes nets more than $60,000 of rental cash flow. With $70,000 down (buyer cash), a $100,000 seller note, and $525,000 mortgage, total debt (mortgage and seller note combined) would require approximately $45,000 of annual debt service. This leaves you with $15,000 cash flow after debt service.

If you want still more positive information, this establishment is within a couple of square mile radius and is within walking distance from (a) hundreds of apartments in a large neighborhood apartment complex, (b) scores of middle-class single-family homes, and (c) several churches and an elementary school.

To learn more about this truly special opportunity, please contact Miles Greengard ([email protected]).

Contact information

Miles Greengard
Back to business opportunities
Inventory
N/A
Reference ID
RJ1021722
Categories
Real Estate
Locations
Grand Rapids, Michigan