$4,500,000
Kalamazoo, MI 49007
MLS# 18011511
Status: Sold
81883 sqft
1 / 1
Property Description
DOWNTOWN KALAMAZOO OFFICE INVESTMENT OPPORTUNITY – Fifth Third Bank multi-tenanted building in downtown Kalamazoo, Michigan. This iconic, 90,000 SF office tower is situated in the middle of Kalamazoo’s Central Business District, between the Kalamazoo Mall and Portage Street. Constructed in 1929, the Fifth Third Bank Building features 15 floors plus a full basement, Class A bank branch/bank office finishes on the ground and second floors, 2 public elevators, 2 private/service elevators and 4 stairwells. Investment has long-term tenant history, including Fifth Third Bank, The Connable Office, Lewis Reed & Allen, PC, the Irving S. Gilmore Foundation and Levine & Levine law firm. Current occupancy rate of 83%, with 7.1% cap rate on existing income.
Details
Maps
Documents
Location & Property Info
County: Kalamazoo
Street #: 136
Street Direction: E
Street Name: Michigan
Suffix: Avenue
State: MI
Zip Code: 49007
Cross Streets: Kalamazoo Mall & Portage Stree
Property Sub-Type: Office
Area: Greater Kalamazoo - K
Municipality: Kalamazoo City
Office/Contract Info
Status: Sold
Current Price: $3,125,000
List Price: $4,500,000
Auction or For Sale: For Sale
List Price/SqFt: 54.96
Prop Avail for Lease?: Yes
Sub Agency Type: %
Buyer Agency: 1.5
Buyer Agency Type: %
Trans Coord Type: %
Listing Date: 2018-03-21
Current Bldg Use: Multi-tenanted Office Building
General Property Info
New Construction: No
Lot Measurement: Acres
Lot Acres: 0.17
Lot Square Footage: 7405
Lot Dimensions: 74x100.5
Year Built: 74
Road Frontage: 74
Year Remodeled: 2012
Total # Units: 1
# Fin Bldg Lvls: 15
Total # Bldgs: 1
Total SqFt: 81883
Property Use Type: Investment
Waterfront: No
School District: Kalamazoo
Tax Info
Tax ID #: 390615382093
Taxable Value: 3033434
SEV: 3375300
For Tax Year: 2018
Annual Property Tax: 201803
Tax Year: 2017
Spec Assessment & Type: None known
Non-Conforming Use: No
Zoning: CCBD
Remarks & Misc
Legal: 222 ORIG PLAT PART OF LOTS 91-93 COM ON S LI E MICHIGAN AVE 232.4' E OF E LI BURDICK ST S 100' W 74' N 100' E 74' TO BEG
Directions: E. Michigan Avenue, between Kalamazoo Mall and Portage Street, in downtown Kalamazoo
Status Change Info
Under Contract Date: 2018-10-26
Sold Date: 2018-12-27
Sold Price: $3,125,000
Sold Price/SqFt: 38.16
Additional Details
# Freight Elevators: 1
Passenger Elevators: 3
SqFt Information
Rentable Office SqFt: 81883
Total Bldg SqFt (Gro: 89996
Property Features
Property Use: Investment
Uses: Professional/Office
Ownership: Corporation
Business Includes: Non-Applicable
Construction Type: Concrete; Steel
Exterior Material: Brick; Stone
Roofing: Rubber
Below Grade: Basement; Full
Additional Features: Bath Common Area; Fire Sprinkler; Multi User Facility; Security System
Sewer: Public
Water: Public
Utilities Attached: Cable; Electric; Natural Gas; Telephone
Util Avail at St: Broadband; Cable; Electric; Natural Gas; Public Sewer; Public Water; Storm Sewer; Telephone
Heat Source: Electric
Heat Type: Steam
Air Conditioning: Chiller System
Street Type: Paved; Public
Purchase Terms Avail: Cash; Conventional
Docs Req Conf Agrmnt: Financials; Leases; Rent Roll
Sale Conditions: None
Send to Econ Dev Org: MEDC; SWMI First, Region 5
Confidentiality Agreement 
Listing Office: Bradley Company
Listing Agent: Jodi Milks
Last Updated: November - 30 - 2022
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