PRICE REDUCED! Waterfront Redevelopment Opportunity

Retail-Commercial for Sale
Catylist Listing ID: 30383703
Property Subtypes: Mixed Use
Building Size (RSF): 12,390 SF
Gross Building Area: See Agent
Gross Land Area: 8.37 Acres
Sale Price: $1,850,000
Unit Price: $149.31 PSF
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/9/2020

Overview / Comments

Rare redevelopment opportunity in Manistee, Michigan. Approximately 1,300 feet of frontage on Lake Manistee with deep water access to Lake Michigan. Manistee's deep water port is frequented with Great Lakes freighters.

Historically the site was used as an aggregate operation, with aggregate being delivered via freighter directly to the site. The aggregate business is no longer in operation and the two buildings, as well as some of the yard on site, are currently leased to the Environmental Protection Agency (EPA).

The city's Peninsula District zoning lends itself to a variety of uses including commercial, residential, recreation, etc. This is an excellent long-term redevelopment opportunity with an income stream in the short-term.

Additional Details

Nearest MSA: Ludington
County: Manistee
Submarket Type: Redevelopment District
Taxing Authority: City of Manistee
Tax ID/APN: 5144873501
Retail Clientele: General, Business, Traveler, Tourist, Recreation
Property Visibility: Excellent
Largest Nearby Street: River Street
Highway Access: Just a few blocks east of US-31.
Tenancy: Single Tenant
Total Number of Buildings: 2
Number of Stories: 1
Year Built: 1964
Year Renovated: 1991
Construction/Siding: Block
Zoning Description: P-D Peninsula District
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,665 8,106 11,855
Median Age: 39.71 44.75 46.82
Households: 1,627 3,675 5,208
The information presented herein is provided as is, without warranty of any kind. Neither Commercial Alliance of REALTORS West Michigan nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.