Historic Building for Sale in Downtown Muskegon

Retail-Commercial for Sale
Catylist Listing ID: 30610498
Property Subtypes: Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 14,985 SF
Gross Land Area: 0.13 Acres
Sale Price: $1,850,000
Unit Price: $123.46 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: Century Club
Usable Size (USF): 14,985 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/3/2020

Overview / Comments

This beautifully restored 14,985 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 Century Club building’s historical architecture has been artfully maintained, both inside and out. The building was constructed in 1891 and fully renovated in 2007 with new HVAC and fire suppression systems, elevator, windows, and barrier-free restrooms. All tenant space, including the basement, are in regular use as building is fully leased and occupied by 9 tenants. The entire second floor is a ballroom/banquet venue used for weddings and corporate events, and includes 2 fireplaces, a large open ballroom and a prep kitchen. 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($) $15,880 (Annual)

Additional Details

Nearest MSA: Muskegon
County: Muskegon
Taxing Authority: City of Muskegon
Tax ID/APN: 61-24-233-000-0005-00
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: 48
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: 2
Property Condition: Good
Year Built: 1891
Year Renovated: 2007
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: 48
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 5 SBJT TO VAC ST/ALLEYS RECOR'D 1041/965 SBJT TO VAC ST/ALLEYS RECOR'D 1035/629 SBJT TO ESMNT MI BELL TEL CO RECOR'D 94M/564 SBJT TO ESMNT RECOR'D 1559/795

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,057 63,517 109,551
Median Age: 31.72 35.5 37.53
Households: 3,539 25,339 42,014

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