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QUICK STATS
6,680 SF
SF:
835 SF
Average SF:
$1.96
Rent / SF:
1,996 SF of Walgreens Occupied Retail Space
Retail Space
3
Stories
1
Buildings
2016
Built
8
UNITS
[CEROS OBJECT]
• Fully Equipped Kitchen
• Dishwasher
• Stainless Steel Appliances
• Washer / Dryer
• Island Kitchen
• Quartz Countertops
• Tile Backsplash
• Secure Access Keyless Entry
• Google Nest Equipped
• Elevator
• Covered Parking
AMENITIES
LOCATION
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555 Michigan St,
Grand Rapids, MI 49503
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Berkadia.com
Investment Sales
Detroit Office
CONTACT Info
Mortgage Bankers
Peter Benedetto
Senior Managing Director
248.208.3462
peter.benedetto@berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Conor David
Director
425.213.5103
conor.david@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Kevin p. Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Peter Benedetto
Senior Managing Director
248.208.3462
peter.benedetto@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
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The asset
555 Michigan St | Grand Rapids, MI 49503
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555 Michigan Street provides an investor the prospect to acquire 8 units, with 1,996 SF of Walgreens occupied retail space, in the strong ‘barriers to entry’ market of Grand Rapids, MI. 555 Michigan offers residents contemporary loft-style living, situated within the hustle and bustle of downtown Grand Rapids. The one- and two-bedroom units are sure to attract professionals and families alike. Directly east of “Medical Mile” Downtown Grand Rapids, you will find 555 Michigan Street. With the majestic Grand River bordering the neighborhood on its west side and John Ball Park and Zoo directly across the river, the natural beauty of the area is only enhanced by Roosevelt Park’s famous arts scene. This artistic, quirky neighborhood is convenient to US-131, I-196, and to Grand Valley State University: Pew Campus, less than two miles north on Grandville Avenue. An Elite downtown locale, attractive contemporary loft units, and the phenomenal downtown Grand Rapids rental-market ensure the long-term viability of this Asset.
FAVORABLE LIFESTYLE & RENTAL MARKET: Grand Rapids, MI Demographic Snapshot: A quick snapshot of Grand Rapids’ demographics provides a window into the quality location of 555 Michigan Ave.
- % Of White-Collar Workers: (1 Mile) 71%
- Average Household Income (5 Miles): $84,943
- 5-Year Projected Household Income (5 Miles): 93,792
- Average Housing Unit Value (5 miles): $363,665
- Average Apt. Market Occupancy: 96%
ELITE DOWNTOWN LOCATION: 555 Michigan Ave. is in the heart of downtown Grand Rapids, MI. Grand Rapids continues to see steady growth and is celebrated for its cultural diversity and ‘midwestern’ nature.
- 0.6 miles to the ‘Medical Mile’
- 0.6 miles to Spectrum Health Butterworth Hospital
- 1.6 miles to Acrisure LLC, Headquarters
- 5.5 miles to Calvin University
- 7.3 miles to Meijer’s World Headquarters
- 7.6 miles to Steelcase furniture manufacturer
- 9.0 miles to Amway Global Headquarters
- 11.8 miles to Gerald R. Ford International Airport
- 12.6 miles to Grand Valley State University
- 13.1 miles to Tanger Outlets – Grand Rapids
Grand Rapids, MI and surrounding areas are home to a host of suburban shopping centers and plazas teeming with various restaurants, markets, shops, and cafes. With all the desirable metrics of the “meds and eds” Grand Rapids continues to be a sought-after area to place investment capital. Direct access to I-96, US 131, and I-196 makes getting around Grand Rapids, MI quite easy. Grand Rapids, MI is conveniently located within 3 hours of Chicago, IL, Detroit, MI and Fort Wayne, IN.
Jillian Maki
Senior Director
248.208.0529
jillian.maki@berkadia.com
Property Highlights
Property Highlights
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Jillian Maki
Director
248.208.3465
jillian.maki@berkadia.com