Investment Opportunity for Sale in Downtown Ypsilanti

Office for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30769570
Property Subtypes: Mixed Use, Office Building
Building Size (RSF): 32,434 SF
Gross Land Area: 0.55 Acres
Sale Price: $3,000,000
Unit Price: $92.50 PSF
Ceiling: 9 ft.
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Centennial Plaza
Class of Space: Class B
Usable Size (USF): 27,301 SF
Core Factor: 16%
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 90
Last Updated: 12/6/2021

Overview / Comments

Landmark historic building in downtown Ypsilanti for sale: Built in 1922 and operated as the Huron Hotel. In 1978, was renamed The Centennial Plaza and repurposed for mixed-use office & retail.

Over the years, this unique structure has been remodeled and updated and now includes over 30+ individual private offices in popular and easily leased sizes ranging from 250sf to 2,000sf+. There are also three street level retail units including a popular local brewery & eatery - The Ypsi Ale House.

Rooftop cellular antenna leases adds value to this investment opportunity.

Seller has owned/operated The Centennial Plaza since 2001 and has decided it is time to allow for the next generation to take possession of this historic GEM in the City of Ypsilanti.

Investor Valuation available with NDA.

Additional Details

Nearest MSA: Ann Arbor
County: Washtenaw
Submarket/Township: Washtenaw E of 23
Taxing Authority: City of Ypsilanti
Tax ID/APN: 11-11-40-486-030 and 007
Zoning: C - GENERAL BUSINESS DISTRICT
Market Type: Medium
Property Located Between: Corner of Pearl & Washington
Road Type: Paved
Property Visibility: Excellent
Transportation: Bus, Highway, Taxi
Highway Access: I-94, US-12, M-23
Airports: DTW, Ann Arbor, Willow Run
Site Description: NEC Pearl & Washington St. One block from downtown Ypsilanti and easy access to many restaurants and services.
Area Description: Ypsilanti is a progressive city with a great community vibe, culinary and arts scene. Ypsilanti has the second largest contiguous historic district in the state of Michigan which includes both downtown Ypsilanti, along Michigan Avenue, and the Depot Town area adjacent to Frog Island Park and Riverside Park, which features many specialty shops, bars and grills, and a farmers' market. Ypsilanti’s Depot Town neighborhood is receiving national attention after East Cross Street was named to the American Planning Association’s (APA) list of 15 “Great Places in America” for 2018. The history of Ypsilanti is still present and vibrant in today’s shops, dining and entertainment scene. With the Downtown and Depot Town districts only minutes apart they utilize their beautifully preserved historic areas to add interest to the variety of cultures present in the art, music and shopping. Ypsilanti is home to Eastern Michigan University and expands beyond the downtown districts to include 23,000+ acres of public park and recreation areas that help make up the Washtenaw County area. You’re just minutes from town and can find golfing, mountain biking, canoeing, hiking or natural scenery to relax in. Alternatively, you can travel to neighboring Ann Arbor (6 miles west of Ypsilanti) or Detroit (18 miles east of Ypsilanti) for sporting events, concerts and cultural excursions.
Total Number of Buildings: 1
Number of Stories: 6
Typical SF / Floor: 5,406 SF
Year Built: 1922
Year Renovated: 1999
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Classic early 19th Century
Parking Type: Surface
Parking Description: Centennial Plaza offers "free" parking in its own private lot to its valued tenants & guests on a first come basis.
Total Parking Spaces: 54
Passenger Elevators: 1
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable, DSL
Zoning Description: The C general business districts are designed to provide sites for more diversified business types which would often be incompatible with the pedestrian movement in the local business district or the community business district. • Sec. 1101. - Principal uses permitted: • In a general business district, no building or land shall be used and no building shall be erected except for one or more of the following specified uses unless otherwise provided in this ordinance: 1.Any retail business or service establishment permitted in B-1 and B-2 districts as principal uses permitted, subject to the regulations applicable in the following sections of this ordinance. 2.Any retail business or service establishment permitted and as regulated in B-1 and B-2 districts as uses permitted subject to special conditions. 3.Bus passenger stations. 4.New and used car salesroom, showroom or office. 5.Other uses similar to the above uses. 6.Other structures customarily incident to the above permitted uses. 7.Secondhand apparel businesses whose principal activity is devoted to the sale of secondhand apparel. Pawnbrokers, secondhand dealers, and junk dealers are not uses permitted under this section. (Ord. No. 97-169, 6-17-97)
Lot Frontage: 132
Lot Depth: 100
Water Service: Municipal
Sewer Type: Municipal
Legal Description: OWNER REQUEST YPC 2W-149A S 3 FT OF LOT 105, LOT 106 AND W 110 FT OF LOTS 108 & 109 ORIGINAL PLAT SPLIT ON 03/02/2005 FROM 11-11-40-486-005, 11-11-40-486-006;

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,549 73,856 147,231
Median Age: 28.36 33.04 34.88
Households: 6,910 30,735 59,505

Contact

© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.