136 E Michigan Avenue, Kalamazoo, MI 49007 (MLS# 18011511)

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: $4,500,000 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
Homestead %: 0

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

Location & Property Info

Cross Streets: Kalamazoo Mall & Portage Stree
Property Sub-Type: Office
Area: Greater Kalamazoo - K
Municipality: Kalamazoo City

Office/Contract Info

Auction or For Sale: For Sale
List Price/SqFt: 54.96
Prop Avail for Lease?: Yes
Current Bldg Use: Multi-tenanted Office Building

Remarks & Misc

Legal: 222 ORIG PLAT PART OF LOTS 91-93 COM ON S LI E MICHIGAN AVE 232.4' E OF E LI BURDICK ST S 100' W 74' N 100' E 74' TO BEG

Street Type

Paved: Yes
Public: Yes

SqFt Information

Security System: Yes

Property Use

Investment: Yes

Utilities Attached

Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes
Phone Connected: Yes

Sewer

Public Sewer: Yes

Water

Public Water: Yes

Uses

Professional/Office: Yes

Construction Type

Concrete: Yes
Steel: Yes

Exterior Material

Brick: Yes
Stone: Yes

Roofing

Rubber: Yes

Heat Source

Electric: Yes

Sale Conditions

None: Yes

Ownership

Corporation: Yes

Below Grade

Basement: Yes
Full: Yes

Heat Type

Steam: Yes

Air Conditioning

Chiller System: Yes

Business Includes

Non-Applicable: Yes

Additional Features

Bath Common Area: Yes
Fire Sprinkler: Yes
Multi User Facility: Yes

Util Avail at St

Cable Available: Yes
Electricity Available: Yes
High Speed Internet: Yes
Natural Gas Available: Yes
Phone Available: Yes
Storm Sewer: Yes

Docs Req Conf Agrmnt

Financials: Yes
Leases: Yes
Rent Roll: Yes

Send to Econ Dev Org

MEDC: Yes
SWMI First, Region 5: Yes

Purchase Terms Avail

Cash: Yes
Conventional: Yes

Possession

Close Of Escrow: Yes

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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