Value Add Investment Sale - Leaseback

Office for Sale
Catylist Listing ID: 30208840
Property Subtypes: Office Building
Building Size (RSF): 26,630 SF
Gross Land Area: 1.13 Acres
Sale Price: $1,570,000
Unit Price: $58.96 PSF
Property Use Type: Investment, Business
Building Name: 888 & 908 Terrace
Class of Space: Class B
Usable Size (USF): 26,630 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 75
Last Updated: 9/12/2018

Overview / Comments

Two parcels consisting of a 26,630 SF office building with 2 stories above grade level & 1 story below grade level and a 0.46 acre parcel located immediately adjacent to the office building. The office building has a finished lower level with meeting rooms, break area and storage. Approximately 72 surface parking spaces. Located in downtown Muskegon, close to the Central Business District, in an area with on-going development.

Trinity Home Health Services (THHS) currently owns the building and intends to enter into a 5-year lease commencing upon the close.

Additional Details

Nearest MSA: Muskegon
County: Muskegon
Taxing Authority: Muskegon
Tax ID/APN: 24-205-187-0010-00
Property Located Between: Webster and Pine
Property Visibility: Excellent
Highway Access: Business 31 - 5 minutes US 131 - 10 minutes
Total Number of Buildings: 1
Number of Stories: 3
Construction/Siding: Block
Parking Type: Surface
Parking Description: 75 surface parking spaces; 908 Terrace currently being utilized for surface parking.
Zoning Description: General business (offices)

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,459 65,693 105,494
Median Age: 30.89 35.43 37.24
Households: 3,901 26,113 40,446


Photograph of Listing Agent

Nathan Scherpenisse

CBRE | Grand Rapids
CARWM Member
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