1st State Plaza Building - 3rd Floor Condo

Office for Sale
Also listed as Business Opportunity
Catylist Listing ID: 22005399
Property Subtypes: Executive Suites, Office Building
Building Size (RSF): 15,313 SF
Gross Building Area: 87,750 SF
Gross Land Area: 3.98 Acres
Sale Price: See Agent
Ceiling: 8 ft.
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: 1st State Plaza
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/19/2016

Overview / Comments

Shinners & Chasnis is pleased to offer three floors (condo units) for sale at the 1st State Plaza in Saginaw Township, Michigan. The Property is a 5 story Multi-Tenant Office building on Fashion Square Blvd 1 block south of Tittabawassee Road, and 1/4 mile west of I-675. Directly across from the Plaza is the only regional mall in Saginaw Township, Fashion Square Mall. This landmark property is located on one of the strongest corner locations for office space in Saginaw County. In addition to its exceptional location the property has incredible visibility, a strong tenant mix, and is under going class "A" renovations.
The building is anchored by 1st State Bank, which owns and occupies the first floor as its regional corporate headquarters. 1st State Bank was founded in 2004 to provide personal and business banking services to the Mid-Michigan market. Floors two through five are occupied by other national and local firms who have been tenants at this property for several years. 2 floors (3rd, 4th) are each available at the sale price. The fifth floor is also available at a price of $1,850,000.
MBS Airport is conveniently located minutes from this property.

Financials

Finance Data Year 2012
Potential Rental Income $219,450 (Annual)
Net Operating Income $113,050 (Annual)
Gross Operating Income $197,505 (Annual)
Actual or Proforma Year Proforma
Finance Data Year 2010
Real Estate Taxes - Annual($) $43,978 (Annual)
Assessed Value - Total($) $1,000,000 (Annual)

Additional Details

Nearest MSA: Saginaw-Saginaw Township North
County: Saginaw
Tax ID/APN: 124022004013
Zoning: B-3
Market Type: Medium
Property Located Between: Tittabawassee Road and Schust Rd.
Road Type: Paved
Property Visibility: Excellent
Transportation: Bus
Highway Access: Close to 675 adjacent to I 75
Airports: MBS (Midland, Bay City, Saginaw)
Site Description: Updated exterior, redesigned parking lot, redesigned landscaping, new restrooms, lower level, 1st, 2nd & 3rd floors, new HVAC Systems, updated elevators. (Projects in progress and to be completed by June 2012) Free Storage, on-site management, maintenance and leasing agents.
Area Description: Highly visable location across from Fashion Square Mall, close to I 675, I 75, Shopping, Hotels and Dining.
Total Number of Buildings: 1
Number of Stories: 5
Typical SF / Floor: 15,313 SF
Year Built: 1973
Year Renovated: 2011
Roof Type: Flat
Construction/Siding: Steel Frame
Exterior Description: Stucco & Glass
Parking Ratio: 4.4 (per 1000 SF)
Parking Type: Surface
Parking Description: Available to tenants & clients with no fees
Total Parking Spaces: 299
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable, DSL
Interior Description: 5738 sq. ft. leased by long term tenants through 2016. Balance of floor available to build to suit.
Zoning Description: B-3
Lot Frontage (Feet): 370
Lot Depth: 468
Land Ownership: Owned
Legal Description: LOTS 13, 14, 23, 24 & 25 FASHION SQUARE COMMERCIAL PARK - 3.97 ACRES PART OF NW 1/4 SEC 02 T12N R4E

Attachments & Media


Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,096 44,687 104,219
Median Age: 32.89 37.73 38.26
Households: 1,018 17,609 41,925
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