Starting Bid

$150,000

Reserve (info)
Not Met
What is the reserve?
The "Reserve" is the minimum selling price established by the Seller of a property prior to the auction. Most properties on Ten-X have an established Reserve. The Starting Bid is usually set below the Reserve. Note that a winning bidder can be declared whether or not the Reserve is met.
Bid Increment
$50,000
Participation Deposit
$5,000
Bidding ends in:
1d, 10h, 57m
OFFICE

SOUTHWIND OFFICE PARK

SOUTHWIND OFFICE PARK

913 West Holmes Road, Lansing, MI 48910

913 West Holmes Road, Lansing, MI 48910
Rentable Sq. Ft.

51,817

NOI

$69,033

Occupancy

62.97%

Year Built

1980

Transaction Fee
5% ($40K min)

Property Information

HIGHLIGHTS

  • ±51,817 GLA multi-tenant office building within Kroger Plaza
  • ±62.97% occupied with value-add through lease-up at market rates with longer term leases
  • Year One As-IS NOI of $100,501
  • Building offers 74 units ranging in size from ±109 to 4,050 SF
  • Future value add through potential redevelopment
Primary Property Type
Office
Occupancy
62.97%
Type of Ownership
Fee Simple
Buildings
1
Assessor's Parcel Number
33-01-01-32-226-542
Event Item
B233-148
Transaction Fee
5% of Winning Bid Amount (A $40K minimum applies)
Participation Deposit
$5,000
Gross Area (Sq. Ft.)
61,064
Primary Sub-Type
Suburban
Occupancy as of Date
02/06/2018
Year Built
1980
Building Class
Class B
Floors
2
Lot Size (Acres)
3.77
Property ID
1000003335
Starting Bid
$150,000
Rentable (Sq. Ft.)
51,817
Tenancy Type
Multiple
Primary Property Type
Office
Primary Sub-Type
Suburban
Occupancy
62.97%
Occupancy as of Date
02/06/2018
Type of Ownership
Fee Simple
Year Built
1980
Building Class
Class B
Buildings
1
Floors
2
Assessor's Parcel Number
33-01-01-32-226-542
Lot Size (Acres)
3.77
Event Item
B233-148
Property ID
1000003335
Transaction Fee
5% of Winning Bid Amount (A $40K minimum applies)
Starting Bid
$150,000
Participation Deposit
$5,000
Rentable (Sq. Ft.)
51,817
Gross Area (Sq. Ft.)
61,064
Tenancy Type
Multiple
Detailed Description

Southwind Office Park a multi-tenant, Class B, office building located at 913 West Holmes Road in Lansing, Michigan.

Built in 1980, Southwind Office Park consists of ±61,064 SF (±51,817 GLA) situated on ±3.77 acres within Kroger Plaza. Southwind Office Park offers 76 office units in various suite sizes/configurations and the current build-out is of smaller/individual offices with suites ranging in size from ±109 to 3,284 SF. The property is currently ±62.97% occupied by a variety of local tenants. Many of the tenants are currently MTM and/or roll in the near term giving the new owner the ability to increase rates overall to market rents and sign longer term leases. Additionally, this property presents huge value add through lease-up of the available ±19,187 SF (28 units) at market rates.

Southwind Office Park sits in the Kroger Plaza and offers a convenient location within close proximity to various retail/restaurants locations including Walgreen’s, Wendy’s, Jersey Mike’s, Family Dollar, Kroger gas station. The Property has excellent access and is located ±3 miles north of Interstate 96 and ±3 miles south of Interstate 496. These main area arteries are east/west corridors that connect Lansing to Detroit and Grand Rapids. Southwind Office Park benefits from its central location only ±3 miles from Downtown Lansing, ±5 miles from Michigan State University, and ±7 miles from Capital Region International Airport off South Martin Luther King Jr. Boulevard. Located along the banks of the scenic Grand River in the heart of Michigan’s Lower Peninsula, Lansing is the ideal destination for travelers seeking small town comfort and big city convenience. Located in South Lansing, the Property is located just down the street to Ingham Regional Medical Center and a short drive to the Capitol, General Motors Grand River Assembly, Universities, Sparrow Hospital and many other points of interest.

This opportunity offers investors a well-situated asset with huge value-add potential through either lease-up of the available ±37.03% of GLA at longer term market rates or through future redevelopment.

LOCATION HIGHLIGHTS

  • Situated on a ±3.77 AC parcel along West Holmes Road
  • Central Lansing location conveniently located between I-96 and I-496
  • Located ±3 miles from Downtown Lansing, ±5 miles from Michigan State University, and ±7 miles from Capital Region International Airport
  • Within close proximity to various POI including retail/restaurant locations
  • The estimated 2018 population within a three-mile radius is 87,356 with an average household income of $51,810

SITE/LAND DETAILS

Accessibility
Curb cuts via W Holmes Rd & S MLK Jr Blvd
Parking Stalls
130
Zoning Designation
F - Commercial
Parking Type
Surface
Flood Zone
No
Zoning Description
Accessibility
Curb cuts via W Holmes Rd & S MLK Jr Blvd
Parking Type
Surface
Parking Stalls
130
Flood Zone
No
Zoning Designation
F - Commercial
Zoning Description

Document Vault

+
Asset Summary Report (SITUS ASR) (1)
0
+
Investigations (14)
0
+
Market and Valuations (4)
0
+
Operating and Financial (54)
0
+
Purchase Agreement (5)
0
+
Title and Insurance (1)
0
+
Visuals and Graphics (7)
0

Financials

HistoricIn PlaceProjected
Revenue
Expenses
NOI

Contact

  • MW

    Matthew Wisniewski
    RE/MAX Commercial Group
    MI Lic #6501360426
    (517) 980-9299
  • Jeremy Gallays
    Ten-X Commercial
    Client Management
    (347) 281-7888

Market Information

HIGHLIGHTS

  • The Property is located in the Lansing Office cluster market and the Southern Lansing office submarket.
  • Market vacancy rates ranged from 6.95% to 7.45% for 4q 2017, down from the same period one-year earlier.
  • Market asking rents ranged from $14.10 to $14.70 per sq. ft. for 4Q 2017, up from the same period one-year earlier.
Market Overview
The Property is located in the Lansing office cluster market and the Southern Lansing office submarket. The Lansing office market reported vacancy rates ranging from 6.95% to 7.45% as of 4Q 2017, which decreased from 7.25% to 7.75% from the previous quarter. During the same period one year earlier, reported vacancy rates ranged from 7.15% to 7.65%. The total office inventory consisted of 20.30 to 20.34 million sq. ft. across 1,260 to 1,300 buildings. Asking rents ranged from $14.10 to $14.70 per sq. ft. for 4Q 2017, compared to $14.90 to $15.40 per sq. ft. in the previous quarter, and $12.45 to $12.95 per sq. ft. during the same period one-year earlier. Net absorption was 43,000 to 49,000 sq. ft. for 4Q 2017. There was no new office space reported to be delivered to the market at the end of 4Q 2017. New construction in process at the end of the quarter ranged from 15,000 to 20,000 sq. ft.
Sub Market Overview
The Southern Lansing office submarket vacancy rates ranged from 15.50% to 16.30% as of 4Q 2017, with asking rents from $9.60 to $10.10 per sq. ft. The inventory in the submarket consisted of 3.70 to 3.8 million sq. ft. across 270 to 310 buildings. Net absorption was 90,000 to 100,000 sq. ft. No new office space was reported to be delivered to the submarket at the end of 4Q 2017, and there was no new construction in process at the end of the quarter.

Auctioneer License

TenX RE, Inc.  Lee Leslie RE Brkr 6502410347