251 Center Street, South Haven, MI 49090 (MLS# 15032579)

251 Center Street, South Haven, MI 49090

$1,300,000

Property Type: Commercial Sale Square Footage: 30,509 Lot Size (sq. ft.): 27,791 Status: Sold

Current Price: $1,495,000 List Date: 7/18/2018 Last Modified: 10/28/2021

Description

MIXED-USE REDEVELOPMENT OPPORTUNITY – Located in downtown South Haven's TIF District, this site offers 16 buildings totaling approx. 30,509 SF of street-front retail and former upper-level apartment units on 5 parcels totaling approx. 0.64 acres. Property is currently occupied by 8 tenants with flexible lease terms to allow for Buyer flexibility. Site is well located adjacent to Clementine's Restaurant and near the South Haven Yacht Club, Hotel Nichols, Idler Riverboat-Magnolia Grill, Old Harbor Inn, Black River Harbor and public beaches.

Supplements: Property may qualify for South Haven DDA financial incentives subject to Buyer verification with City. All leases are Gross, plus utilities. All lease terms run through 2019, except for Johnny's Lakeshore Jewelry, which runs through June 2021. Renewal terms to remain flexible. Real Property Taxes for 2017/2018 were approx. $43,000. Current in-place Gross Income, before expenses, is budgeted at approx. $120,000 for 2018. Additional historical financial information will be provided with executed Purchase Agreement. Sale may be subject to Court approval. Property includes 251-269 Center Street, 505 Phoenix Street and 508 Quaker Street. All information contained herein is subject to Buyer's verification. Property to be sold in "As is" "Where is" condition with all faults. Possession subject to Tenants' rights.

More Information MLS# 15032579

Location Property Info

County: Van Buren Street #: 251 Street Name: Center Suffix: Street State: MI Zip Code: 49090 Area: Southwestern Michigan - S

OfficeContract Info

Status: Sold Current Price: $1,300,000 List Price: $1,495,000 Listing Date: 2015-06-22

General Property Info

New Construction: No Lot Measurement: Acres Lot Acres: 0.64 Lot Square Footage: 27791 Lot Dimensions: Irregular Year Built: 1900 Road Frontage: 1 Total # Units: 1 # Fin Bldg Lvls: 2 Total # Bldgs: 16 Total SqFt: 30509 Total Net SqFt: 30509 Property Use Type: Investment Waterfront: No School District: South Haven

Tax Info

Tax ID #: 805377000400 Taxable Value: 670324 SEV: 755700 For Tax Year: 2018 Seller's Annual Property Tax: 42796 Tax Year: 2017 Spec Assessment & Type: None known Non-Conforming Use: No Zoning: CBD

Remarks Misc

Directions: East side of Center Street between Quaker Street & Phoenix Street

Status Change Info

Under Contract Date: 2018-12-21 Sold Date: 2019-05-01 Sold Price: $1,300,000 Sold Price/SqFt: 42.61

Property Features

Uses: Bar/Tavern/Lounge; Institutional; Professional Service; Professional/Office; Recreation; Restaurant; Retail; Other Business Includes: Non-Applicable Construction Type: Frame/Wood Below Grade: Basement; Partial 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; Natural Gas Available; Phone Available Heat Source: Natural Gas Heat Type: Forced Air Air Conditioning: Central Air Street Type: Paved; Public Purchase Terms Avail: Cash; Conventional Sale Conditions: None Send to Econ Dev Org: MEDC; SWMI First, Region 5 Possession: Close Of Escrow

Listing Office: Bradley Company

Listing Agent: Jodi Milks

Last Updated: October - 28 - 2021

251 Center Street, South Haven, MI 49090- MLS# 15032579

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