3320 Alpine Avenue, Grand Rapids, MI
3320 Alpine Avenue, Grand Rapids, MI, 49503
Acquisition Date: June 2015
Acquisition Price: $2,065,000
Acquisition Cap Rate: 9.54%
Current Market Value: $2,250,000
Building Size: 5,000 SF
Acquisition Cost per SF: $413.00
Property Type: Retail Outparcel
Tenants: T-Mobile and Aspen Dental
Occupancy: 100% (2 tenants)
Investor Returns: Over 10.5% annual return on investment, in line with projections (not including increase in property value)
Highlights: This property is a quality asset with high visibility, excellent location, strong demographics and class A tenants. Envision negotiated a below market acquisition price due to short remaining term on the existing leases. Envision discovered during its property due diligence that both tenants are top performing locations and received assurances that the tenants would renew their leases upon expiration, allowing for above market returns to investors that outweigh the risk. To mitigate risk, this property was acquired along with 6385 B Drive North, Battle Creek, MI to allow for additional security and diversification.
At Envision, our main goal is to identify and procure properties that provide stable, long-term and high-yield investments with returns that outweigh the risks. Our unique and creative approach in operating our company and structuring transactions allows us to effectively achieve this goal.