Catylist ID:
#30834267
Commercial Redevelopment Opportunity - Ann Arbor
Retail-Commercial
for Sale
Sale Pending/Contingent
Also listed as Vacant Land
| Catylist Listing ID: | 30834267 |
| Property Subtypes: | Free-Standing Building, Mixed Use, Restaurant, Retail-Pad, Street Retail, Other |
| Status: | Pending/Contingent |
| Building Size (RSF): | 5,550 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 1.61 Acres |
| Sale Price: | $1,950,000 |
| Unit Price: | $351.35 PSF |
| Property Use Type: | Investment |
| Building Name: | Burger King |
| Sale Terms: | Cash to Seller |
| Last Updated: | 3/24/2023 |
Overview / Comments
|
1.6 acre site ideal for redevelopment in an excellent location just off I-94 at State Street exit with I-94 visibility. New TC1 (Transit Corridor) zoning in City of Ann Arbor located across from Briarwood Mall and surrounded by major retailers, offices, restaurants and hotels. Site has frontage on Victors Way and access to State Street next to Hyatt Place Hotel. The property currently has a 5,550 sf building with two (2) leases in place. Burger King business is closed but still paying lease of $5,600/month NNN (expires 12/31/2024) and office user is paying $2,090/ month + utilities (expires 9/30/2023). Permitted uses includes Multi- family, assisted living, lodging, entertainment, institutional, health care, services, office, R & D, restaurant, and retail sales. |
Attachments & Media
Financials
| Finance Data Year | 2022 |
|---|---|
| Real Estate Taxes - Annual($) | $37,295 (Annual) |
| Tax Value Land | $886,800 |
Additional Details
| Nearest MSA: | Ann Arbor |
| County: | Washtenaw |
| Submarket/Township: | Washtenaw W of 23 |
| Taxing Authority: | City of Ann Arbor |
| Tax ID/APN: | 09-12-09-200-012 |
| Zoning: | TC1 (TRANSIT CORRIDOR) |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Convention, Other |
| Property Located Between: | I-94 and Eisenhower Parkway |
| Property Visibility: | Good |
| Largest Nearby Street: | Victors Way and State State |
| Feet of Frontage: | 380 |
| Highway Access: | I-94, US-23, M-14 |
| Airports: | DTW, Ann Arbor |
| Area Description: | Home to a vibrant culinary scene, growing technology industry, and the University of Michigan, Ann Arbor is a city with a lot to offer. “Dismissing Ann Arbor as just another college town would do this southeast Michigan city — often called ‘Tree Town’ — a huge disservice,” says Money. “Well-designed trail systems, a passion for the arts, worldly restaurants, plus friendly, smart residents who are civically engaged are also among the reasons Ann Arbor is one of the best cities to live in the U.S,” adds Livability. Among the many benefits of life in Ann Arbor is the sheer variety that the city offers. “Ann Arbor is a mix of the rural and urban, sporty and smart, outdoorsy and high-tech city,” says MovingWaldo. “Ann Arbor boasts excellent public schools, an increasingly diverse job market, a culturally diverse community, a robust public park system, and low crime rates.” The Ann Arbor area, overall, 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. 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. Ann Arbor is a successful tech hub, attracting entrepreneurs, start-ups and tech giants such as Google. The talent pool and resources rival that of Silicon Valley but with a Midwestern culture and relatively lower cost of living than the Bay Area or New York City. Ann Arbor is the perfect climate for tech companies to find success, stability and growth. 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: | 5,550 SF |
| Property Condition: | Average |
| Year Built: | 1984 |
| Year Renovated: | 2004 |
| Roof Type: | Gable |
| Construction/Siding: | Brick |
| Parking Type: | Surface |
| Parking Description: | Surface parking with drive thru |
| Sprinklers: | Wet |
| Heat Type: | Natural Gas |
| Heat Source: | Central |
| Air Conditioning: | Engineered System |
| Internet Access: | Cable |
| Zoning Description: | 5.12.9 TC1 Transit Corridor A. General Intent Statement This district is intended along existing transit corridors with regular fixed service provided by the Ann Arbor Area Transportation Authority primarily on established commercial and office sites, often with deep front setbacks, vast surface parking lots and lower floor area ratios than the previous zoning designation allowed. This district has been created to facilitate, encourage, and support redevelopment and infill development to realize mixed use developments and achieve mixed use corridors that support and sustain transit service as well as encourage affordable housing, enable more housing choices, more sustainable forms of development, with reduced resource and energy needs. Pedestrian-friendly designs are critically important in this district as all transit users of any mode begin and end their trips as pedestrians. Application of this district will further the goals expressed in all elements of the City’s master plan, particularly the Sustainability Framework, the Land Use Element, the Climate Action Plan, and the Comprehensive Transportation Plan. B. Specific Purpose Statements When approving a petition to rezone a site from its current designation to TC1, the Planning Commission and City Council should consider the following specific purpose statements: 1. This district may replace the O, RE, ORL, C2B, C3, P, R5 and M1 districts. It should only replace other zoning designations in unique and rare instances where another zoning district is entirely surrounded by the specifically mentioned districts. 2. This district should be located proximate to a transit corridor, meaning a street with existing fixed transit service. All areas of parcels zoned TC1 should be no more than ½ mile from a transit stop. |
| Lot Frontage: | 380 |
| Lot Depth: | 178 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements: | Ingress/Egress |
| Easements Description: | Cross access easement with Hyatt Place Hotel next door. |
| Legal Description: | Of Record |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 8,995 | 93,391 | 173,074 |
| Median Age: | 36.39 | 33.84 | 34.59 |
| Households: | 5,067 | 37,519 | 71,527 |
| The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Moody's assume any liability for errors or omissions. |
