Historical Office Sale Listing - Davenport University

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Davenport University

4318 Miller Road, Flint, MI 48507

N/A

24,927 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
24,927 SF
Property Type:
Office
Property Sub-type:
Office Building
Additional Sub-types:
Office-Warehouse
Property Use Type:
Investment
Cap Rate:
9%
Occupancy:
100%
No. Stories:
2
Tenancy:
Single
Year Built:
1985
Lot Size:
2.65 AC
Listing ID
14913605
Last Updated
over 1 year ago

Highlights

  • Strong Regional Tenant
  • Located in Major Retail Corridor of Flint
  • Minutes from I-75 and I-69
  • Located in Flint's Main Retail Corridor
  • Easy Access to Major Highways
  • Home to University of Michigan - Flint Campus

Description

Marcus & Millichap is pleased to announce for sale the Davenport University building, a 24,927 SF office building located in Flint Township, MI. Davenport University was established as a business college in 1866 in Grand Rapids, Michigan, and now offers over 100 different degrees, diplomas and certificates in three major areas of study: Business, Technology, and Health Professions. Davenport has locations across Michigan and northern Indiana, and also offers courses online. Davenport recently signed extended and expanded their lease agreement in which they will lease the entire building through November, 2012 on a NN lease. In addition to reimbursing the owner for RE taxes, insurance, and common area maintenance, they are responsible for reimbursing the owner for the management fee. This lease is equipped with one 5-year option to renew. Davenport has a Federal Cohort Default Rating of 5.3 for 2004 (2005 will be available in 2007).

As part of the agreement of the sale, the current seller intends on retaining management responsibilities for a flat fee of $6,000 per year, which equates to about 1.6% of Effective Gross Income, a fee that is currently below market

Flint, Michigan is a city in the U.S. state of Michigan, located along the Flint River about 60 miles (96 km) northwest of Detroit. As of the 2000 census, the city had a population of 124,943, making it the fourth largest city in Michigan. It is the county seat of Genesee County. Flint Charter Township is adjacent to the city on the west, but is politically independent.

The University of Michigan-Flint is a regional satellite campus of the University of Michigan located in Ann Arbor. Other universities include: Kettering University formerly known as GMI (General Motors Institute), which is a highly-rated engineering university, and Baker College which is a private business institute. Mott Community College is a community college in Flint with satellite campuses in nearby Fenton and Lapeer.

Map of 4318 Miller Road, Flint, MI 48507 (Genesee County)

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