Downtown Ann Arbor Building for Sale - 301 E. Liberty Street
Seven stories and 77,000 sqft in one of the most recognizable buildings in downtown Ann Arbor is now for sale. 301 E. Liberty street was built in 1986 and sits along the main corridor between downtown and the University of Michigan campus. The building is in an area targeted for increased pedestrian traffic and is currently 94% lease occupied. Net operating income is just over $1 million, creating an attractive investment for someone targeting Ann Arbor real estate opportunities. Current and long standing lease holders include: The University of Michigan, TIAA-CREF and the Dickenson Wright law firm. This area has been a hotbed for development and has a solid future. Nearby and recent area developments include examples such as the upcoming street work on Division scheduled by the Ann Arbor Downtown Development Authority, the new McKinley Towne Centre Building, and a proposed underground parking deck next to the Ann Arbor District Library.
The current owner purchased the building in 2001 for $9.6 million. Current state equalized value for the property equates to around $13.3 million. Although office vacancy rates are high, they are decreasing and this space is attractive due to its solid history and the current 94% leased rate.
For more information about this Ann Arbor Commercial Real Estate opportunity please contact Kathy Toth and Team.
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Kathy Toth and Team
www.KathyToth.com
Keller Williams Realty
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