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Office

665 Seward Ave. NW

665 Seward Ave NW, Grand Rapids, MI 49504

Listing Price: $15,300,000

Cap Rate
7.49%
Gross SF
101,879
Rentable SF
101,879
Price/Gross SF
$150.18
Lot Size
2.57 acres
Year Built
1880

Investment Overview

Welcome to The John Widdicomb Building. The uniqueness of this 101,879-square-foot property being a long, narrow building on the growing and vibrant NW side of Grand Rapids allows for unobstructed views of the greater downtown skyline a half dozen blocks away. The John Widdicomb Building was historically a furniture manufacturing facility, which does not come as a surprise considering its location in the Furniture City of Grand Rapids, Michigan. In more recent years, it was professionally and meticulously renovated as a low-rise (5 story) office building, offering chic, loft-style spaces. 665 Sewards location on the outskirts of the city center provides tenants with an abundance of resources just minutes away. Tenants benefit from the 288 neighboring parking spaces, being conveyed with the property, which is an unusual commodity in the area.

Tenants include Edward Jones Investments, Hooker DeJong Architects, Engineers, and Planners, and Venture Connect logistics. The largest tenancy at 665 Seward is Spectrum Health, which happens to be the number one largest hospital system in Michigan. The building has a current occupancy of 95.65 percent, with 1 tenant having renewed and 2 brand new tenants making their home at The Widdicomb Building during the Coronavirus pandemic. Out of the eight tenants currently occupying office space, three of their leases are based on useable square footage while the other five are leased on rentable square footage, with no drop off in rental rate which provides an upside, if and when those three tenants are replaced. Furthermore, six of the eight tenants have annual rental escalations of 2.5 percent to 3.0 percent and one tenant has a 9.4 percent rental escalation after the first five years of their term coming up in July 2024.

The Grand Rapids NW Side has grown to be a creative neighborhood with a number of restaurants, breweries, multiple new apartment buildings and entertainment options. The convenient distance to brand new grocery being just four blocks away is only one benefit of the location of this masterpiece. 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 560 Fifth St. and prefers to sell both 665 Seward and 560 Fifth as a package but will certainly consider separate sales.

Investment Highlights

  • Annual Increases of 2.5% to 3.0% for 6 of the 8 Office Tenants
  • Generous Parking 288 Spaces Being Conveyed with the Property
  • 1 Tenant Renewed and 2 Tenants Signed During the Coronavirus Pandemic
  • 95.65% Current Occupancy
  • Recent Capital Expenditures Include a New Generator, Fence, and Lobby Improvements
  • 5 Leases Based on Rentable Square Footage while 3 Others are Leased on Useable

Exclusively Listed By

Listing Price: $15,300,000

Cap Rate
7.49%
Gross SF
101,879
Rentable SF
101,879
Price/Gross SF
$150.18
Lot Size
2.57 acres
Year Built
1880

Investment Highlights

  • Annual Increases of 2.5% to 3.0% for 6 of the 8 Office Tenants
  • Generous Parking 288 Spaces Being Conveyed with the Property
  • 1 Tenant Renewed and 2 Tenants Signed During the Coronavirus Pandemic
  • 95.65% Current Occupancy
  • Recent Capital Expenditures Include a New Generator, Fence, and Lobby Improvements
  • 5 Leases Based on Rentable Square Footage while 3 Others are Leased on Useable

Investment Overview

Welcome to The John Widdicomb Building. The uniqueness of this 101,879-square-foot property being a long, narrow building on the growing and vibrant NW side of Grand Rapids allows for unobstructed views of the greater downtown skyline a half dozen blocks away. The John Widdicomb Building was historically a furniture manufacturing facility, which does not come as a surprise considering its location in the Furniture City of Grand Rapids, Michigan. In more recent years, it was professionally and meticulously renovated as a low-rise (5 story) office building, offering chic, loft-style spaces. 665 Sewards location on the outskirts of the city center provides tenants with an abundance of resources just minutes away. Tenants benefit from the 288 neighboring parking spaces, being conveyed with the property, which is an unusual commodity in the area.

Tenants include Edward Jones Investments, Hooker DeJong Architects, Engineers, and Planners, and Venture Connect logistics. The largest tenancy at 665 Seward is Spectrum Health, which happens to be the number one largest hospital system in Michigan. The building has a current occupancy of 95.65 percent, with 1 tenant having renewed and 2 brand new tenants making their home at The Widdicomb Building during the Coronavirus pandemic. Out of the eight tenants currently occupying office space, three of their leases are based on useable square footage while the other five are leased on rentable square footage, with no drop off in rental rate which provides an upside, if and when those three tenants are replaced. Furthermore, six of the eight tenants have annual rental escalations of 2.5 percent to 3.0 percent and one tenant has a 9.4 percent rental escalation after the first five years of their term coming up in July 2024.

The Grand Rapids NW Side has grown to be a creative neighborhood with a number of restaurants, breweries, multiple new apartment buildings and entertainment options. The convenient distance to brand new grocery being just four blocks away is only one benefit of the location of this masterpiece. 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 560 Fifth St. and prefers to sell both 665 Seward and 560 Fifth as a package but will certainly consider separate sales.

Exclusively Listed By

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