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Document.Pdf 44 West Michigan Ave. Bank Building Unique opportunity to purchase this 3 story building in downtown Detroit. The building is right in the center of downtown overlooking Campus Martius and Capital Park. The building contains 2 above grounds stories at 6,500 RSF each and a basement and sub basement each at 8,500 RSF. All of the original safes and vaults as well as safety deposit boxes and private rooms are still intact and maintained within the building. The Offering: • Address: 44 West Michigan Avenue, Detroit, MI • Price: $10,900,000 • Parcel ID: 02-0002646 • Zoning: Opportunity Zone Property Description: • Floors: 3 floors & basement • Year Built: 1938 later torn down in the 1970’s and a modern skin added • Gross Area: Approximately 21,000 SF • Lot Size: 0.15 acres Construction: • Slab to Slab: 12’ • Construction: Steel • Elevators: 2 with 1 frt. • Floors: Exposed concrete floors • Windows: Floor to ceiling heights 2 44 W. MICHIGAN AVE. TRADE AERIAL 21 18 19 MAP KEY 1 44 W MICHIGAN AVE 2 One Campus Martius 3 Rosa Parks Transit Center 22 4 The Hudson Development Site 5 5 36th District Court 6 Greektown Casino 7 BCBS of Michigan 17 8 Brush Street Garage 9 Cadillac Square Apts. 10 Cadillac Tower 11 David Scott Building 20 12 Westin Book Cadillac Tower 13 Detroit Public Library 16 14 The Z Lot 15 David Whitney Building 15 16 Broderick Tower Apts. 17 Detroit Athletic Club 18 Ford Field 19 Comerica Park 6 20 Detroit Opera House 23 14 21 Little Caesars Arena “District Detroit Phase I” 13 22 District Detroit Phase II “Live Block” 4 8 7 23 Shinola Hotel 24. Fowler Building 24 2 3 11 12 10 9 3 44 W. MICHIGAN AVE. FLOOR PLANS FIRS 569 SF 7,487 SF MEZZANINE Scale 3/16”=1’0” BASEMENT Scale 3/16”=1’0” Original vaults, safety deposit boxes & rooms, and teller windows. 4 44 W. MICHIGAN AVE. FLOOR PLANS 6,355 SF 6,345 SF FIRST Scale 3/16”=1’0” SECOND Scale 3/16”=1’0” Original Vault located in the rear, along with the original crank elevator. 5 44 W. MICHIGAN AVE. DOWNTOWN DETROIT FACTS Statistics: • Cost of living is 4.7% below the national average • Residential is 99% occupied in the central business district • 33% of downtown residents are millennials (10% higher than national average) • Detroit has the 10th fastest growing economy among the 50 most populous areas nationally • 13% income growth - higher than the national average by 3.6% (since 2009) • 56% increase in residential units by 2020 • Capitalization rates for investment in Detroit are 6.75% - 7.75% • Commercial, residential lease and rental rates are up annually year over year since 2006 Attendance: • 9.3 Million Annual Visitors • 4 Million Attendance to sporting events • 3.5 Million attend special events • 1.8 Million theatre attendance 6 44 W. MICHIGAN AVE. 2018 DEMOGRAPHICS CONSUMER EXPENDITURE HOUSEHOLDS (RETAIL EXPENITURE) POPULATION 1 MILE 7,793 1 MILE $198 M 1 MILE 80,736 3 MILES 34,699 3 MILES $685 M 3 MILES 174,042 5 MILES 88,728 5 MILES $1.66 B 5 MILES 282,452 CONSUMER EXPENDITURE INCOME (1 MILE RADIUS) DAYTIME (AVERAGE HOUSEHOLD) APPAREL $14.5 M (AGE 16 YEARS & OVER) 1 MILE $38,829 ENTERTAINMENT $22.8 M 1 MILE 8,213 3 MILES $28,876 FOOD $62.1 M 3 MILES 105,030 5 MILES $28,990 GIFTS $10.1 M 5 MILES 298,314 7 44 W. MICHIGAN AVE. LIST WITH US FOR MORE INFORMATION Greg Newman [email protected] 248.356.8000 X 103 31000 NORTHWESTERN HIGHWAY, S U I T E 2 0 0 FARMINGTON HILLS, MI 48334.
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