Historic Building for Sale in Downtown Muskegon

Retail-Commercial for Sale
Catylist Listing ID: 30610555
Property Subtypes: Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 25,965 SF
Gross Land Area: 0.25 Acres
Sale Price: $1,985,000
Unit Price: $76.45 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: Russell Block
Usable Size (USF): 25,965 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/3/2020

Overview / Comments

This beautifully restored 25,965 SF historical building is located in the heart of downtown Muskegon, near the waterfront. A landmark space in town that is part of a vibrant street wall, the old school beauty of the Russell Block building’s historical architecture has been artfully maintained, both inside and out. The building was constructed in 1890 and fully renovated between 2013-2015 with new HVAC and fire suppression systems, elevator and five restrooms. All tenant spaces in this three-level building are in regular use as it is fully leased and occupied by 6 retail and office tenants. The second floor is home to the West Michigan Symphony and boasts an outdoor green deck with decorative plantings. The site also includes a 3,175 SF courtyard located on the southwest side of the building. This excellent investment opportunity is in immediate proximity to much of the significant new development now taking place in downtown Muskegon.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $17,832 (Annual)

Additional Details

Nearest MSA: Muskegon
County: Muskegon
Submarket Type: Central Business District
Taxing Authority: City of Muskegon
Tax ID/APN: 61-24-233-000-0004-00 and 61-24-233-000-0025-00
Zoning: CENTRAL BUSINESS DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: 2nd & 3rd Streets
Property Visibility: Excellent
Largest Nearby Street: Bus-31
Feet of Frontage: 107
Highway Access: Bus-31 North to 3rd Street East; North on W Western Avenue.
Airports: Muskegon County, Grand Haven Memorial, Grand Rapids International Airports
Site Description: The subject property is located within the original central business district of the City of Muskegon, in an area that has experienced a considerable amount of new development and redevelopment in recent years. The Clay Avenue and Western Avenue frontages in this area are improved with older commercial development, some of which have been renovated and are utilized for restaurants, bars and residential condominiums.
Area Description: The City of Muskegon is the largest city in Muskegon County and is located approximately 40 miles to the northwest of the City of Grand Rapids and approximately 10 miles to the north of the area that is commonly referred to as the “Tri-Cities”, which includes Grand Haven, Ferrysburg and Spring Lake.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Good
Year Built: 1890
Year Renovated: 2013
Roof Type: Other
Construction/Siding: Block, Brick, Concrete
Parking Type: Surface
Parking Description: Parking is available in the rear of building as well as on the street.
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Building has artfully maintained its historical character with refinished hardwood floors and exposed original brick. Much attention was given to restore most of the building to its original construction.
Zoning Description: The Central Business District is characterized by mixed use buildings set next to the sidewalk in order to create a street wall and promote commerce and shopping. These buildings contain street level retail uses with residential and office uses on the upper floors. Area has a high level of transit service that can help off-set the need for off-street parking and promote walkability.
Lot Frontage: 107
Lot Depth: 116
Water Service: Municipal
Sewer Type: Municipal, Storm
Easements: Electric Lines, Utilities, Other
Easements Description: Vacant streets and alleys; Utilities
Legal Description: CITY OF MUSKEGON DOWNTOWN MUSKEGON DEVELOPMENT CENTER NO 1 UNIT 4 CITY OF MUSKEGON DOWNTOWN MUSKEGON DEVELOPMENT CENTER NO 1 UNIT 25

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,926 63,517 107,913
Median Age: 31.72 35.5 37.55
Households: 3,873 25,339 41,322

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