Catylist ID:
#30815994
ARBOR PLAZA for Sale in Pittsfield Twp - Ypsilanti
Shopping Center
for Sale
Sale Pending
| Catylist Listing ID: | 30815994 |
| Property Subtypes: | Community Center, Neighborhood Center, Strip Center |
| Status: | Pending |
| Building Size (RSF): | 7,632 SF |
| Gross Land Area: | 1.15 Acres |
| Sale Price: | $1,150,000 |
| Unit Price: | $150.68 PSF |
| Property Use Type: | Net Leased Investment (NNN) |
| Building Name: | ARBOR PLAZA |
| Usable Size (USF): | 7,632 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 6.5% |
| Average Occupancy Rate: | 100 |
| Last Updated: | 2/3/2023 |
Overview / Comments
|
ARBOR PLAZA is located approximately 200' from SE corner of Michigan Ave & Carpenter Road. A busy traffic corridor that includes SAM's Club located on the NW corner of Michigan Ave & Carpenter Road. The neighborhood strip center was originally constructed in 1993 with remodeling in 2007. Property is well-maintained and is currently 100% occupied by four tenants. The Laundromat is owner operated by the seller and generates about $100K additional gross revenue not included in the financial proforma potential income. All existing laundromat equipment is included in the sale price. |
Attachments & Media
Financials
| Finance Data Year | 2021 |
|---|---|
| Potential Rental Income | $92,948 (Annual) |
| Net Operating Income | $75,224 (Annual) |
| Gross Operating Income | $147,534 (Annual) |
| Actual or Proforma Year | Proforma |
Current Tenants
| Tenant Business Name | Borimax Restaurant |
| Is Renting? | Yes |
| Suite Number | 1 |
| SF of Space Occupied | 1,600 SF |
| Lease Expiration | 6/0030 |
| Escalations | CPI each year |
| Tenant Business Name | Borimax Food Store |
| Is Renting? | Yes |
| Suite Number | 2 |
| SF of Space Occupied | 1,508 SF |
| Escalations | CPI each year |
| Tenant Notes | Lease is month-to-month |
| Tenant Business Name | ARBOR Laundromat |
| Is Renting? | Yes |
| Suite Number | 3 |
| SF of Space Occupied | 3,016 SF |
| Escalations | n/a |
| Tenant Notes | Laundromat is owned and operated by owner/seller. |
| Tenant Business Name | ChildCare Center |
| Is Renting? | Yes |
| Suite Number | 4 |
| SF of Space Occupied | 1,508 SF |
| Escalations | CPI each year |
| Tenant Notes | Lease is month-to-month |
Additional Details
| Nearest MSA: | Ann Arbor |
| County: | Washtenaw |
| Submarket/Township: | Washtenaw E of 23 |
| Taxing Authority: | Pittsfield Township |
| Tax ID/APN: | L-12-24-300-007 |
| Zoning: | PUD |
| Retail Clientele: | General, Family |
| Property Located Between: | Corner Carpenter Rd. & Arbor Meadows Dr. |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Michigan Ave./US-12 |
| Feet of Frontage: | 223 |
| Highway Access: | US-12, I-94 |
| Airports: | DTW, Ann Arbor |
| Site Description: | Strip center is located near Michigan Ave. & Carpenter Rd. intersection. Part of Planned Unit Development (PUD) for the Arbor Meadows manufactured home community. Located at road grade level with good visibility and plenty of parking. Site improvements include asphalt parking, wall mounted lighting and security. LED pole lighting, concrete walkways and modest landscaping. |
| Area Description: | Pittsfield Township is a progressive community that provides an outstanding combination of housing, education, business and a vibrant quality of life. It interconnects its residential, retail, commercial, entertainment, cultural and recreational availability via personal and public modes of transportation. Pittsfield Township has immediate and easy access to major local and state highways. It provides advantages such as; having an Ann Arbor mailing address with much lower taxes, a diverse and exceptional small business community ranging from family-owned storefronts to international franchisees, and is home to numerous larger headquartered firms, including R&D and high-tech companies throughout the township. Pittsfield boasts a robust talent pool with over 50% of its population as being college educated with more than one out of every four residents possessing a graduate/professional degree. Residents, students and business persons alike have immediate access to education being situated between the University of Michigan, Eastern Michigan University and at the back door of Washtenaw Community College. Pittsfield Township is just minutes from downtown Ann Arbor, Ypsilanti’s exciting Depot Town, collegiate sporting events, world renowned health care, hospitality/accommodations for the avid traveler, and recreational opportunities such as golf, mountain biking, canoeing, hiking or just plain enjoying the beauty and relaxation of the natural scenery. |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Typical SF / Floor: | 7,632 SF |
| Property Condition: | Average |
| Year Built: | 1993 |
| Year Renovated: | 2007 |
| Roof Type: | Arched |
| Construction/Siding: | Brick |
| Parking Type: | Surface |
| Parking Description: | Asphalt parking lot |
| Sprinklers: | None |
| Heat Type: | Natural Gas |
| Heat Source: | Central |
| Air Conditioning: | Engineered System |
| Internet Access: | Cable |
| Interior Description: | Originally constructed for Five (5) separate units. Currently 100% occupied by Four (4) separate tenants. |
| Zoning Description: | Arbor Meadows Planned Unit Development (PUD). PITTSFIELD TWP – PUD ZONING A. Integrated Development Concept. A Planned Unit Development project is viewed as an integrated development concept. To that end, the provisions of this Article are not intended to be used as a device for avoiding the zoning requirements that would otherwise apply, but rather to allow flexibility and mixture of uses, and to improve the design, character, and quality of new development. The use of a Planned Unit Development to permit variations from other requirements of this ordinance shall only be approved when such approval results in improvements to the public health, safety, and welfare in the area affected, and in accordance with the intent of this Article. B. Purpose. A Planned Unit Development and the associated Planning and Development Regulations, as set forth herein, are designed to achieve the following purposes: 1. Provide flexibility in regulation of land development, resulting in a higher quality of land development that contributes to the social, economic, and environmental sustainability of the Township. 2. Provide for a compatible mixing of land uses. 3. Encourage innovation in land use planning, design, and development that responds to changing public needs. 4. Create stable neighborhoods by providing a variety and balance of housing types which improve the quality of residential environments. 5. Provide commercial, education, and recreational facilities and employment opportunities conveniently located in relation to housing. 6. Encourage provision of useful open space and long-term protection and conservation of natural features and resources. 7. Promote the efficient use and conservation of energy. 8. Encourage the use, redevelopment, and improvement of existing sites where current ordinances do not provide adequate protection and safeguards for the site or its surrounding areas, or where current ordinances do not provide the flexibility to consider redevelopment, replacement, or adaptive reuse of existing structures and sites. 9. Ensure that the increased flexibility of regulations over land development is subject to proper standards and review procedures. A. Allowable Uses. Uses permitted in a Planned Unit Development shall be compatible with the Master Plan, or any applicable corridor or subarea plans adopted by the Township. SECTION 6.05 PERMITTED USES A. Allowable Uses. Uses permitted in a Planned Unit Development shall be compatible with the Master Plan, or any applicable corridor or subarea plans adopted by the Township. B. Uses in Compliance with Approved Site Plan/Plat. All use of land and buildings in a Planned Unit Development shall comply with the listing and location of uses shown on the approved Planned Unit Development application and preliminary site plan and/or approved plat, whichever is applicable. Uses and structures accessory to the listed uses shall be permitted. No other uses shall be permitted. |
| Lot Frontage: | 223 |
| Lot Depth: | 244 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements Description: | Assume typical utility easements. |
| Legal Description: | Per property tax records. |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 5,308 | 48,043 | 165,288 |
| Median Age: | 31.49 | 35.77 | 34.33 |
| Households: | 2,092 | 20,435 | 66,624 |
| 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. |
