- For Sale $10,995,000
- Property Type Industrial
- Property Size 279,552 SF
- Lot Size 13.3 Acre
- Date Updated Mar 25, 2024
Martin Commercial Properties, Inc. is pleased to exclusively offer for
sale to qualified investors the opportunity to acquire an industrial/
office asset located at 1950 Waldorf NW in Walker, Michigan. The
property totals +/-279,552 SF consisting of +/- 27,689 SF of office and 251,863 SF of warehouse space on 13.3 acres. The original building
was constructed in 1972 with a 65,400 SF warehouse addition added in 2018. The property has been well maintained and benefits from recent parking lot and landscaping improvements.
The property is located in Walker, which is in the NW section of
greater Grand Rapids. This area is a strong industrial corridor and is home to headquarters for both Meijer and Bissell. Additionally, it
is conveniently located to both I-96 and US-131, given the current tenants easy access to the greater Grand Rapids MSA.
1950 Waldorf is fully occupied by multiple tenants. Occupying roughly
89% of the total property is Vital Records Corporation. They signed an initial 10-year lease that has roughly 5 years remaining with two, five-year options to renew thereafter. Their lease has yearly CPI increases, with a floor of 1% and a ceiling of 2%/year. Their current
rent is currently $2.84/SF NNN, which is significantly below market and gives a potential investor plenty of upside in the future.
The purchase of this property presents an investor with an opportunity to purchase a large industrial asset in the strong Grand Rapids market. The combination of future upside with a low price of $41.52/SF makes this an attractive option for investors.
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Contacts
Blake Rosekrans
Martin Commercial Properties
(616) 726-5476
Christopher T. Miller
Martin Commercial Properties
(517) 319-9244
Location
Getting Around
-
Walk Score ®
Car-Dependent (15) -
Bike Score ®
Somewhat Bikeable (13)
- City Grand Rapids, MI
- Neighborhood Northwest Edge
- Zip Code 49544
- Market Grand Rapids
Points of Interest
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Grand Rapids
4.14 miles
-
Walker, MI Supercharger
0.91 miles
-
Meijer
0.92 miles
-
Westside Service
1.39 miles
-
Meijer
1.41 miles
-
BP
1.42 miles
-
Marathon
1.45 miles
-
Speedway
1.54 miles
-
Mobil
1.60 miles
-
Citgo
1.80 miles
-
Mobil
1.86 miles
-
Menard's Parking
2.58 miles
-
Lot One
3.04 miles
-
Area 9
3.18 miles
-
Lot Two
3.18 miles
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Overflow Parking
3.20 miles
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Area 7
3.23 miles
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Grand Valley State University Pew Campus Parking
3.32 miles
-
Museum Parking
3.46 miles
-
Seidman Lot
3.55 miles
-
Watson Lot
3.59 miles
-
Meijer
1.29 miles
-
Target
1.90 miles
-
Kohl's
1.96 miles
-
Walmart Supercenter
2.40 miles
-
Family Fare
2.50 miles
-
Aldi
2.60 miles
-
Creston Market
2.88 miles
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Bridge Street Market
2.94 miles
-
Thrifty Outlet
3.26 miles
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Grand Central Market
3.77 miles