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

Confidentiality Agreement ›

Listing Office: Bradley Company

Listing Agent: Jodi K Milks

Last Updated: November - 30 - 2022

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