Catylist ID:
#30334185
Commercial Multi-Family Redevelopment Opportunity in Ann Arbor
Retail-Commercial
for Sale
Sale Pending
Also listed as Multi-Family
| Catylist Listing ID: | 30334185 |
| Property Subtypes: | Free-Standing Building, Mixed Use, Street Retail |
| Status: | Pending |
| Building Status: | Proposed |
| Building Size (RSF): | 15,000 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 1.71 Acres |
| Sale Price: | $3,100,000 |
| Unit Price: | $206.67 PSF |
| Property Use Type: | Investment |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 5/29/2020 |
Overview / Comments
|
Existing 15,000 SF commercial building on 1.706 acres. Ideal location on Packard, centered between downtown Ann Arbor, Briarwood Mall & business area and Arborland retail area. "By Rights" redevelopment opportunity in the City of Ann Arbor with the potential to add 34 residential units to the existing commercial square footage. New retail / commercial and multi-family building planned to be 48,840 SF. Redevelopment Scenario: First floor retail commercial suites, second and third floors of multi-family (34 units total), parking and water retention. For more development plans, financial information and applicable property comps, call Bart Wise (734-662-3778) to receive full marketing packet. |
Attachments & Media
Additional Details
| Nearest MSA: | Ann Arbor |
| County: | Washtenaw |
| Submarket/Township: | Washtenaw W of 23 |
| Taxing Authority: | City of Ann Arbor |
| Tax ID/APN: | 09-12-04-119-003 |
| Zoning: | C3 (COMMERCIAL) / P (PARKING) |
| Retail Clientele: | General, Family, Business |
| Property Located Between: | E. Stadium and W. Eisenhower |
| Largest Nearby Street: | Packard |
| Feet of Frontage: | 280 |
| Highway Access: | Easy access to I-94 via State Street and US-23 via Washtenaw Avenue. |
| Airports: | Ann Arbor, DTW |
| Area Description: | The Ann Arbor area is a friendly community with big-city sophistication; a world-class educational and high-tech research center nestled in a quintessential college town; a close-knit community of charming neighborhoods with a rich mix of cultures. The Ann Arbor campus has plenty to inspire and entertain. Ranked as the #2 Best College Town in America, Ann Arbor and the University of Michigan go together like Maize and Blue! With more than 43,000 undergrad and graduate students, campus life is interwoven with city life. Although geographically small, the area is perhaps most renowned for its entertainment, athletics, cultural offerings, dining experiences and nightlife. On almost any given weekend, a visit to Ann Arbor will coincide with one of the many festivals and special events hosted in Ann Arbor. Two of the most recognizable traditions are the Ann Arbor Art Fair and University of Michigan football. Every July, the award-winning Ann Arbor Art Fair transforms the downtown streets into an art gallery featuring thousands of juried artists. In the fall, each football Saturday brings more than 100,000 people to town for tailgating and fill "The Big House" to watch the University of Michigan Wolverines. In the winter, holiday light festivals and the Ann Arbor Folk Festival are always crowd pleasers. April brings the thaw and a weekend unlike any other as we celebrate whimsy during FoolMoon and FestiFools. Described as an urban oasis, the Ann Arbor area is also the perfect four season destination for outdoor enthusiasts. You'll discover golf courses, trails groomed for hiking and cross-country skiing, some of the best canoeing and kayaking in southeastern Michigan along the twelfth nationally recognized water trail — the Huron River. |
| Tenancy: | Multiple Tenants |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Typical SF / Floor: | 15,000 SF |
| Year Built: | 1950 |
| Construction/Siding: | Concrete |
| Total Parking Spaces: | 96 |
| Parking Type: | Surface |
| Parking Description: | Current parking lot includes ~50 parking spaces. Redevelopment plan includes 96 parking spaces. |
| Heat Type: | Natural Gas |
| Heat Source: | Central |
| Air Conditioning: | Engineered System |
| Zoning Description: | C3 (Commercial) / P (Parking) "By Rights" redevelopment opportunity in the City of Ann Arbor. See broker for more zoning information. |
| Lot Frontage: | 280 |
| Lot Depth: | 183 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Legal Description: | LOTS 5, 6, 7, 8, 24, W 40 FT OF LOT 25 E 42.5 FT OF S 132 FT OF LOT 25 AND W 17.5 FT OF S 132 FT OF LOT 26, EASTOVER HILLS ALSO LOT 80, EASTOVER HILLS NO. 1 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 17,108 | 116,305 | 181,971 |
| Median Age: | 34.42 | 33.13 | 34.69 |
| Households: | 7,205 | 47,817 | 75,058 |
| 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. |
