Five Parcel Investment Offering

Niles, Michigan

Located In The CBD Near Many Commercial & Recreational Amenities

Property Snapshot

  • Building: 210 E Main St, Cedar St Garage, 207 Cedar St, 101 N 2nd St, 210 Cedar St
  • Occupancy: 68% (All Parcels)
  • Zoning: Downtown Business Commercial
  • Annual Taxes: $14,590.29
  • CAP Rate: 6.09%*; 14% (Pro Forma)
  • NOI: $34,063*; $67,000 (Pro Forma)
  • List Price: $478,500 (All Parcels)
  • Notes: *Scheduled for 2015

Property Details

Five-parcel commercial investment opportunity with in-place income. The offering consists of a 3-story, 42,521 SF (33,776 leasable SF) former bank building which has 68 percent occupancy consisting of retail and office tenants. Vacant office suites on the 3rd floor ranging from 120 SF to 858 SF. North and contiguous to the office building is 207 Cedar Street—a 3,802 SF garage building with overhead doors; and 210 Cedar Street—a 1,020 SF office building. 101 N. 2nd Street is a parking lot measuring 44’ x 66’.

Location

The properties are located in the heart of the CBD of Niles. There is a strong, proactive approach The City of Niles is spearheading called the “Main Street Initiative”, which facilitates the redevelopment plan of the downtown area to increase residential density, development of public and privately owned land; to increase commercial development through new construction and renovation/reuse of buildings, improved streetscapes; and, to
increase awareness of Riverfront Park and its many amenities including walking/biking trail, fishing pier, picnic area, amphitheater and large children’s play area along the banks of the St. Joseph River.

Income: $123,685 (Scheduled for 2015); $156,635 (Pro Forma)

Additional information on the financial aspect of this offering is available upon submission of a confidentiality agreement.

For More Information Please Contact

James Ringler
Senior Broker
574.485.1561 | 574.298.8980 (c)
jringler@cressy.com