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: 4/16/2018

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
Zoning: GENERAL BUSINESS
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

Contact

Photograph of Listing Agent

Nathan Scherpenisse

CBRE | Grand Rapids
CARWM Member
© Copyright 2001-2018 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Alliance of REALTORS West Michigan nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.