234 - 238 E Michigan Avenue

Retail-Commercial for Sale
Catylist Listing ID: 30852884
Property Subtypes: Retail-Pad, Street Retail, Other
Building Size (RSF): 5,292 SF
Gross Land Area: 0.07 Acres
Sale Price: $395,000
Unit Price: $74.64 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Usable Size (USF): 5,292 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/19/2023

Overview / Comments

This incredible investment offering is geographically positioned in Downtown Kalamazoo off Michigan Avenue. The subject property backs up to what is known as Bates Alley, an important social area for the urban core that draws a significant amount of commercial traffic. The first floor is currently occupied by Hiemstra Optical. With just over 3 years remaining on their lease, the cash flow provided will help cover much of the carrying cost for the entire asset. The upper level is ripe with opportunity. In raw condition today, it is primed for residential conversion!

Additional Details

Nearest MSA: Kalamazoo-Portage
County: Kalamazoo
Taxing Authority: City of Kalamazoo
Tax ID/APN: 3900-06-15-378-298 & 3900-06-15-378-101
Zoning: CCBD
Retail Clientele: General, Family, Business
Property Located Between: Portage & Pitcher
Property Visibility: Excellent
Feet of Frontage: 372
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Good
Year Built: 1956
Construction/Siding: Block, Concrete
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Lot Frontage: 37.25
Lot Depth: 85
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,009 95,510 156,183
Median Age: 28.39 31.58 33.26
Households: 5,319 38,031 63,881

Contact

Photograph of Listing Agent

Matt Callander, CCIM

Callander Commercial CPIX Member
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