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Russell Block Building 360-66 W Western Ave 25,965 SF 100% Leased Retail Building Muskegon, MI 49440 $1,400,000 ($53.92/SF) 8.11% Cap Rate
EXECUTIVE SUMMARY
This beautifully restored historic, landmark building, Russell Block, sits at the heart of Downtown Muskegon. Built in 1890 during the Lumber Era, this commercial property housed the U.S. Post Office, YMCA, Western Union Telegraph, a theatre, and several different fraternal social clubs over the years. Renovations in 2011-2013 of this nearly 26,000 SF building included new electrical, plumbing, mechanical, HVAC and fire suppression systems, facade restoration & new windows, barrier-free access, five restrooms, elevator, and security system. Tenant spaces have been tailored to accommodate brewing, refrigeration, full-service kitchen, sound-barrier, master keyed, and separate metered. The open concept main floor, currently home to Muskegon's Unruly Brewery, features elevated ceilings with exposed joists, ducts, piping & lighting, original hardwood floors and brick walls with atrium opening to the lower level for several unique possibilities. The second level is home to West Michigan Symphony's small performing arts and concert venue with loft balcony, a rooftop patio garden with views of Muskegon Lake, and professional offices overlooking Muskegon's main street. The mezzanine level and third floor are occupied by a salon and spa. The property includes a 3,000 SF courtyard with seating and live music space. Ideal opportunity for an investor.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
25,965 SF
Building Class
C
Year Built/Renovated
1890/2013
Price
$1,400,000
Price Per SF
$53.92
Cap Rate
8.11%
NOI
$113,597
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Slab To Slab
11’
Building FAR
0.08
Lot Size
7.86 AC
Opportunity Zone
Yes
Zoning
FBC-DT - Commercial Zoned District
Parking
44 Spaces (2.84 Spaces per 1,000 SF Leased)
Frontage
107’ on Clay
AMENITIES
- Bus Line
Walk Score®
Very Walkable (78)
Bike Score®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 24-233-000-0004-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $781,200 |
PROPERTY TAXES
Parcel Number
24-233-000-0004-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$781,200
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Russell Block Building | 360-66 W Western Ave
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