1675 E. Mt. Garfield

Expired Office for Sale
Catylist Listing ID: 29823367
Property Subtypes: Governmental, Medical
Building Size (RSF): 13,200 SF
Gross Land Area: 83,914 SF
Sale Price: $2,200,000
Unit Price: $166.67 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Short Sale/Bank-Owned: Yes
Expired On: 9/7/2017
Last Updated: 9/7/2017

Overview / Comments

Sixty two percent of the space in this investment is anchored by medical office, which has already expanded once since 2003.. With the lack of movement in medical tenancy, Michigan Pain Consultants is likely there for the long haul. Adding stability is the US Armed Forces, which operates a recruiting office in the center and occupying another 26% of the space, making this a secure investment opportunity with minimal management required. A strong, regional commercial real estate firm has a branch office in the center, to round out the tenant mix.

Financials

Finance Data Year 2014
Potential Rental Income $215,958 (Annual)
Net Operating Income $176,646 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Michigan Pain Consultants
Industry Type Health Care and Social Assistance
Is Renting? Yes
SF of Space Occupied 8,134 SF
Lease Expiration 4/2016
Tenant Business Name The Armed Forces
Industry Type Other Services
Is Renting? Yes
SF of Space Occupied 3,400 SF
Lease Expiration 12/2017
Tenant Business Name Signature Associates
Industry Type Real Estate and Rental and Leasing
Is Renting? Yes
SF of Space Occupied 1,666 SF
Lease Expiration 10/2016

Additional Details

Nearest MSA: Muskegon
County: Muskegon
Taxing Authority: CIty of Muskegon
Tax ID/APN: 15-127-100-0001-10
Zoning: PUD, PLANNED UNIT DEVELOPMENT
Market Type: Medium
Road Type: Paved
Property Visibility: Excellent
Transportation: Highway
Highway Access: Expressway access to both US-31 and I-96 is available at the north end of the neighborhood.
Area Description: The subject is located in an area considered to be in the growth stage of it's life cycle as numerous new developments have taken place in the past 10 years and vacant land is available to support further development. The Lakes Mall, a 700,000 square foot, enclosed regional mall is located at the southeast corner and opened in 2001. Anchor tenants include Sears, JC Penny, Yonkers, Dick's Sporting Goods, and Bed Bath & Beyond. The construction of the Lakes Mall has spurred development in the area including retail, restaurant, office, medical, service, and multi-family residential.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 13,200 SF
Year Built: 2002
Roof Type: Flat
Construction/Siding: Stone
Exterior Description: Cedar, concrete block, and precast stone veneer.
Parking Ratio: 8.4 (per 1000 SF)
Parking Type: Surface
Parking Description: Asphalt parking surface in front and rear of property.
Heat Source: Central
Air Conditioning: Evaporative Cooler
Internet Access: Cable
Interior Description: Painted drywall with some wall coverings. Ceiling is suspended acoustical tile on t-bar supports. Flooring is a mix of carpet, vinyl tile, and some ceramic tile.
Zoning Description: PUD
Lot Frontage: 215
Easements: Ingress/Egress, Utilities
Legal Description: Lengthy legal in LO.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,384 26,346 80,015
Median Age: 45.9 41.24 39.64
Households: 600 10,594 30,910

Contact

Photograph of Listing Agent

Michael A. Cagen

Marcus & Millichap CARWM Member
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