$1,495,000
MLS #: 15032579
Property Photo
30,509 Sq Ft

Description of 251 Center Street, South Haven, MI 49090

MIXED-USE REDEVELOPMENT OPPORTUNITY - Located in downtown South Haven's TIF District, this site offers 16 buildings totaling approx. 30,509 SF of street-front retail and former upper-level apartment units on 5 parcels totaling approx. 0.64 acres. Property is currently occupied by 8 tenants with flexible lease terms to allow for Buyer flexibility. Site is well located adjacent to Clementine's Restaurant and near the South Haven Yacht Club, Hotel Nichols, Idler Riverboat-Magnolia Grill, Old Harbor Inn, Black River Harbor and public beaches. Property may qualify for South Haven DDA financial incentives subject to Buyer verification with City. All leases are Gross, plus utilities. All lease terms run through 2019, except for Johnny's Lakeshore Jewelry, which runs through June 2021. Renewal terms to remain flexible. Real Property Taxes for 2017/2018 were approx. $43,000. Current in-place Gross Income, before expenses, is budgeted at approx. $120,000 for 2018. Additional historical financial information will be provided with executed Purchase Agreement. Sale may be subject to Court approval. Property includes 251-269 Center Street, 505 Phoenix Street and 508 Quaker Street. All information contained herein is subject to Buyer's verification. Property to be sold in "As is" "Where is" condition with all faults. Possession subject to Tenants' rights.

Property Features of 251 Center Street, South Haven, MI 49090

SCHOOL DISTRICT
South Haven
TYPE
Retail/ Commercial
Year Built
1900
Subdivision
S90 - South Haven City
Community
Southwestern Michigan - S
Annual Taxes
$42,796.00
Acres
.64
Features
School district: South Haven
Central air
Forced air heat
Natural gas heat
Lot acreage is: 0.6380
Lot dimension is: Irregular
Lot zoned: CBD
Road frontage: 1.00
Cable television available
Public sewer
Public water
Natural gas
Tax year: 2017
Courtesy of: Bradley Company

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