930 Washington Ave
Muskegon, MI 49441
The Watermark - 920-930 Washington Ave. · Multifamily Property For Sale · 33 Units

CBRE is pleased to offer for sale….. The Watermark Lofts and Development Project. This 702,470 SF property consists of 3 different components: The Watermark Residential Lofts and Event Center, The former Knoll Manufacturing facility and 492,025 SF of unfinished shell space for future redevelopment. The multi-family portion includes 33 retained Loft-style 1-3 Bedroom units originally developed as Watermark Lofts, a for-sale loft-style condominium project. Each unit is individually deeded and could continue to be sold off as separate condos or retained as apartments. Average rents are approximately $945/month and occupancy has been near 100%. Lease rates here are still under market with upside potential in raising rents as older leases expire. Since these units are separately deeded, they could also be sold off as individual condos. The total estimated value of the units is at $5,653,441 according to Zillow 2022 estimates. The Watermark Lofts portion also includes 5000 Square feet of commercial-oriented space which includes offices and the “Coffee Factory”, a very popular and well-appointed coffee shop on the main level, as well as the 11,340 SF Watermark event center located immediately adjacent to the Watermark Lofts building. This Venue has been extremely popular and was booking out 1-2 years in advance pre- Covid. As you can see in the Pro-forma Rent Roll, The Event center could be leased out to an operator at roughly $8,000/month, which was what the previous owners were paying as operators of this venue. This would add an additional $96,000 to the existing NOI. The Industrial portion is a 104,105 SF facility currently which was recently vacated by the Knoll Manufacturing Company. The space has 20’ ceilings, heavy power and 2 enclosed loading docks. This space is Turn-key and ready for immediate occupancy. Current Market rate for similar industrial space is approximately $3.30 / SF NNN – which would add another $330,000 to the existing NOI as shown in the attached Pro forma Rent Roll. The remaining Development portion consists of 492,025 SF of unfinished shell space intended for future Mixed Use redevelopment. The Watermark Development is positioned across the street from the Deepwater port of Muskegon Lake which is connected to Lake Michigan. The site is 15± acres, an entire city block. The entire property sits within the Opportunity Zone and other Tax Incentives may also be available. This unique opportunity offers a great deal of upside for the right Buyer / Developer, with a strong NOI to help carry the project into the next phases of development.