Description
3674–3678 Plainfield Avenue NE is a fully occupied, three-tenant retail investment on Grand Rapids’ Plainfield Avenue corridor. The 5,346-square-foot building is leased to Wingstop, Admiral Tobacco and Cricket under absolute NNN leases, producing $67,451 in reported annual NOI. The $963,000 asking price reflects a 7% capitalization rate.
The 0.52-acre site provides 56 feet of frontage on Plainfield Avenue NE, a dedicated turn lane, pylon signage and ten parking spaces. Reported traffic is approximately 28,750 vehicles per day. The building was constructed in 1971 and renovated in 2005.
Lease expirations are staggered through 2028, 2029 and 2035, with contractual renewal options and scheduled rent increases. The combination of full occupancy, multiple income streams and absolute NNN structures offers an investor a stabilized neighborhood-retail asset in the Grand Rapids market.
Offering Summary
- Asking Price$963,000
- Price PSF$180.13
- Property TypeRetail
- Size5,346 SF
- Occupancy100%
- Built1971
- Parking10 Spaces
- Total Acres~0.52 ac
Sale Details
- Cap Rate7.0%
- NOI$67,451
Documents
Property Address
Property Details
- Property Type
Retail - Gross Leasable Area
5,346 SF - Occupancy
100% - Frontage (ft)
56 ft - Traffic Count
28,750 AADT - Year Built
1971 - Year Renovated
2005 - Parking Ratio
1.92 per 1,000 SF - Total Parking
10 - Acres
0.52 - Zoning
Commercial - APN
41-10-33-351-018
Deal Team
