934 Butterworth
A former grocery store with a lot of character potential on a small up and coming corridor.
Project Passed On
Heartbreaking, but we passed on the deal after due diligence revealed costly building conditions paired with environmental discoveries and a seller not willing to negotiate price.
The Pitch
The Numbers
This project is a modest return at 7.25% target. The majority of the opportunity is in 5-10 year horizon when cashflow and equity appreciation anticipated.
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7.25% 5 Year Average Annual Return Cash-on-Cash.
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Renovate and Hold Long Term.
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15.49% Projected IRR in Event of Sale at 7% Exit Cap in the Event of Advantageous Sale.
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$25,000 Minimum
The Building.
Retail below will be built out as residential until commerce comes back to the street. Two 2BR apartments upstairs need to be finished.
The Neighborhood.
A quiet up and coming area with other character buildings.
The City.
Grand Rapids, MI is undergoing tremendous and continued growth as the fastest growing metropolitan area in Michigan and is presently experiencing a significant housing shortage.
Butterworth Corridor.
Retail below will be built out as residential until commerce comes back to the street. Two 2BR apartments upstairs need to be finished.