1624 Woodworth St NE

Office for Sale
Catylist Listing ID: 30149914
Property Subtypes: Office Building, Other
Building Size (RSF): 13,270 SF
Gross Building Area: See Agent
Sale Price: $1,938,000
Unit Price: $146.04 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/15/2017

Overview / Comments

Great Investment Opportunity in a locally owned property, occupied by a nationally recognized Medical Education Center.

Ross Medical opened its doors in 1976 and has been providing health care education to students across the mid-west and southern United States since that date. Today, Ross has campuses in Michigan, Ohio, Indiana, Kentucky, West Virginia, and Alabama. Grand Rapids is fortunate to have two campuses of its own, located in Kentwood, Michigan and one in Plainfield Township.

The investment property offers a 7-year lease, effective January 15, 2016 thru July 14, 2023. The lease also provides for one 5-year renewal extension, with 3% annual rent increases for the extension years.

Offered at an attractive 9% cap rate, the property is for sale at $1,938,000.00

Additional Details

Nearest MSA: Grand Rapids-Wyoming
County: Kent
Submarket/Township: Plainfield Corridor
Tax ID/APN: 41-10-33-302-024
Zoning: 201-COMMERCIAL

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,585 64,846 145,546
Median Age: 39.69 37.19 35.89
Households: 4,024 25,839 57,582
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