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
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.
More Information MLS# 18011511
Location & Property Info
Cross Streets: Kalamazoo Mall & Portage Stree
Property Sub-Type: Office
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
General Property Info
New Construction: No
Lot Dimensions: 74x100.5
Road Frontage: 74
Waterfront: No
Year Remodeled: 2012
Total # Units: 1
Total # Bldgs: 1
# Fin Bldg Lvls: 15
Total SqFt: 81883
Property Use Type: Investment
School District: Kalamazoo
Lot Measurement: Acres
Lot Acres: 0.17
Lot Square Footage: 7405
Year Built: 74
Tax Info
Taxable Value: 3033434
SEV: 3375300
For Tax Year: 2018
Seller's Annual Property Tax: 201803
Tax Year: 2017
Homestead %: 0
Spec Assessment & Type: None known
Non-Conforming Use: No
Zoning: CCBD
Tax ID #: 390615382093
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
Status Change Info
Sold Price/SqFt: 38.16
Under Contract Date: 2018-10-26
Sold Date: 2018-12-27
Sold Price: $3,125,000
Additional Details
# Freight Elevators: 1
Passenger Elevators: 3
Street Type
Paved: 1
Public: 1
SqFt Information
Security System: 1
Property Use
Investment: 1
Utilities Attached
Cable Connected: 1
Electricity Connected: 1
Natural Gas Connected: 1
Phone Connected: 1
Sewer
Public Sewer: 1
Water
Public Water: 1
Uses
Professional/Office: 1
Construction Type
Concrete: 1
Steel: 1
Exterior Material
Brick: 1
Stone: 1
Roofing
Rubber: 1
Heat Source
Electric: 1
Sale Conditions
None: 1
Ownership
Corporation: 1
Below Grade
Basement: 1
Full: 1
Heat Type
Steam: 1
Air Conditioning
Chiller System: 1
Business Includes
Non-Applicable: 1
Additional Features
Bath Common Area: 1
Fire Sprinkler: 1
Multi User Facility: 1
Util Avail at St
Cable Available: 1
Electricity Available: 1
High Speed Internet: 1
Natural Gas Available: 1
Phone Available: 1
Storm Sewer: 1
Docs Req Conf Agrmnt
Financials: 1
Leases: 1
Rent Roll: 1
Send to Econ Dev Org
MEDC: 1
SWMI First, Region 5: 1
Purchase Terms Avail
Cash: 1
Conventional: 1
Possession
Close Of Escrow: 1
Location Property Info
County: Kalamazoo
Street #: 136
Street Direction: E
Street Name: Michigan
Suffix: Avenue
State: MI
Zip Code: 49007
Area: Greater Kalamazoo - K
OfficeContract Info
Status: Sold
Current Price: $3,125,000
List Price: $4,500,000
Listing Date: 2018-03-21
Remarks Misc
Directions: E. Michigan Avenue, between Kalamazoo Mall and Portage Street, in downtown Kalamazoo
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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