21% cap rate - restaurant w/ office space or living quarters · shaped and wraps behind adjacent...

More Information OnlineMore Information Onlinehttp://www.cpix.net/listing/30047417

QR CodeQR CodeScan this image with your mobile device:

Listing ID: 30047417Status: ActiveProperty Type: Retail-Commercial For Sale

(also listed as Business Opportunity)Retail-Commercial Type: Free-Standing Building, Mixed UseSize: 7,488 SFSale Price: $200,000Unit Price: $26.71 PSFSale Terms: Cash to Seller, Owner Financing

Overview/CommentsOverview/CommentsThis property is a 7,488 sq. ft. building that includes;

1) a 2,496 sq. ft. restaurant-bar on the ground floor with a kitchen,

2) a 2,496 sq. ft. basement w/ 3 walk-in coolers, a CO2 system for beer andsoft drinks, storage, office space and equipment and

3) 2,496 office / storage space has a break room upstairs with privateentrance.

The restaurant and kitchen have been inspected by the city and can beready for business with a few minor updates.

The property has potential that isn't readily apparent because the City ofJackson is about to commence a road project that will change the trafficpattern in the downtown area. Currently cars travel east only on Washingtonstreet towards the back of this building. In June, Washington will bechanged from a 1 way street into a 2 way street. This will result in majorincrease in exposure for the entrance of this property and increased trafficcounts.

The property is located within 1 block of the the headquarters building forConsumers Energy. It is across the street from the city parking structureand the Commonwealth Buildings giving it excellent potential for breakfast,lunch and dinner business.

The 2,496 sq. ft. office / storage space features a break room. It could alsobe used as an apartment. It is clean, attractively decorated and featuresmany recent updates. It could be leased out as an income property or usedas living quarters for the staff or owner of the restaurant. It could be a 1-3bedroom apartment.

This property is also eligible for the DDA Building Façade improvementProgram. Up to 50% of the cost to update the exterior can be reimbursedwith city approval up to $15,000 (i.e. total cost of $30,000).

The 21% CAP rate is based on rental rates that are the lowest in theJackson market. These rates don't reflect the turn-key business opportunitythat includes real estate. The price has also been reduced to reflect someupdates that are needed.

The sale price doesn't include a liquor license. However, this property canbe developed in a Micro Brewery without a liquor license through theDepartment of Agriculture.

21% CAP RATE - Restaurant w/ Office space or Living Quarters21% CAP RATE - Restaurant w/ Office space or Living Quarters133 E Washington Ave, Jackson, MI 49201

Prepared by Joe Arnold, Global Realty Group, LLCJun 27, 2017 on CPIX

248-880-9084 [M] 800-830-7011 [O] [email protected] Real Estate License: 374507

Page 1

General InformationGeneral InformationTaxing Authority: Jackson, MITax ID/APN: 38-2444640Retail-Commercial Type: Free-Standing Building, Mixed Use, Restaurant,

Tavern/Bar/Nightclub, OtherZoning: C3Property Use Type: Investment, Vacant/Owner-User, BusinessBuilding Name: Germania building

Gross Building Area: 7,488 SFBuilding/Unit Size (RSF): 7,488 SFUsable Size (USF): 7,488 SFLand Area: 0.13 AcresSale Terms: Cash to Seller, Owner FinancingCap Rate: 10.0%

Area & LocationArea & LocationRetail Clientele: BusinessProperty Located Between: On the S.E. corner of E. Washington and Francis

Street.Property Visibility: Excellent

Largest Nearby Street: Francis StreetFeet of Frontage: 32Traffic/Vehicle Count: 14,713

Highway Access Access is via or East Washington Street or Francis Street. Parking is in the rear, on the street and available in the Francis Street Parking Structure locatedacross the street.

Site Description In addition the owner is offering an adjacent 5,304 sq. commercial building for sale with 2,652 sq. ft. of retail store front space and 2,652 sq. ft of officespace. The properties are priced to offer similar CAP rate investment potential.

Area Description The owner is offering the property for lease as is. Any changes to the property desired by the tenant will be subject to landlord approval and will be at theexpense of the tenant unless negotiated into the lease as a form of repayment. The owner has stated that if the tenant secures landlord approval to improve the exteriorfaçade of the building, that up to 50% of the cost of the improvement may be able to be reimbursed on projects that have prior approval, up to a maximum Rebate of$15,000.00 per building.

Building RelatedBuilding RelatedTenancy: Multiple TenantsTotal Number of Buildings: 1Number of Stories: 2Typical SF / Floor: 2,496 SFProperty Condition: GoodYear Built: 1890Year Renovated: 2016Roof Type: FlatConstruction/Siding: Brick/Aluminum SidingExterior Description: Vinyl and aluminum sidingTotal Parking Spaces: 14

Parking Type: SurfaceParking Description: Gravel lotLoading Doors: 0Loading Docks: 0Passenger Elevators: 0Freight Elevators: 0Sprinklers: NoneHeat Type: Natural GasHeat Source: CentralAir Conditioning: Package Unit

Land RelatedLand RelatedZoning Description: C3Lot Frontage: 32' in front, 66 feet wide in rear. Parcel is L

shaped and wraps behind adjacent building.

Lot Depth: 127 ft. deep.Water Service: MunicipalSewer Type: Municipal

LocationLocationAddress: 133 E Washington Ave, Jackson, MI 49201County: JacksonMSA: Jackson



Page 2

Property ImagesProperty Images

DSC01869

DSC01807

DSC01808

DSC01814



Page 3

DSC01880

DSC01839

DSC01836

Property ContactsProperty Contacts

Joe ArnoldJoe ArnoldGlobal Realty Group, LLC

248-880-9084 [M]

800-830-7011 [O]

[email protected]



© Copyright Commercial Property Information Exchange (CPIX). All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither CommercialProperty Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

Page 4

133 E. WASHINGTON - MARKET COMPARISON As of 7-30-17, a list was compiled of available Restaurant and Bar space from 1,300 to 5,000 sq. ft. in Jackson. 133 E. Washington

(Restaurant – Bar or office Office) are the lowest price Retail and Office space per sq. ft. in Jackson. It has the best development

incentives. It also has significant potential due to increased traffic counts due to city plans to turn Washington into a 2 way street.

Joe Arnold Global Realty Group, LLC

Professional Profile

Agent/Broker – Working in Commercial Real Estate Since 1992

Joe Arnold, CCIM candidate and member of the Commercial Board of Realtors (CBOR), has

joined the Global Realty Group team as a licensed real estate agent with a focus as a Business

Sales Broker and the leasing and sale of industrial, hi-tech, and office facilities in Southeastern

Michigan.

Joe holds an MBA degree from Michigan State University with a concentration in Marketing,

Finance and Accounting and also has a BS degree in law from Eastern Michigan University.

Throughout his career, Joe has been responsible for the acquisition, disposition and leasing of

office, hi-tech and industrial properties. Joe has over 20 years of experience in

Property Management as a landlord and building owner and has managed numerous

commercial build-out and renovation projects. He has provided consulting services, landlord and

tenant representation services, and buyer – seller representation as well as having

experience in commercial and industrial sales. Joe is also a Licensed Builder with

experience building residential homes and commercial build out / renovation projects for hi-

tech data centers, hospital labs and industrial process control projects.

In addition to Joe’s real estate related experience, Joe brings over 35 years of electrical and mechanical engineering, construction and marketing

experience to the table as the President of Computer Environments in Livonia, MI. He has specialized in TURN-KEY, design-build

infrastructure solutions for mission critical applications with projects ranging from Computer Rooms to Hospital Laboratories to Industrial Process

Control applications. Joe has implemented design criteria to insure the highest levels of uptime for Hi-Tech Commercial Real Estate applications

involving microprocessor controlled devices. He has also received a patent as the inventor of a hybrid electrical panel board that mitigates electrical

power disturbances and has been a featured guest speaker at numerous trade shows and seminars throughout the United States and internationally.

Joe has over 20 years of involvement with the Boy Scouts of America as a member and adult leader and is a member of the Knights of Columbus.

He is an avid whitewater kayaker, archer and bow hunter, has a lifelong passion for music. His hobby is photography.

Joe raised 5 children in Northville, Michigan and currently resides in Ann Arbor.

Expertise Specializations: Property Types: Brokerage: Business Sales Industrial Commercial Investment Office

Build-To-Suit Retail Leasing

Global Realty Group, LLC

P.O. Box 51817

34151 Schoolcraft Road Livonia, MI ., 48151

(800)830-7011 - Office [email protected]

mailto:[email protected]

mailto:[email protected]

Education - Credentials

B.S.

Eastern Michigan University 1974

Law, Marketing, Finance & Accounting

Masters - MBA

Michigan State University, 1976

Marketing, Finance & Accounting

Associations

Member – Commercial Board of Realtors

Michigan Association of Realtors

National Association of Realtors

Candidate – Certified Commercial Investment

Member (CCIM)

Services Offered

CoStar MLS

CPIX MLS

Loopnet MLS

Realcomp MLS

RPR (Realtors Property Resource – MLS

Property Development

Tenant Buildout

Property Management

Achievements

Licenses:

Michigan Real Estate License: 374507

Builders License: 127544

U.S. Patent & Trademark Office

Developed advancement in power quality protection equipment.

Awarded US Patent 7,633,772 B2.

Guest Speaker Numerous appearances internationally as a guest speaker on power

quality and protecting mission critical facility equipment for

numerous associations, conferences and companies including;

Society of Hospital Engineers, Wisconsin Public Power, Great

Lakes Broadcasting Association, Bio-Med Tech Association

Data Processing Manager’s Association, Plant Engineering

Conference, Power Quality Expo Conference, Information

Technology Expo Conference & many Consulting Eng. firms.

21% cap rate - restaurant w/ office space or living quarters · shaped and wraps behind adjacent...

Documents