221 W Webster Ave - Medical FOR SALE


Muskegon, MI 49440- Downtown Muskegon
$7,250,000 USD
616-774-3500
221 W Webster Ave, Muskegon, MI for Sale
$7,250,000 USD
Medical - FOR SALE
1/41
null | 8.37% Cap Rate

221 W Webster Ave
Muskegon, MI 49440
Downtown Muskegon


HIGHLIGHTS

  • REDEVELOPED 2021-2025
  • 6 STORIES PLUS BASEMENT
  • OFFICE & RETAIL TENANTS

OVERVIEW

CORE Plaza is a six-story, 48,621 SF mixed-use office and retail asset that has undergone a complete redevelopment & re-imagining, establishing itself as a premier commercial destination in the heart of downtown Muskegon. The property features a blend of uses including a food hall & boutique retail suites on the 1st and 2nd floors, along with coworking & professional office suites on the upper floors, creating a diverse and resilient income stream. The property has had significant capital improvements in the last 4 years. Due to the properties nature as a redevelopment it qualified for multiple tax incentives that upon sale are able to transfer to a buyer, including an Obsolete Property Rehabilitation Exemption (OPRA) as well as Brownfield Plan, through which the property owner is reimbursed annually for costs incurred during redevelopment.

FOR SALE DETAILS

PRICE

$7,250,000 USD

PRICE/SF

$113 USD /SF

CAP RATE

8.37%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

6

BUILDING CLASS

B

YEAR BUILT

1962

SPRINKLERS

-

PARKING SPACES

30

LAND DETAILS

LAND ACRES

2.1 AC

LAND SF

91,476 SF

ZONING

B-3

APN/PARCEL ID

24-205-333-0001-00,61-24-957-021-0040-00

ASK ABOUT THIS PROPERTY

Michael VisserAdvantage Commercial Real Estate Services LLCMore Info
616-774-3500

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Michael VisserAdvantage Commercial Real Estate Services LLCMore Info
616-774-3500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.