Sale Price: $9,450,000
Total SF: 225,000
Total acres: 2.69
Sale $42.00/per sq ft
**Brokers Protected**

For Sale
-Professionally Restored and Refurbished Manufacturing Building-
American Box Board Company Building
470 Market Ave SW & 475 Market Ave SW (riverfront)
Grand Rapids, MI 49503

A vacant three-story building in downtown Grand Rapids along with .70 acres on the Grand River (475 Market)

Sale Price: $9,450,000


470 Market Ave SW and 475 Market Ave SW is one of the last available empty buildings near downtown Grand Rapids, It is clean and ready to develop, all possible zoning, structural, environmental issues have been taken care of.  This is a great opportunity to buy into a low cost per sq ft property with parking options and very low risk!

Development is trending south see article links to left, increasing investment value almost guaranteed.

Updates being continuously completed making this property development ready!

Fire system up to code with new fire monitoring system and all new fire sprinkling heads.


Zoned:

Smart Zone:
Smart Zone Map:

470 Area:
475 Area:
Total Acres:

Available Space:
Space Per Floor:

470 Parcel #
475 Parcel #

TN-TCC: Apt/Office/Retail


470 Market is a Smart Zone

Click Here for Map

1.89 Acres
.70 Acres
2.69 Acres

Appr. 225,000 sq ft
Appr. 75,000 sq ft

41-13-36-126-005
41-13-36-102-018

New windows and view from your corner office!

Old school paper shredder.

Exterior being updated daily, new windows being installed daily.
Pictures below are of the back side of building.


SmartZones
are specially created "technology parks" designed to spur the growth of technology-related or research-oriented businesses and employment opportunities. Technology firms, biomedical businesses, universities or private research institutes form efficient, organized and easily-identified "smart clusters," which in turn attract other businesses and highly-skilled professionals to the SmartZone.

10% Rehabilitation Tax Credit Available
A federal tax incentive to encourage real estate developers to renovate, restore and reconstruct old buildings. Buildings placed in service before 1936 are eligible for a 10% credit, and certified historic structures are eligible for a 20% credit. The credit applies to the building's rehabilitation costs, but not to the cost of purchasing the building or to repairing sidewalks, parking lots and landscaping.

IRS Rehabilitation Tax Credit
Investopedia Info Here
Tax Credit Guide

Grand Rapids Downtown Development Authority!
470 Market is now part of the Grand Rapids Downtown Development Authority! ~ DDA
Downtown Development Authority

470 Market SW Building Details

Building Materials - Solid structure composed of 100% timeless traditional red brick on all road frontages / beam / tongue and groove ceilings & floors Exterior, sand brick on back and side

Number of Floors - 3 floors ~ walk-out basement, Main Floor, 2nd Floor

Floor Sizes - Approx. 75,000+

Ceiling Heights - On average 12ft to the bottom of the beams

Column Spacing - 16'x 17’ column spacing (Interior easily divided)

Roof - Interior access via ladder

Elevator - 1 car: Basement to top floor (freight)

Loading Dock - 5 Truck level dock doors, 1 Grade level garage door

Lighting - New interior lighting - LED Natural light permeates throughout building due to long rectangular shape (short distance between large North & South windows)

Easy Access:
South 131 Exit 85a Market Ave SW
North 131 Exit 84a Wealthy St SW
East I-196 Exit 73 Market Ave SW
*These routes avoid driving through downtown Grand Rapids

Zoning -
Zoned TN-TCC: transitional city center 5.6.02.B (Apartment/Office/Retail)

Survey - 470/475 Survey

Parking - 475 Market and/or Future basement parking layout

Water Body - Grand River (470 Market and 475 Market both have unobstructed views of the river)

470 Market Ave Windows - New Windows installed by Superior Glass Company of 5588 W River Dr NE Comstock Park, Michigan 616-784-7797

Stone for Building Face - Stone for the base of the pilasters are recovered from demolition work from the First United Methodist Church of Grand Rapids located at 227 Fulton St E, Grand Rapids, MI 49503. All architectural cut stones and limestone provided by StoneZone of Grand Rapids. Phone: (616) 677-3112
Office Plan - Preliminary 15,000 sq ft office plan for third floor only 1/5 of the third floor

Basement Plan - Proposed Basement level parking. Proposed Plan

Telecommunications - ATT and Comcast Copper Internet

Fiber Optics - 1 Gig Fiber optic internet available

Owner - Underground Building Maintenance

Life Safety - Fire Protection is complete and covers all three floors, 1800 new sprinkler heads, brand new monitoring panel.

Tenant Access - Keyed Entrance from Market Ave SW and access via Godfrey

Total Building Area - 225,000 SF

Transportation - The Rapid, Mega Bus, Amtrak, Bicycling

HVAC - Building is empty of all old boilers/air chillers/steam pipe/any unusable utility items removed

Environmental:
Recent environmental report - Phase I / BEA / Due Care - No significant environmental issues found
> Asbestos abatement complete - Certificate Here
>All interior wood and brick has been media (sand) blasted to remove all lead paint, including all doors, pipes, metal surfaces. The floors/walls/ceilings have all been repeatably vacuumed to remove blasting media/dust. Walls, pipes, doors have been hand washed by BlasTek ~ Certificate Here
> All exterior brick walls have been repaired of all structural issues, brick mortar cracks, falling  cracked archways, structural issues, along with outside supporting concrete footing walls under brick all re poured/rebuilt. Basement level all structural support walls around building have been repaired, all cracks, punky walls, leaks, lintels replaced, surfaces have been repaired by DC buyers.  All basement concrete walls have been skim coated and sealed.  All basement concrete walls have been coated with white drylock for great "bright" appearance. All structural work done by DC Byers
> Environmental issues addressed and completed by Environmental Advisory Group (Art Lillibridge 616-334-1414)

Utilities:
Water/Sewer: City of Grand Rapids
Gas: DTE
Electric: Consumers Energy
Telephone: AT&T
Internet: Comcast/ATT/123.net

History:

Originally occupied by and built for American Box Board Company formerly American Paper Box Company (image scanned from envelope found at building)
Structure at a glance
Approximate measurements
All derived by field measurements, not guaranteed or implied in any way to be used or replaced further investigation for building use.

Douglas Fir wood columns on 16' X 17' centers
~ basement 12" X 12" (11.25' X 11.25")
~ main floor 10" X 10" (9.25" X 9.25")
~ 2nd floor 8" X 8" (7.25" X 7.25")

Capacity of wood columns
~ 7.25" X 7.25" 52,866 lbs
~ 9.25" X 9.25" 91,529 lbs
~ 11.25" X 11.25" 139,048 lbs

Tongue and Groove flooring ~ 5 1/2" X 1 5/16"

Tongue and Groove on roof deck ~ 5 1/2" X 1 9/16"

Floor joist 48" or less spacing

Floor joist in basement and main floor ~ 13" tall X 5 1/4" thick X 16' long

Floor joists for roof ~ 11 1/4" X 3 3/8" X 16' long

Beams used
~Basement, supporting the main floor = 17" tall X 5 1/4" thick X 16' long (quantity 2) pinned together
~Main Floor supporting the second floor = 17" tall X 5 1/4" thick X 16' long (quantity 2) pinned together
~Second floor supporting the roof = 13" tall X 7" thick X 16' long (quantity 1) 

All interior brick being repaired to apartment grade quality.

Floor structural loads usable for storage, apartments, or office.  

Building originally used for manufacturing.

** Over 130 floor/ceiling beams replaced, 25 columns and over 50,000 feet of tongue and groove board replaced.  Wooden structure has been repaired and brought up to "like new" condition, no hidden cost in replacing rotten or damaged wood in this structure.

470 Market is larger than 3 football fields stacked on top of each other with end zones.
Click to Enlarge Image

POTENTIAL:

> 475 Market Ave SW is located on deep part of Grand River
  ~ Boats can be driven up to your frontage.
  ~ Be the first in GR to have dock slips in front of your building.

> 475 Market Ave SW has potential to build apartments on the river, along with developing a large building for office/storefront use.
  ~Many possibilities with plenty of room for growth. 
  ~ Very hard to find a building of this size with so much potential in the GR downtown area.



Building and property is one block south of the train bridge in "Navigable Water Down to Lake Michigan"!
Close proximity to GVSU, downtown, The Rapid transit center + Amtrak station, Van Andel Arena, the riverwalk, and multiple parks.
Owner took his Personal Water Craft from Lake Macatawa to 470 Market in downtown Grand Rapids, I guess you could call it "Lake Michigan access via the Grand River"  unlimited future possibilities for this river frontage.
The view of 470 Market from the center of Grand River on the watercraft.
Live west of Grand Rapids- downstream? Jenison/Grandville/Hudsonville?  Avoid those pesky construction delays and just take your small boat or watercraft to work.  Just pull up to your dock at 475 Market.
Development and redevelopment of building and properties in subject properties area.
  • ~ South 131 Exit 85a Market Ave SW
  • ~North 131 Exit 84a Wealthy St SW
  • ~East I-196 Exit 73 Market Ave SW
  • ~ All of these routes avoid driving through downtown Grand Rapids
  • ~ 2 minute drive, 9 minute walk to Founders Brewing Company
  • ~ 3 minute walk or 1 minute bike to the Butterworth Trail which connects you to the Kent Trails
  • ~ 4 minute drive, 12 minute walk to GVSU Campus
  • ~ 1 minute drive, 3 minute walk to GR New Development Area for Restore the Rapids
  • ~ 3 minute drive, 9 minute walk to Amtrak train station
  • ~ Megabus parking across the street from building

Biking to 470 Market Ave SW