136 E Michigan Avenue, Kalamazoo, MI 49007

$3,125,000
Property Type: Commercial Sale Square Footage: 81,883 Lot Size (sq. ft.): 7,405 Status: Sold
Current Price: $3,125,000 List Date: 8/28/2018 Last Modified: 11/30/2022

Overview

Description

DOWNTOWN KALAMAZOO OFFICE INVESTMENT OPPORTUNITY – Fifth Third Bank multi-tenanted building in downtown Kalamazoo, Michigan. This iconic, 90,000 SF office tower is situated in the middle of Kalamazoo’s Central Business District, between the Kalamazoo Mall and Portage Street. Constructed in 1929, the Fifth Third Bank Building features 15 floors plus a full basement, Class A bank branch/bank office finishes on the ground and second floors, 2 public elevators, 2 private/service elevators and 4 stairwells. Investment has long-term tenant history, including Fifth Third Bank, The Connable Office, Lewis Reed & Allen, PC, the Irving S. Gilmore Foundation and Levine & Levine law firm. Current occupancy rate of 83%, with 7.1% cap rate on existing income.

Listing Details MLS# 18011511

Location Property Info

County
Kalamazoo
Street #
136
Street Direction
E
Street Name
Michigan
Suffix
Avenue
State
MI
Zip Code
49007

General Property Info

New Construction
No
Lot Measurement
Acres
Lot Acres
0.17
Lot Square Footage
7405
Lot Dimensions
74x100.5
Year Built
74
Road Frontage
74
Year Remodeled
2012
Total # Units
Yes
# Fin Bldg Lvls
15
Total # Bldgs
Yes
Total SqFt
81883
Property Use Type
Investment
Waterfront
No
School District
Kalamazoo

Tax Info

Tax ID #
390615382093
Taxable Value
3033434
SEV
3375300
For Tax Year
2018
Seller's Annual Property Tax
201803
Tax Year
2017
Spec Assessment & Type
None known
Non-Conforming Use
No
Zoning
CCBD

Remarks Misc

Directions
E. Michigan Avenue, between Kalamazoo Mall and Portage Street, in downtown Kalamazoo

Status Change Info

Under Contract Date
2018-10-26
Sold Date
2018-12-27
Sold Price/SqFt
38.16

More Information

Additional Details

# Freight Elevators
Yes
Passenger Elevators
3

Property Features

Property Use: Investment SqFt Information: Security System Uses: Professional/Office Ownership: Corporation Business Includes: Non-Applicable Construction Type: Concrete; Steel Exterior Material: Brick; Stone Roofing: Rubber Below Grade: Basement; Full Additional Features: Bath Common Area; Fire Sprinkler; Multi User Facility Sewer: Public Sewer Water: Public Water Utilities Attached: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected Util Avail at St: Cable Available; Electricity Available; High Speed Internet; Natural Gas Available; Phone Available; Storm Sewer Heat Source: Electric Heat Type: Steam Air Conditioning: Chiller System Street Type: Paved; Public Purchase Terms Avail: Cash; Conventional Docs Req Conf Agrmnt: Financials; Leases; Rent Roll Sale Conditions: None Send to Econ Dev Org: MEDC; SWMI First, Region 5 Possession: Close Of Escrow

Documents

IDX
Listing Office: Bradley Company
Listing Agent: Jodi K Milks
Source MLS Verified
Last Updated: November - 30 - 2022
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