This Office Property is Off-Market.

280 North Old Woodward Avenue
Birmingham, MI 48009 ·

85,531 SF · Office For Sale

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Birmingham Tower

Price N/A Occupancy 94%
Building Size 85,531 SF No. Stories 5
Property Type Office Tenancy Multiple
Property Sub-type Office Building Year Built 1973
Property Use Type Net Lease Investment with 7 years left on lease Lot Size 0.75 AC
Cap Rate 8.06%
Listing ID: 16288859 Date Created: 06/22/2009 Last Updated: 01/11/2010

Description

Marcus & Millichap is pleased to offer for sale a signature office building in one of the most affluent and coveted communities in southeastern Michigan. Located in Birmingham, this five-story office building is 85,531 square feet and boasts occupancy of 94 percent. The anchor tenant (26 percent of total square feet) has four years remaining on their lease. The property has a strong history of high occupancy. The building is well located near all shopping, dining, entertainment, and lodging. Birmingham, a walkable community, has exceptional demographics with an average household income above $100,000. Birmingham is located in Oakland County, one of the wealthiest counties in the nation. Additionally, Birmingham is centrally located to many of the most desirable bedroom communities in southeastern Michigan. The building has undergone renovations including the lobby area, facade, and conference room facilities. With a diverse tenant base, an owner does not have significant exposure from tenancy rollover. This is an excellent opportunity to purchase a stable, long-term, consistent asset in a very desirable community.

The City of Birmingham is a vibrant, prosperous community, with a population of almost 20,000. Covering only 4.73 square miles, the community is able to maintain the feel of a small town, while experiencing the benefits of an affluent urban area. The City has a lively, pedestrian-friendly downtown offering one of the Midwest' s premiere shopping districts. A diverse assortment of fine shops, restaurants, art galleries, antique dealers, and clothiers await visitors. No matter where you park, you can walk the entire shopping district or enjoy two hours of free parking in any of the municipal parking structures. Quarton Lake is nestled in the residential heart of the city. Its quiet banks, where ducks, geese and swans feel at home are a lovely place to take a stroll. Little folk and seniors are allowed to fish from the banks. In a city with so many cultural and recreational amenities as the City of Birmingham, this indeed is a place in to "live, shop, and play."

Highlights

  • Five-Story Office Building Situated on 0.75 Acres in Downtown Birmingham
  • Building has Undergone Renovations Including New Lobby Spaces, New Granite Facade, and State-of-the-Art 75-Person Conference Facility
  • On-Site Management
  • Exceptional Demographics - Average Household Income Above $100,000
  • Only Minutes from Five Major Parking Structures
  • Well Located Near Shopping, Dining, Entertainment, and Lodging

Research

280 North Old Woodward Avenue, Birmingham, MI 48009 (Oakland County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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