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

For Sale
Opportunity Zone Property
-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.

470 Market Zoning:

475 Market Zoning (Approved March 22, 2018):

475 Market Grand River Overlay DH-2a:

Smart Zone:
Smart Zone Map:

470 Area:
475 Area:
Total Acres:

Available Space:
Space Per Floor:

470 Parcel #
475 Parcel #

TN-TCC (Traditional Neighborhood - Transitional City Center) Maximum 5 Story Building

TN-CC (Traditional Neighborhood - City Center) with height restriction DH-2a - Maximum 10-16 Story Building

For buildings less than 8 stories in height the Grand River Overlay requires a step back at the third or fourth story where the upper levels would need to be reduced in size.  That requirement is generally to allow light and air to get through and better views to the river.  For buildings over 8 stories in height, particularly meant for the City Center, the step back provision doesn’t apply.

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


New windows and view from your corner office!
TN-City Center: Commercial/Residential/Entertainment/Educational/Cultural/Artistic/Health-Care

Old school paper shredder.

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

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.

Rehabilitation Tax Credits 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. More information on this below under "Redevelopment Incentives!"

IRS Rehabilitation Tax Credit

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

Redevelopment Incentives

Opportunity Zones (NEW IN 2017 TAX CUTS AND JOBS ACT)

Opportunity Zones are a new concept recently enacted in the 2017 Tax Cuts and Jobs Act. The program is designed to incentivize patient capital investments in low-income communities nationwide that have been cut off from capital and experienced a lack of business growth. There are three types of tax incentives that relate to the treatment of capital gains, each of the incentives are connected to the longevity of an investor’s stake in a qualified Opportunity Fund that provides the most upside to those who hold their investment for 10 years or more.

You can view more details here:,4641,7-141-5587_85624---,00.html

Qualified Opportunity Zone Fund Investments White Paper by Varnum

Federal Renovation Tax Credits

A) Credit equal to 10% or 20% of Qualified Rehabilitation Expenditures (ORE)

B) General Rules
    a) 75% of existing exterior walls must remain in place
    b) 50% of existing exterior walls must remain as exterior walls
    c) ORE’s are capitalized costs (including soft costs) that are considered improvements to real estate
    d) ORE’s must equal or exceed the purchase price of the building (excluding land) or the depreciated basis of the property
    e) ORE’s must be expended during a 24-month (in some cases 60 months) period

C) 20% credit for Historic Renovations
    a) Applies to commercial building (residential and commercial)
    b) Renovation must meet National Park Service’s standards for certified historic renovations
    c) Building must be a Historic Structure or located in and contributing to a Federal Historic District

D) 10% General Renovation Credit
    a) Applies to commercial structures only
    b) Residential use not permitted
    c) Building must be built before 1936

E) Building must remaining in compliance and cannot be sold for a period of 60 months form the placed in service date or credit is recaptured

F) Credit syndication value $0.90 to $0.95 per dollar of credit

New Markets Tax Credit
A) Federal Tax Credit of 39% of NMTC financing (Credit Authority) claimed over a seven year period
    a) Property must be in a low income or high poverty census track
    b) Credit based on credit authority allocated by Community Development Entities (CDE)
    c) I almost all cases Credit Authority is significantly less than TDC
    d) Average Credit Authority is in the $10m to $20m range
    e) Credit rate is 39% of Credit Authority (5% for years 1 -3 and 6% for years 4 - 7)
    f) Tenant and use restrictions apply

B) Must work with Community Development Entity (CDE) to receive Credit Authority
    a) CDE’s can be local, regional, state of national
    b) Project must meet CDE’s investment goals
    c) In most cases multiple CDE’s in on project
    d) Highly completive to attract CDE

C) Must be a commercial or mixed-use property. Mixed use must have more than 20% of gross rental income from commercial tenants

D) Credits must be syndicated through banks or other investment companies
    a) Project owner is not allowed to use the credit
    b) Gross credit value $0.85 per dollar of credit or 33.15% of Credit Authority
    c) Net credit value $0.64 per dollar of credit or 25.00% of Credit Authority

E) MNTC Financing must remaining in compliance and cannot be repaid for a period of 84 months form closing

Low Income Housing Tax Credit
A) A Federal Tax Credit equal to 4% and 9% per year of eligible cost
    a) Credit is taken over a 10 year period
    b) At least 40% of the units must be set a side for families with less than 60% of Area Medium Income
    c) Only of low income units are eligible for credit
    d) 9% program highly competitive
    e) 4% credit must use tax exempt bond financing noncompetitive low subsidy value

B) Credit is Syndicated through pools or direct placement
    a) Syndication value $0.90 to $0.95 per dollar of credit
    b) Project must remain in incompliance for 15 years

Brownfield Tax Increment Financing (TIE)
A) Incremental Increase in State and Local real estate tax captured by Brownfield Authority
    a) 90% of capture returned to project as reimbursement for TIF eligible expenditures
    b) Maximum capture period Is 30 years
    c) In most cases TIE capture is much shorter

B) Eligible Expenditures include
    a) Remediation
    b) Site work
    c) Demolition
    d) Public Infrastructure
    e) Parking structures

C) Approval process can be political
    a) Local TIF requires City approval
    b) State and Local TIE requires both State and City approval

D) TIE Reimbursement comes in over TIE period
    1) Owner must fund eligible expenditures until TIE is received
    2) Most lenders are accustomed to securing TIE development agreement

Community Reinvestment Program (CRP)
A) State Grants
    a) 20% of construction and E&E
    b) Maximum grant up to $1 .0m

B) Program controlled by MEDC
    a) May be coupled with other state programs
    b) Subordinate loan program

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 -
 In general ceiling height is 12' 2" from floor to bottom of lowest beams. (Some variation on top floor due to roof slope for water drainage)
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 (Traditional Neighborhood - Transitional City Center) Maximum 5 Story Building

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

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)

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


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

In general ceiling height is 12' 2" from floor to bottom of lowest beams. (Some variation on top floor due to roof slope for water drainage)

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


> 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