108 E Center StreetIthaca, MI 48847

Description

Fully occupied downtown Ithaca commercial investment property located at 108 E. Center Street, commonly known as The Village Shoppes. This distinctive brick commercial building was built in 1987 and features excellent downtown frontage, multiple tenant spaces, attractive common areas, and a unique interior “village street” layout with storefront-style suites. The property totals approximately 13,600 square feet and is situated on a 100’ x 165’ lot. The building is currently 100% occupied with six tenant spaces and scheduled annual rent of approximately $65,600. Current tenants include a mix of office, retail, and service-oriented users. The property is zoned Downtown Commercial and includes a standard elevator serving all floors. Street parking and nearby municipal parking are available. Utilities are landlord paid. Financial information, rent roll, and pro-forma are available in the listing documents. Based on the seller’s pro-forma, the property is being offered at an approximate 9% pro-forma cap rate. Seller financing or land contract terms may be considered. Buyer to verify all property information, square footage, leases, expenses, taxes, zoning, utility arrangements, permitted uses, and pro-forma assumptions.

Property Information

Property type

Commercial Sale

Sub-type

Retail

Year built

1987

Living area

13,632 Sq Ft

Lot size

0.38 acres

Lot dimensions

100x165

Days on market

36

MLS^® Listing#

1946110

Property Features

Heating

Forced Air · Hot Water · Natural Gas

Parking

On Street

Construction

Brick · Frame · Block

Foundation

Block

Roof

Asphalt

Sewer

Public Sewer

Water source

Public

Financial Details

HOA

Yes

Assessed value

$109,700

Parcel number

29-52-010-138-00

Directions

Center Street. South side of the Street.