Historic Dryden Building For Sale
Office
for Sale
| Catylist Listing ID: |
30808579 |
| Property Subtypes: |
Executive Suites, High-Tech, Medical, Net Leased, Office Building
|
| Building Size (RSF): |
45,654 SF
|
| Gross Building Area: |
See Agent |
| Sale Price: |
$3,750,000 |
| Unit Price: |
$82.14 PSF |
| In Opportunity Zone? |
Yes |
| Property Use Type: |
Net Leased Investment (NNN) |
| Building Name: |
Dryden Building |
| Class of Space: |
Class A |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
7.5% |
| Average Occupancy Rate: |
90 |
| Last Updated: |
2/28/2023 |
Overview / Comments
|
Built in 1902 by W.A. Paterson, Flint's first carriage builder, an automobile manufacturer and one-time mayor of the city. The building went through a major renovation in 2015 and now stands as the premier office space in downtown Flint. Long term leases are in place with tenants on the 2nd, 3rd, and 4th floors. Owner currently occupies the 5th floor executive offices and first floor retail, which presents an opportunity for additional rental income or to be occupied by the buyer.
|
Financials
| Finance Data Year |
2021 |
| Real Estate Taxes - Annual($) |
$64,000 (Annual) |
| Tax Value Land |
$661,288 |
| Assessed Value - Total($) |
$941,700 (Annual) |
| Potential Rental Income |
$601,253 (Annual) |
| Gross Operating Income |
$372,000 (Annual) |
| Net Operating Income |
$148,000 (Annual) |
| Actual or Proforma Year |
Actual |
| Lender Name |
N/A |
Additional Details
| Nearest MSA: |
Flint |
| County: |
Genesee |
| Taxing Authority: |
City of Flint |
| Tax ID/APN: |
80-0953566 |
| Zoning: |
OFFICE/RETAIL |
| Property Located Between: |
Second and Third Street on Saginaw |
| Property Visibility: |
Excellent |
| Highway Access: |
Easily accessible from I-69 and 475 |
| Airports: |
Flint Bishop Airport (4 miles) |
| Area Description: |
Situated in the heart of Downtown Flint, the Dryden Building is |
| Total Number of Buildings: |
1 |
| Number of Stories: |
5 |
| Year Built: |
1902 |
| Year Renovated: |
2015 |
| Roof Type: |
Flat |
| Construction/Siding: |
Brick |
| Parking Type: |
Surface |
| Parking Description: |
8 parking spots on flat lot next to building and 28 spots across the street. |
| Total Parking Spaces: |
36 |
| Passenger Elevators: |
2 |
| Freight Elevators: |
2 |
| Sprinklers: |
Wet |
| Heat Type: |
Natural Gas |
| Heat Source: |
Central |
| Air Conditioning: |
Package Unit |
| Internet Access: |
Fiber Optic |
| Interior Description: |
Interior was designed by a professional interior designer Chatham House Interiors |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
| Land Ownership: |
Owned |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
8,020 |
106,977 |
182,356 |
| Median Age: |
35.64 |
34.5 |
36.15 |
| Households: |
3,242 |
42,851 |
72,842 |
|
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