1661 Monroe Ave NW
Sale Price: $10,900,000
Property Type: Apartment Development Opportunity
Unit Count: 200-240 Units
Square Feet: 170,500
Year Built: 1872
Constructed in 1872, the subject building is a beautiful, historic, post and beam structure that is ideally suited for an adaptive reuse development for high density residential use. It is comprised of an approximately 170,500SF, five story, brick building in an L-configuration. Overall, the building is structurally sound and the face brick is in good condition. The building should easily accommodate between 200 and 240 residential units.
The interior boasts high ceilings with exposed timber beams, along with wood ceilings and floors. Large windows provide plenty of natural light. The interior dimensions provide adequate depth to accommodate a “double load” residential unit layout with a central hallway. Both inside and out, the building exudes the historic “loft” character that many urban residents love.
The property boasts over 450 feet of frontage along the Grand River and is part of a planned site condominium that includes over 930 feet of water frontage. The site includes over two acres of paved surface area, thus providing the opportunity for significant on-site parking. As more and more of the urban environment is revitalized within Grand Rapids, vehicle parking has evolved into a premium commodity. Additional parking capacity is available via parallel street parking in front of and nearby the building.
The subject building shares a party wall with an industrial warehouse building that is currently undergoing a modern and hip restoration into the world headquarters of MiEN Company, which is an education focused furniture manufacturer. The facility will be used to showcase and warehouse product, as well as include office space. This “soft use” will create minimal noise and other nuisances that may be associated with an industrial use. The truck docks will be situated on the north side of the building, which is over 400’ from the shared wall. Once completed, the renovated building will feature a contemporary façade and appear as an essentially new structure. Both the buyer and the seller will work together to create a shared parking and access opportunity through the Legacy building into MiEN’s corporate headquarters office which will be adjacent to the north.
The asset is a prominent and notable fixture along the Grand River and offers visibility from US-131 Highway. It is situated on the northern end of the rapidly revitalizing North Monroe District, an urban extension of the central business district. The site provides quick access to both the freeway and vibrant downtown Grand Rapids. In addition, the site is only a few blocks west of the Creston Business District/North Quarter Corridor Improvement District; an up and coming urban district.