15K SF Investment Property | Government Tenant

Office for Sale
Catylist Listing ID: 30525213
Property Subtypes: Governmental, Mixed Use
Building Size (RSF): 15,729 SF
Gross Land Area: 0.92 Acres
Sale Price: $1,850,000
Unit Price: $117.62 PSF
Property Use Type: Investment
Building Name: Harriet Commerce Center
Class of Space: Class C
Sale Terms: Cash to Seller
Average Occupancy Rate: 100
Last Updated: 12/5/2019

Overview / Comments

Great investment property opportunity with ideal Governmental long-term tenant on a NNN lease. Great return - estimated 8% cap rate.

Professional well-maintained building with responsible and respectful occupants.

Located on a high-Traffic intersection (main N/S drive to I-94) w/ plenty of parking, high-visibility and minutes to I-94, Michigan Avenue, downtown Ypsilanti and an easy drive to Ann Arbor and Detroit.

Surrounded by industry, local businesses, schools & neighborhoods.

Financials provided with NDA.

Current Tenants

Tenant Business Name Michigan Works! Association
Website URL https://www.michiganworks.org/
Industry Type Health Care and Social Assistance
Is Renting? Yes

Additional Details

Nearest MSA: Ann Arbor
County: Washtenaw
Submarket/Township: Washtenaw E of 23
Taxing Authority: City of Ypsilanti
Tax ID/APN: 11-11-39-415-038
Zoning: NC
Property Located Between: S Hamilton Street & S Adams Street
Property Visibility: Excellent
Highway Access: I-94
Airports: Detroit Metro, Willow Run & Ann Arbor Municipal
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1994
Roof Type: Gable
Parking Ratio: 2.8 (per 1000 SF)
Parking Type: Surface
Parking Description: rear surface parking
Total Parking Spaces: 45
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable, ISDN
Zoning Description: Neighborhood corridor (NC). Neighborhood corridors have a linear land pattern and are adjacent to residential neighborhoods. The size, form and scale of buildings and the type and intensity of uses should be complementary to abutting single-family or core neighborhoods, including less intense multiple-family residential building types and uses.
Lot Frontage: 334
Lot Depth: 133
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: provided with title commitment
Land Ownership: owned
Legal Description: YP CITY 53W-12A LOTS 7 THRU 13 TRIM & MC GREGOR'S SUBD'N OF LOTS 53, 54, 55, 56, 57 & 58 H. W. LARZELERE'S ADDITION

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,341 80,061 146,249
Median Age: 31.93 32.95 34.77
Households: 5,708 33,101 59,255

Contact

Photograph of Listing Agent

James H. Chaconas

Colliers International
CPIX Member
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