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Mixed-Use

Fuller Building

223 & 225 S. Kalamazoo Mall, Kalamazoo, MI 49007

Listing Price: $1,700,000

Cap Rate
1.14%
Number of Units
1
Price/Unit
$1,700,000
Price/Gross SF
$126.49
Gross SF
13,440

Investment Overview

This property was built in 1910 and has operated as a theatre, department store, and restaurant over time. This three-story building is composed of 5,080 square feet on the first floor with the upper two floors each having 4,180 square feet. On the back of the building, sloped roofing leads to a 900 square foot, one-story only section included in the 5,080 square foot calculation. The back half of the property includes a parking lot suitable for 22 spaces that is being sold with the building. The owner has a number of month-to-month arrangements with people who are paying $65 per parking space. In addition, this property benefits from the heated sidewalks on Kalamazoo Mall, which historically have played a role in the high occupancy on this particular street.

This property is in the process of being approved for recreational marijuana retail sales. Time is of the essence as law allows for only one location to be used for marijuana purposes within 1000 feet of another. In addition, the property is within a Brownfield Zone and may be eligible to receive funding for improvements. Please contact broker for additional details on the Brownfield Zone.

The owner is currently an occupant of the two main-floor retail bays and will lease them back from the new owner for 90 days after closing for $2800 per month in order to wrap up her business.

Marijuana Ordinance: https://www.kalamazoocity.org/adultusemarihuana


Investment Highlights

  • This Property is Being Approved for Recreational Marijuana Retail Sales
  • This Property is in a Brownfield Zone
  • Lease Terms: $50,000 Up-Front Fee, $12,000/mo NNN, 8-Year Term, 8-Year Renewal Option
  • Contract Terms: $225,000 Down, 6% Interest, 20-Year Amortization, and 5-Year Balloon
  • The Parking Lot will Accommodate 22 spaces and is Being Sold with the Property
  • Owner will Lease Two Main-Floor Retail Bays for 90 Days After Closing for $2800/mo

Exclusively Listed By

Listing Price: $1,700,000

Cap Rate
1.14%
Number of Units
1
Price/Unit
$1,700,000
Price/Gross SF
$126.49
Gross SF
13,440

Investment Highlights

  • This Property is Being Approved for Recreational Marijuana Retail Sales
  • This Property is in a Brownfield Zone
  • Lease Terms: $50,000 Up-Front Fee, $12,000/mo NNN, 8-Year Term, 8-Year Renewal Option
  • Contract Terms: $225,000 Down, 6% Interest, 20-Year Amortization, and 5-Year Balloon
  • The Parking Lot will Accommodate 22 spaces and is Being Sold with the Property
  • Owner will Lease Two Main-Floor Retail Bays for 90 Days After Closing for $2800/mo

Investment Overview

This property was built in 1910 and has operated as a theatre, department store, and restaurant over time. This three-story building is composed of 5,080 square feet on the first floor with the upper two floors each having 4,180 square feet. On the back of the building, sloped roofing leads to a 900 square foot, one-story only section included in the 5,080 square foot calculation. The back half of the property includes a parking lot suitable for 22 spaces that is being sold with the building. The owner has a number of month-to-month arrangements with people who are paying $65 per parking space. In addition, this property benefits from the heated sidewalks on Kalamazoo Mall, which historically have played a role in the high occupancy on this particular street.

This property is in the process of being approved for recreational marijuana retail sales. Time is of the essence as law allows for only one location to be used for marijuana purposes within 1000 feet of another. In addition, the property is within a Brownfield Zone and may be eligible to receive funding for improvements. Please contact broker for additional details on the Brownfield Zone.

The owner is currently an occupant of the two main-floor retail bays and will lease them back from the new owner for 90 days after closing for $2800 per month in order to wrap up her business.

Marijuana Ordinance: https://www.kalamazoocity.org/adultusemarihuana


Exclusively Listed By

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