The Market Place

Retail-Commercial for Sale
Catylist Listing ID: 30187338
Property Subtypes: Mixed Use
Building Size (RSF): 15,000 SF
Gross Building Area: See Agent
Sale Price: $750,000
Unit Price: $50 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Building Name: The Market Place
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/19/2018

Overview / Comments

Great opportunity to own a beautifully restored commercial building in downtown East Tawas. High traffic location! The interior of this immaculately maintained building has been developed as a multi-tenant property. An open central stairway provides access to the second floor area as does a commercially approved elevator.
The first floor interior includes seven tenant spaces with net leasable areas of 300 to 2,300 square feet. These are largely used as retail spaces and includes two restrooms and a common circulation area.
The second floor area includes a potential of 12 tenant spaces, most of which are fully finished and occupied. Stable income producing but could be available for owner/occupant.
The building materials and methods employed have sought to preserve many of the original architectural details and features of the building which have been enhanced with new windows, wall and ceiling finishes and relished wood floors. Renovations have been completed between 2001-2011. The overall design and quality of the building makes it competitive with spaces at the higher end of the CBD market lease range.
East Tawas Michigan sits on the “Sunrise Side” of northeastern lower Michigan on the shores of Lake Huron. Iosco County derives its name from Chippewas and translates to “Water of Light.” Water indeed helps to define Iosco County, between its extensive Lake Huron shoreline to the presence of the state’s largest river, the Au Sable, which empties into the great lake south of Oscoda. This makes East Tawas a great place to enjoy water sports or activities including fishing, boating, kiteboarding etc. When snow falls cross country skiing on the beautiful trails is a peaceful way to enjoy the winter months.

Attachments & Media

Additional Details

Nearest MSA: Owosso
County: Iosco
Submarket Type: Central Business District
Tax ID/APN: 121-A30-019-003-00
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Visibility: Excellent
Tenancy: Multiple Tenants
Parking Type: Surface
Parking Description: Newly paved private parking lot in rear. Back door exits directly onto lot, great for tenant or customer parking. Lot would also make a great outdoor seating area for a restaurant or cafe. Building is also surrounded by a variety of free city parking lots.
Passenger Elevators: 1

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,485 4,679 8,050
Median Age: 50.92 51.74 49.98
Households: 731 2,129 3,513

Contact

Photograph of Listing Agent

Heather Freeling

Trillium Real Estate
CPIX Member
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