Industrial Waterfront Development Site in Muskegon

Industrial for Sale
Also listed as Vacant Land, Special Purpose
Catylist Listing ID: 30598354
Property Subtypes: Industrial-Business Park, Manufacturing, Mixed Use, Light Industrial, Self Storage, Warehouse/Distribution, Other
Building Size (RSF): 137,640 SF
Gross Building Area: See Agent
Gross Land Area: 14.61 Acres
Sale Price: $3,000,000
Unit Price: $21.80 PSF
Ceiling: 30 ft.
Docks/Doors: 2 Docks, 11 Doors
Office SF: 10,000 SF
Drive In Bays: 11 Bays
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 82
Last Updated: 9/24/2020

Overview / Comments

Prime waterfront development on 14.61 acres. Rare opportunity ideally situated near downtown Muskegon. Current use is industrial but municipality Master Plan and location make for an ideal waterfront development. Marina, residential condominium, retail and boat storage are a few options to consider. Situated on a point, the property offers an amazing lake view and the potential for combined development with additional 3-acre parcel available at 1133 W Western Avenue. Waterfront site includes 138,000 SF industrial building with office and warehouse space on two floors. Building is 82% leased with light industrial tenants and seasonal boat storage of boats up to 60’. Seller willing to hold substantial note for qualified buyer.

Additional Details

Nearest MSA: Muskegon
County: Muskegon
Taxing Authority: City of Muskegon
Tax ID/APN: 61-24-025-100-0001-00
Zoning: LIGHT INDUSTRIAL
Property Located Between: Franklin St and Chesapeake & Ohio Railway
Highway Access: Business 31, US-31
Airports: Muskegon County, Grand Haven Memorial, Grand Rapids International Airports
Site Description: Site acreage, water depth and Lake Michigan access offer an ideal combination for marina development on beautiful Muskegon Lake. The combined location and characteristics this property offers are unmatched in the market.
Area Description: Muskegon County, Michigan is known for its entrepreneur-driven economy and its unique location on the fresh water Great Lakes. The Muskegon Lakeshore is a continuously evolving area full of new development opportunities.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Average
Year Built: 1930
Construction/Siding: Aluminum Siding
Parking Type: Surface
Overhead Cranes: 1
Sprinklers: Wet, Dry
Heat Type: Natural Gas
Heat Source: Wall Units, Ceiling Units
Air Conditioning: Other
Lighting: Fluorescent
Internet Access: Cable
Zoning Description: Division 9 - Light Industrial District & Industrial Park
Lot Frontage: 1081 feet on W Western Ave; 1325+ feet on waterfront
Lot Depth: irregular
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities, Preservation, Other
Easements Description: See title work for details.
Legal Description: Long Legal On File

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,918 59,052 100,318
Median Age: 32.37 36.15 37.7
Households: 2,483 23,541 38,591

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