58540 Van Dyke Ave Washington, MI 48094

Property Details for 58540 Van Dyke Ave

Year built

1900

Lot size

0.23 lot acres

Property size

6,200 SF

Property type

Retail properties

Property subtype

Office Properties & Spaces

Description

This exceptional 6,200 sq ft mixed-use building in Washington, MI, presents a compelling investment opportunity. Built in 1900 and extensively renovated in 1999, this three-story, 15-unit property boasts a strong 87% occupancy rate and a substantial net operating income (NOI) of $90,000, yielding a 7.09% cap rate. The asking price is $1,270,000. Recent upgrades include a new roof (2020), high-efficiency HVAC systems (2022), a new boiler (2020), and air purifiers (2021). The property features 30 on-site parking spaces, plus an additional 25+ spaces available via agreement with a neighboring church. Security is enhanced by a state-of-the-art camera and alarm system with automatic door locks. High-speed internet access is provided via T-1 lines for AT&T and Comcast/Xfinity. The flexible layout allows for spaces ranging from 200 to 1,200 sq ft, accommodating diverse business needs. The upper two floors offer open floor plans with ceiling heights ranging from 7 to 10 feet. A shared laundry facility and ample storage are available for tenants. Located on Van Dyke Ave in a high-traffic area with a convenient stoplight, this property offers excellent visibility and accessibility. The 0.23-acre lot is zoned V-1 Commercial. The current leases are modified, multi-tenant, with a 3-year term and 2 years remaining. No rent bumps are scheduled. This turnkey property is a rare blend of historic charm and modern functionality, making it an ideal investment for discerning buyers.

Location Insight

City

Washington

County

Macomb

State

Michigan

Longitude

-83.0359

Latitude

42.7247