Sale Price: $2,215,000
Property Type: Market Rate Townhomes
Unit Count: 14 Units
Average Unit SF: 1,273 SF
Price per unit: $158,214
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Stabilized Asset with Upside Potential: Offers investors stable cash flow, along with some rental upside.
New Construction: Completed in 2013, the property will require minimal capital expenditures for the first few years of ownership.
Strong Rental Submarket: Submarket occupancy exceeds 97%, thus supporting healthy annual rental rate increases.
New Financing Opportunity: Provides an investor the opportunity to take advantage of the highly aggressive capital markets, low interest rates, long-term financing with interest only period, and maximum leverage.
Townhome Style Units: Units offer spacious floor plans with direct access, attached garages and direct unit access. No common area to heat or maintain.
Stable and Diverse Economy: Grand Rapids metropolitan area is a dynamic and growing market with a stable and diverse economy anchored by over 90 international companies, including 4 of Forbes largest private companies, in addition to a strong medical component.
Priced at or Below Replacement Cost: Opportunity to own new product without the hassle and risk of the development process.
Outdoor Adventure Awaits: Proposed Grand River Greenway extension is expected to connect through the parcel behind Riverstone along the Grand River, thus providing easy access for cyclists, hikers and joggers to the current 22.2 mile Kent Trail system that extends from John Ball Park Zoo to Byron Center. The existing trail is already very close by. Other outdoor options include Millennium Park (1,500 acres), Johnson Park (258 acres), neighboring Wallinwood Springs Golf Club and only a 26 mile drive to the beautiful white sand beach of Holland State Park along Lake Michigan.