750-754 Leonard St Nw is aretail property for lease in Grand Rapids, MI.
PRICE REDUCED! Investment property with strong cash flow. Subject includes 3 parcels: 744 Leonard St. - 2 story commercial building (7,386SF), 750 Leonard St. - ~0.15 acre vacant commercial lot, and 1142 Alpine Ave. - duplex home (1,552SF) with 5 unit garage (1,040SF - units individually rented as storage). Fully occupied units with steady rental history. Great potential to develop vacant lot. 2 story commercial building includes two retail tenants (Warren Nutrition and Fast Cash - both have leased here for approximately 25 years) and three large, nice 2 bedroom apartment units. Prime retail corner location on two heavily trafficked streets, making this property easy to lease and keep leased. Other three corners of Leonard/Alpine occupied by 5/3 Bank, Walgreens, and Shell station. Strong future development value in this high profile corner site. 15.1% cash-on-cash return based on in-place income.
SHOWING INSTRUCTIONS: Call L.A. 616.242.1106
TERMS: Cash or new mortgage.
SPECIAL NOTES: Owner indicates that City of Grand Rapids may be willing to vacate alley between 750/754 Leonard St and 1142 Alpine Ave.