Summary of Real Estate Redevelopment Opportunity in Northeast Grand Rapids

Property: Approximately 1.160 acres with two buildings totaling 12,160 square feet of restaurant/retail space, a large parking lot, and pylon signage.

Location: Popular North-East Grand Rapids neighborhood, north of Downtown Grand Rapids. Opportunity for future additional adjacent land acquisitions.

Current Tenant: Vitale’s restaurant/sports bar

Building Condition: Buildings were initially constructed in 1946 and updated in 1988. A new roof and ceiling tiles have been installed in the current building, with a combined investment of $47,000.

Ownership Options: Owners are willing to sell the business and property together, split the property, or just the property and relocate the business. Ideally, the owners would like to maintain a small spot with limited dining and a take-out drive-thru on the corner of Leonard and Emerald.

Redevelopment Potential: Ideal for redevelopment of college housing, with nearby universities located on the medical mile, apartment housing, office space, and retail. Traffic counts exceed 6,000 vehicles daily.

The asking price is $1,400,000 for the business, real estate, and liquor license.

Key Highlights:

• Rare investment redevelopment opportunity in a great location, north of Downtown Grand Rapids.
• Approximately 1.160 acres with two buildings totaling 12,160 square feet of restaurant/retail space.
• Large parking lot and pylon signage.
• The current tenant is Vitale’s restaurant/sports bar.
• Buildings have been updated, and new roof and ceiling tiles have been installed.
• Owners are willing to sell the business and property together, split the property, or just the property and relocate the business.
• Ideal for redevelopment of college housing, with nearby universities, apartment housing, office space, and retail.
• Traffic counts exceed 6,000 vehicles daily.

Potential Development Scenarios:

• College housing
• Mixed-use development with retail, office space, and apartments
• Multi-family residential development
• Medical office building
• Retail strip

This property offers a unique opportunity for investors to redevelop a prime piece of real estate in a popular Grand Rapids neighborhood. With its central location, proximity to major universities, and high traffic counts, this property has the potential to be transformed into a thriving mixed-use development that meets the needs of the community.

Details:

Property Facts:

Property Type: Commercial (General)
Building Area: 12,160 square feet
Lot Size: 1.16 acres / 50,530 sq ft
Original Year Built: 1946
2023 Traffic Count: 6,006 Est Daily Traffic Count
APN: 41-14-20-101-044
Zoning: MCN-C
Census Tract: 260810012.001004
City/Municipality/Township: Grand Rapids, MI 49503
FIPS Parcel Number: 2608141-14-20-101-044
Building Name: VITALE’S OF Grand Rapids, LLC
General Use: Restaurants
Overall Use: RETAIL
Multi Parcel Property: Yes
Assessed Values: 2023- $691,500

Reason for Selling: Focus on other opportunities.