Property Overview

Sale Price: $576,000
Property Type: Multifamily Land
Gross Land Area: 11.82 Acres
Price per acre: $48,731

Property Description

Click to download the marketing flyer for

4624 Walma Avenue SE Land.

Investment Highlights

  • The Future Land use recommendation for this site is low density residential, up to 4 units per acre. The current RPUD-1 High Density Residential Planned unit Development zoning makes provision for Senior Housing with an allowable density up to 32 units per acre. This site may be idea for market rate or affordable senior independent living development options.

  • The land is in the City of Kentwood next to the Police Department, and walking distance to the Kentwood District Library, City Hall and Fire Department.  Walgreens, Family Fare Foods and the unique Horrock’s Market are all just a short distance from the site.

  • Strong demographics- strong population density and median household income.

  • Nearby Crestwood School – part of the Kentwood School System.

  • Only a nine-minute drive to two of the area’s largest regional malls; Woodland and the Shops at Center Point.

Walma is a connector between both 44th Street and 52nd Street and is tied to Breton Rd. which connects directly to 28th Street, the highest trafficked retail corridor of Grand Rapids.  The property is close to the Gerald R. Ford International Airport.
 
Excellent demographics.  Well located parcel.  City of Kentwood has allowance for up to 32 units per acre for senior affordable housing.  A PILOT abatement is available for senior tax credit developments.  Shuttle service would be required.
 
Although the site is ideal for multifamily housing, it is also conducive to for sale condominium housing. 
 
The land has had a wetlands determination and the engineers have determined that the approximately 1/3 acre of wetlands can be mitigated on site at a nominal cost.  The Seller has also completed a phase one environmental study and the site is clean.
Contact Information
Craig Black, CCIM
Direct: 616.242.1126
Email: craigb@naiwwm.com
Scott Nurski, MBA
Direct: 616.242.1106
Email: scottn@naiwwm.com
NAI Wisinski of West Michigan
100 Grandville Ave SW Suite 100
Grand Rapids, MI 49503
www.naiglobal.com
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100 Grandville Ave SW Suite 100
Grand Rapids, MI 49503
616.575.7006

The NAI Global Great Lakes Region Multifamily Team specializes in Investment Properties throughout Michigan.