Investment Opportunity for Sale in Downtown Ypsilanti
Office
for Sale
Also listed as Retail-Commercial
| Catylist Listing ID: |
30802401 |
| Property Subtypes: |
Mixed Use, Office Building
|
| Building Size (RSF): |
32,434 SF
|
| Gross Land Area: |
0.55 Acres
|
| Sale Price: |
$2,500,000 |
| Unit Price: |
$77.08 PSF |
| Ceiling: |
9 ft. |
| In Opportunity Zone? |
Yes |
| Property Use Type: |
Investment |
| Building Name: |
Centennial Plaza |
| Class of Space: |
Class B |
| Usable Size (USF): |
27,401 SF |
| Core Factor: |
16% |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
8.0% |
| Average Occupancy Rate: |
98 |
| Last Updated: |
5/23/2022 |
Overview / Comments
Landmark historic building in downtown Ypsilanti for sale: Built in 1922 and operated as the Huron Hotel. In 1978, it was renamed The Centennial Plaza and repurposed for mixed-use office & retail. On-site parking for (54).
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.
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.
|
Financials
| Finance Data Year |
2022 |
| Potential Rental Income |
$397,812 (Annual) |
| Net Operating Income |
$202,921 (Annual) |
| Actual or Proforma Year |
Proforma |
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: |
NEC 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: |
2 |
| Number of Stories: |
6 |
| Typical SF / Floor: |
5,406 SF |
| Year Built: |
1922 |
| Roof Type: |
Flat |
| Construction/Siding: |
Brick |
| Exterior Description: |
Classic early 19th Century |
| Parking Type: |
Surface |
| Parking Description: |
Centennial Plaza offers tenant & guests parking in on-site private lot. |
| 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; |
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 |
|
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