Harris Rd Properties 3 Properties Offered at $2,930,000 in Ypsilanti, MI

This property price is $2,930,000 or $113.00 / s.f. for 3 buildings w/ 25,800 s.f. total. It is presently a 13-14 tenant property. The CAP rate would be 10% when fully occupied at current lease rates (which are in the bottom 20% of market rates). The price is not based on investment value. The price is based on appraised value as a single user property. The price per s.f. is in the bottom 20% of available industrial properties in a 10 mile radius (i.e. the surrounding 10 mile radius).
All leases have a clause giving a new owner the option to terminate any or all leases. This gives a new owner the potential to owner-occupy some of the property while deriving substantial income for the portion of the property that exceeds their space needs.
Building A is 10,800 s.f. of space that is zoned to allow industrial, warehouse, office and retail uses. It is completely heated and air condition with a new roof, (4) new HVAC unit, and overhead door, loading dock access. It has recently been completely painted inside and outside and attractive landscaping. The parking lot is fenced, excellent lighting and 24x7 video surveillance cameras. Access to I-94, U.S. 23, I-275 and Michigan Avenue is close by.
Building B is 10,000 s.f. . It has 11-12 suites from 180 to 5,800 s.f. There are 9-10 offices from 180-388 for a combined office space of 3,000 s.f. Suite 205 and 206 are Flex spaces with 1,800 and 5,500 s.f. respectively.
This office building has been completely renovated inside and outside. The interior was removed to the exterior walls. 11-12 new office suites were added ranging in size from 180 - 1,300 s.f. . The offices suites can be leased separately or combined for up to 5,800 s.f. . There is also 1,500-5,500 of potential flex-warehouse space at this property. Warehouse-Retail space leases are NNN. Office leases are 2 year full service gross leases..
INTERIOR - Everything in the interior is new including walls, ceiling, lights, floor covering, doors, windows, electrical and HVAC.
EXTERIOR - All roofs and HVAC have been replaced. The exterior Building A and C have been recently painted. Building B has a new exterior façade, new windows and doors. The parking lot was increased to provide 50% more parking for 45 cars/ New landscaping, parking lot lighting and a 13 camera video surveillance camera system was added.
BUILDING C - 5,000 s.f. of warehouse space, 15' clear to truss, 18' to deck with (2) 10' overhead doors, (1) 12' overhead door with a drive-in vehicle ramp and loading dock access.
The property is in close proximity to Michigan Ave, I-94 , I-275 and US-23. It is 2.5 miles from Willow Run Airport and 17 minutes from Detroit Metro Airport.