$1,300,000
South Haven, MI 49090
MLS# 15032579
Status: Sold
30509 sqft
1 / 1
Property 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.
Details
Maps
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
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.
Listing Office: Bradley Company
Listing Agent: Jodi Milks
Last Updated: October - 28 - 2021
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