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Stephanie Goodman
  • Real Estate Broker
  • Waterford, Mi
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CASHFLOWING - Amazing Value Add Deal - Downtown Historic Building

Stephanie Goodman
  • Real Estate Broker
  • Waterford, Mi
Posted Jul 19 2016, 14:21

I just listed a BEAUTIFUL Historic Downtown Building For Sale - 25% leased out and still cash flowing - only $180k! Owner offering land contract. Beautiful safe area with tons of traffic - Details below - it is the big red building and the pink one next to it

Located in downtown Coldwater, Michigan 

Click Here For Listing Information and Pictures

Gorgeous downtown historic building with huge potential. Main floor currently leased to Salvation Army at substantially below market rates, and STILL CASH FLOWING!! Tenant is prepared for rent increase and willing to sign long term lease. Building is beautiful with most of the original architecture still intact, including tin ceilings, leaded glass, and intricate brickwork. Exterior brick was recently refinished and tuck pointed retaining historic charm. New fire suppression system, new forced air rooftop unit, and more. Huge 14 foot ceilings and spacious rooms offer so many options, from downtown residential lofts to high end office or retail space. City has been putting tons of money into downtown, redoing streets and parking lots. Beautiful and well kept with lots of foot traffic, a major up and coming area. Owner open to land contract options to qualified buyer in order to get space leased up.

Needs work on 2nd and 3rd levels before they are tenant ready, but current owner has done most of the heavy lifting. Salvation Army is a long time tenant on the main floor, only paying $4/sq foot on a month to month basis at $2000/month, the going rate in the area is $9 - $15/sq foot. They are willing to sign long term lease and are expecting a rent increase.

The property includes two buildings with 3 storefronts, possibly 4, plus all of the 2nd and 3rd floor spaces that aren't leased. There is HUGE potential with this building.

It is in an up and coming area, very safe, and already cash flowing as-is. Owner is willing to offer a land contract with 50% down, and is motivated to sell quickly. He doesn't have the money to finish renovations and just wants to sell it and retire. 

You can call or text me at 734-626-1766, or email at [email protected]

Offering