Property Type:
Commercial Sale
Square Footage:
81,883
Lot Size (sq. ft.):
7,405
Status:
Sold
Current Price:
$4,500,000
List Date:
8/28/2018
Last Modified:
11/30/2022
136 E Michigan Avenue, Kalamazoo, MI 49007
$3,125,000
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
- Homestead %
- 0
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
Location & Property Info
- Cross Streets
- Kalamazoo Mall & Portage Stree
- Property Sub-Type
- Office
- Area
- Greater Kalamazoo - K
- Municipality
- Kalamazoo City
Office/Contract Info
- Auction or For Sale
- For Sale
- List Price/SqFt
- 54.96
- Prop Avail for Lease?
- Yes
- Current Bldg Use
- Multi-tenanted Office Building
Remarks & Misc
- Legal
- 222 ORIG PLAT PART OF LOTS 91-93 COM ON S LI E MICHIGAN AVE 232.4' E OF E LI BURDICK ST S 100' W 74' N 100' E 74' TO BEG
Street Type
- Paved
- Yes
- Public
- Yes
SqFt Information
- Security System
- Yes
Property Use
- Investment
- Yes
Utilities Attached
- Cable Connected
- Yes
- Electricity Connected
- Yes
- Natural Gas Connected
- Yes
- Phone Connected
- Yes
Sewer
- Public Sewer
- Yes
Water
- Public Water
- Yes
Uses
- Professional/Office
- Yes
Construction Type
- Concrete
- Yes
- Steel
- Yes
Exterior Material
- Brick
- Yes
- Stone
- Yes
Roofing
- Rubber
- Yes
Heat Source
- Electric
- Yes
Sale Conditions
- None
- Yes
Ownership
- Corporation
- Yes
Below Grade
- Basement
- Yes
- Full
- Yes
Heat Type
- Steam
- Yes
Air Conditioning
- Chiller System
- Yes
Business Includes
- Non-Applicable
- Yes
Additional Features
- Bath Common Area
- Yes
- Fire Sprinkler
- Yes
- Multi User Facility
- Yes
Util Avail at St
- Cable Available
- Yes
- Electricity Available
- Yes
- High Speed Internet
- Yes
- Natural Gas Available
- Yes
- Phone Available
- Yes
- Storm Sewer
- Yes
Docs Req Conf Agrmnt
- Financials
- Yes
- Leases
- Yes
- Rent Roll
- Yes
Send to Econ Dev Org
- MEDC
- Yes
- SWMI First, Region 5
- Yes
Purchase Terms Avail
- Cash
- Yes
- Conventional
- Yes
Possession
- Close Of Escrow
- Yes
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
Confidentiality Agreement ›
Listing Office:
Bradley Company
Listing Agent:
Jodi K Milks
Last Updated: November - 30 - 2022
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