Historic Commercial Building For Sale in Manistee

Retail-Commercial for Sale
Catylist Listing ID: 30368418
Property Subtypes: Mixed Use, Restaurant, Tavern/Bar/Nightclub, Other
Building Size (RSF): 21,000 SF
Gross Land Area: 0.64 Acres
Sale Price: $3,200,000
Unit Price: $152.38 PSF
Ceiling: 14 ft.
Property Use Type: Investment
Building Name: North Channel Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/24/2019

Overview / Comments

This 21,000 SF multi-use, commercial building is located on a corner in the heart of downtown Manistee, and represents a fantastic investment opportunity. Steps from the riverfront, this fully-renovated, historical building is home to the highly successful North Channel Brewing Company on the main level, which is operating on a long-term personally guaranteed lease. Ten, loft-style apartments with additional grey box space make up the second and third levels. The 7,800 SF main level contains the brewing facilities and lab, restaurant/bar area with outside seating, office, freezer/cooler and storage space. The second floor accommodates five apartments totaling 5,000 SF along with a 3,000 SF grey box area, and the 5,000 SF third floor contains five additional apartments. Built in 1910 and renovated in 2018, this building’s historical architecture has been artfully maintained both inside and out showcasing exposed beams, rustic brick walls, large windows and original hardwood floors. Ample on-site, street and public parking are available. Property has also been awarded an OPRA Tax Abatement and Brownfield TIF that are transferable with sale. Members of owner LLC are licensed realtors.

Additional Details

Nearest MSA: Ludington
County: Manistee
Submarket Type: Redevelopment District
Taxing Authority: City of Manistee
Tax ID/APN: 51-51-211-100-00, -01 and -04
Zoning: C-3 CENTRAL BUSINESS DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Casino, Other
Property Located Between: 5th and the Manistee River
Property Visibility: Excellent
Largest Nearby Street: US-31
Feet of Frontage: 212
Highway Access: US-31
Airports: Manistee County Airport, Mason County Airport
Site Description: Building is located on a corner in the heart of quaint, Downtown Manistee, just Northwest over the Manistee Bridge.
Area Description: With a balanced mix of economic opportunities and a highly sought after quality of life, Manistee County is recognized by leaders in manufacturing, technology, medical and tourism-based businesses. A Pure Michigan destination, Manistee is home to 3 Lake Michigan harbors, 4 scenic rivers and 10 beaches along with a quaint, walkable downtown and over 120 historic sites.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Excellent
Year Built: 1910
Year Renovated: 2018
Roof Type: Flat
Construction/Siding: Brick, Wood Frame
Exterior Description: 21,000 SF brick building has been completely renovated while maintaining its historical architectural elements on each of its three floors.
Parking Type: Surface
Parking Description: On-site, street and public parking are available.
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: This 3-story historical building is home to North Channel Brewing Company on the main level. The second and third floors contain a total of 10 apartments as well as 3,000 SF of greybox space. Apartments have artfully maintained historical features with exposed beams, rustic brick walls, large windows and original hardwood floors along with modern updates such as granite countertops and stainless steel appliances.
Zoning Description: It is the intent of the Central Business District to protect and strengthen the commercial core of the City of Manistee as a regional and specialty shopping, service and entertainment area; to encourage a broad range of compatible retail, service, entertainment and residential uses forming vibrant, walkable and attractive districts in concert with the objective of the Master Plan and Downtown Development Authority Plan.
Lot Frontage: 212
Lot Depth: 137
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: Parking easement on south side of building.
Legal Description: Long legal on file.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,550 8,106 10,470
Median Age: 42.24 44.75 46.46
Households: 2,069 3,675 4,590

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