560 5th St NW

Office: General

560 5th St NW, Grand RapidsMI 49504

Property Details

Location

Address
560 5th St NW, Grand RapidsMI 49504
County
Kent
Submarket
Northwest Business District
Parcels
41-13-24-330-024

Building Size

Building Size

Building Details

Type
 Office: General
Number of Buildings
Occupancy Type
Single Tenant
Percent Occupied
Building Class
Building Status
Existing
Floors
Year Built
Sprinklers
Parking Ratio

Land & Utilities

Sanitary Sewer
Yes
Water
Yes
Rail Service
No
Zoning
N/A
Lot Depth
Lot Width

Contacts

Current Listings

560 Fifth St. NW

108,100 SF$7,310,000
Cap Rate: 8.02%
Marcus & Millichap

This beautifully constructed 1879 structure gives the property a rustic feel while the newly renovated common areas provide a clean, modern finish. In fact, the aesthetic appeal speaks to the reason that four out of the sixteen tenants currently occupying office warehouse space happen to be architectural firms. A short distance northwest of the Grand Rapids city center, this four-story, multi-tenant building provides a total of 108,100-square-feet of space, with 46,108-squarefeet of office space and 61,992-square-feet of warehouse space which features a clear height of 16-feet. 560 Fifth St. provides tenants and their customers with an ample amount of free on site and adjacent parking which is an especially attractive feature in this neighborhood. Other features include a new roof in 2019 and fire alarm system in 2018 and 2019.

The property has a diverse mix of tenants ranging from industries such as technology and media to furniture and logistics. The building has a current occupancy of 90.04% with two pending RFP’s bringing the property to a 98.03% occupancy. During the Coronavirus pandemic, tenants showed no sign of distress with seven of them renewing and two new tenants signing. Tenants’ attraction to the property is likely due to its prime location and size being a low-rise building on the outskirts of downtown. Over the next three years, there is no more than 10.21 percent lease rollover by square footage in any single year. Additionally, nine of the office tenants’ leases are based on useable square footage while the other seven are leased on rentable square footage, with no drop off in rental rate which provides an upside, if and when those tenants are replaced. Out of the sixteen tenants that occupy office or warehouse space, about 94% of them have annual rent escalations of 2.0%, 2.5%, and 3.0%.

The Grand Rapids NW Side has grown to be a creative neighborhood with a number of restaurants, breweries, brand new apartment buildings, and entertainment options. The convenient distance to grocery being just four blocks away is only one benefit of the location of this property. Furthermore, tenants and customers have direct access to the bus route that takes them throughout the Grand Rapids metropolitan area.

The property is professionally managed by Rockford Property Management which prefers to remain in that role after the sale.

An entity related to Seller also owns the adjacent property at 665 Seward and prefers to sell both 560 Fifth and 665 Seward as a package but will certainly consider separate sales.

Please contact Michael Cagen for any questions, inquiries, and additional information.?

Marcus & Millichap

This beautifully constructed 1879 structure gives the property a rustic feel while the newly renovated common areas provide a clean, modern finish. In fact, the aesthetic appeal speaks to the reason that four out of the sixteen tenants currently occupying office warehouse space happen to be architectural firms. A short distance northwest of the Grand Rapids city center, this four-story, multi-tenant building provides a total of 108,100-square-feet of space, with 46,108-squarefeet of office space and 61,992-square-feet of warehouse space which features a clear height of 16-feet. 560 Fifth St. provides tenants and their customers with an ample amount of free on site and adjacent parking which is an especially attractive feature in this neighborhood. Other features include a new roof in 2019 and fire alarm system in 2018 and 2019.

The property has a diverse mix of tenants ranging from industries such as technology and media to furniture and logistics. The building has a current occupancy of 90.04% with two pending RFP’s bringing the property to a 98.03% occupancy. During the Coronavirus pandemic, tenants showed no sign of distress with seven of them renewing and two new tenants signing. Tenants’ attraction to the property is likely due to its prime location and size being a low-rise building on the outskirts of downtown. Over the next three years, there is no more than 10.21 percent lease rollover by square footage in any single year. Additionally, nine of the office tenants’ leases are based on useable square footage while the other seven are leased on rentable square footage, with no drop off in rental rate which provides an upside, if and when those tenants are replaced. Out of the sixteen tenants that occupy office or warehouse space, about 94% of them have annual rent escalations of 2.0%, 2.5%, and 3.0%.

The Grand Rapids NW Side has grown to be a creative neighborhood with a number of restaurants, breweries, brand new apartment buildings, and entertainment options. The convenient distance to grocery being just four blocks away is only one benefit of the location of this property. Furthermore, tenants and customers have direct access to the bus route that takes them throughout the Grand Rapids metropolitan area.

The property is professionally managed by Rockford Property Management which prefers to remain in that role after the sale.

An entity related to Seller also owns the adjacent property at 665 Seward and prefers to sell both 560 Fifth and 665 Seward as a package but will certainly consider separate sales.

Please contact Michael Cagen for any questions, inquiries, and additional information.?

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555 4th St NW

6,915 SF $19.95 Annual/SF
Jones Lang LaSalle

On-site parking available. Walking distance to many restaurants and retail along the growing Bridge Street Corridor. Great combination of open space and private offices. Newly built out. Professionally managed.

On-site parking available. Walking distance to many restaurants and retail along the growing Bridge Street Corridor. Great combination of open space and private offices. Newly built out. Professionally managed.

Jones Lang LaSalle

On-site parking available. Walking distance to many restaurants and retail along the growing Bridge Street Corridor. Great combination of open space and private offices. Newly built out. Professionally managed.

On-site parking available. Walking distance to many restaurants and retail along the growing Bridge Street Corridor. Great combination of open space and private offices. Newly built out. Professionally managed.

View Details
View Details

560 5th St NW

2,127 SF $18.50 Annual/SF
Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

View Details
View Details

560 5th St NW

1,741 SF $18.50 Annual/SF
Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

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View Details

560 5th St NW

609 SF $18.50 Annual/SF
Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

View Details
View Details

560 5th St NW

3,285 SF $18.50 Annual/SF
Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

View Details
View Details

560 5th St NW

Office For LeaseSuite 555 4th St
6,915 SF $18.50 Annual/SF
Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

Jones Lang LaSalle

- On-site parking available

- Loft style office space with high ceilings and exposed brick

- Walking distance to many restaurants and retail along the growing Bridge Street Corridor

- Just down the street from the brand new Bridge Street Market development

View Details
View Details

Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

CIE

Source: CARWM

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