Historic Opportunity!

Retail-Commercial for Sale
Catylist Listing ID: 30475939
Property Subtypes: Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 14,809 SF
Gross Land Area: 0.38 Acres
Sale Price: $950,000
Unit Price: $64.15 PSF
Ceiling: 18 ft.
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Materials Unlimited
Usable Size (USF): 14,809 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/5/2019

Overview / Comments

Rare opportunity to own this grand historic Art Deco building on the Huron River!

The B3 central business district zoning allows for multiple uses including, office, retail, bar/lounges, restaurants, performance venue, financial institutions, fitness center and more!

Built originally as a car dealership & currently housing well-known Materials Unlimited since 1980, the building consists of 3 floors w/ massive windows - some w/ river views & soaring ceilings (18' on main level/covered by a 12' drop ceiling) & open spaces - allowing for plenty of possibilities. Lower level walk-out to rear parking lot along w/ exterior stairs to main entry level.

Terrific location in downtown Ypsilanti on the edge of Riverside Park surrounded by established retail, restaurants and neighborhoods. Plenty of surface, street and municipal parking after park hours.

Just around the corner from Depot Town. Conveniently located near Ann Arbor, Canton, Plymouth & Northville w/ I-94 & US 23 access.

Additional Details

Nearest MSA: Ann Arbor
County: Washtenaw
Submarket/Township: Washtenaw E of 23
Taxing Authority: City of Ypsilanti
Tax ID/APN: 11-11-40-401-001
Zoning: B-3
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: N Huron Street & N River Street
Property Visibility: Excellent
Largest Nearby Street: Michigan Ave
Feet of Frontage: 421
Traffic/Vehicle Count: 21,191
Highway Access: I-94 & US-23
Airports: Detroit Metro, Willow Run & Ann Arbor Municipal
Site Description: Stunning exterior with ground level patio entrance and Huron River views.
Area Description: Downtown Ypsilanti, with established and upcoming retail and restaurants, businesses, EMU Business School, Public Library and more.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 4,936 SF
Property Condition: Average
Year Built: 1927
Roof Type: Flat
Construction/Siding: Brick
Total Parking Spaces: 15
Parking Ratio: 1 (per 1000 SF)
Parking Type: Surface
Parking Description: Rear parking, also street parking and additional parking in Riverside Park after park hours.
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable, DSL
Zoning Description: The B3 central business district is designed to promote the orderly development, redevelopment, and continued maintenance of city's downtown and depot town commercial areas. These areas serve the comparison, convenience, service, and cultural needs of the entire municipal area as well as areas beyond the municipal limits. It is the intent of the B3 central business district to promote the development of a pedestrian-accessible mixed-use district, consisting of a variety of retail, office, and service uses. Because of the variety of uses permitted in the B3 district, special attention must be focused on site layout, building design, vehicular circulation, and coordination of site features between adjoining sites. Permitted uses should be complementary to each other, and should not have an adverse impact on street capacity, public utilities and services, or the overall image and function of the district. The B3 central business district provides incentives to encourage the development of public spaces, parking arrangements, and innovative combinations of permitted uses which allow for the rehabilitation of existing structures. Parking facilities should be designed to serve the area instead of individual businesses. Automotive related services and other uses which tend to interfere with the continuity of retail frontage and hinder pedestrian circulation are prohibited.
Lot Frontage: 42.19
Lot Depth: 243.88
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: provided with title commitment
Land Ownership: owned
Legal Description: BNDRY ADJST PER QCD 03/06/2004 YPC 1-W250 LD COM AT PT ON N LINE MICHIGAN AVE 234.6 FT E OF SW COR LOT 176 ORIGINAL PLAT, TH N PARALLEL HURON ST 235.52 FT,TH E PARALLEL MICH AVE 93 FT, TH S PARALLEL HURON ST 167.25 FT,TH S PARALLEL HURON ST 14 FT TO HURON RIVER,TH SW ALNG W BANK HURON RIVER TO N LN MICH AVE,TH W ALNG N/LN 52 FT TO POB

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,169 72,631 145,908
Median Age: 29.31 32.96 34.77
Households: 6,038 30,402 59,540

Contact

Photograph of Listing Agent

James H. Chaconas

Colliers International
CPIX Member
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