Historical Office Sale Listing - 75 North Main

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75 North Main

75 North Main, Mount Clemens, MI 48043

N/A

13,886 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
13,886 SF
Property Type:
Office
Property Sub-type:
Office Building
Property Use Type:
Investment
Cap Rate:
12.50%
Occupancy:
97%
No. Stories:
3
Tenancy:
Multiple
Year Built:
1908
Lot Size:
0.14 AC
Listing ID
16038914
Last Updated
over 1 year ago

Highlights

  • Excellent Downtown Location
  • Rentable Space From 350 to 10,000-Square Feet
  • Minutes From I-94, M-59, And Gratiot Avenue
  • 200,000 People Within Five Mile Radius
  • Medium Household Income Of $62,878 Compared to the U.S. Average of $48,201

Description

Marcus & Millichap is pleased to announce the assignment to exclusively market 75 North Main Street in Mount Clemens, Michigan. This property is a mixed-use development with street-level retail space and two upper levels of office space. The total rentable square footage is 13,886. The building has seen recent renovations and the current tenants consist of legal, financial, and insurance practices as well as a coffee shop.

The largest tenants, Conga Coffee and the Auto Club Insurance Association (AAA) are under net lease agreements. Both net lease agreements carry a five percent rental increase annually through the expiration of the lease terms. All other tenants carry gross lease agreements. All active tenants commenced leasing in 2001, and today the building is at 97 percent occupancy. Conga Coffee and Auto Club Insurance carry lease contracts into 2012 and 2011, respectively. All other tenant agreements reach through February 2009.

This building is centrally located in the highly active business center of downtown Mount Clemens. The central location for foot and traffic flow from Gratiot Avenue make this property marketable to long-term tenants.

The city of Mount Clemens is regarded as the
capital of Macomb County. Mount Clemens
boasts one of the few genuine downtown
districts in the county. The central business and
retail sectors radiate from Macomb Street,
featuring gazebos, water fountains, gardens,
statuary and shrubbery. Little coffee shops,
delicatessens, restaurants and pubs are
abundant in the downtown district. In close
proximity to downtown and the subject
property, the waterfront revitalization has led
to an energetic agenda of community activities
highlighted by a riverfront concert series and
summer art fairs, fireworks displays, chartered
boat cruises, parades and festivals. The
residential area surrounding the downtown
boasts a wide variety of homes from various
historical periods. Residents are continually
drawn to the city's award winning school
district, numerous recreational amenities
including sparkling Lake St. Clair and easy
access to major metropolitan freeways, I-94 and
M-59. The recent completion of I-696 gives
Mount Clemens a direct link to I-75, Oakland
County and other environs. The school district
has won three exemplary school awards in the
in the past two decades.

Map of 75 North Main, Mount Clemens, MI 48043 (Macomb County)

Research for 75 North Main, Mount Clemens, MI 48043 (Macomb County)

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Created 12/29/2008