Former Summit Mall

Multi-Family for Sale
Also listed as Vacant Land
Catylist Listing ID: 29932435
Property Subtypes: Mixed Use
Number of Units: 200 Units
Building Size (RSF): 1,100,000 SF
Gross Building Area: See Agent
Gross Land Area: 73.10 Acres
Sale Price: $5,998,000
Unit Price: $29,990 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Purchase Money Mortgage, Owner Financing, Build-to-Suit
Cap Rate: Undisclosed
Last Updated: 7/18/2017

Overview / Comments

• Approximately 73.1 Acres
• Total building area: 1,100,000 SF
• Adaptive reuse for Corporate Headquarters
• Buildings core and shell may be repurposed
• Land and buildings are divisible for redevelopment
• Zoned: C4 Extensive Business District; Mixed uses include: multi-family residential, senior living, industrial, high tech, retail, office, hotel and call center
• Possible tax abatement and significant tax incentives available for redevelopment of the site
• Located in the center of prosperous Oakland County with strong neighboring communities such as Bloomfield Hills, West Bloomfield, City of Pontiac, Village of Clarkston & Keego Harbor/Sylvan Lake
• Strong demographics and traffic counts
• Heavy power and infrastructure in place

• 2015 Taxes:
Parcel 13-25-200-030 (71 Acres): Summer $80,004.23 / Winter $25,145.28
Parcel 13-25-200-013 (1.67 Acres): Summer $2,327.23 / Winter $716.96
Parcel 13-25-200-004 (0.45 Acres): Summer $1,946.09 / Winter $607.72
Total 2015 taxes for all three (3) parcels: $110,747.51

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Oakland
Submarket/Township: Lakes Area
Tax ID/APN: 13-25-200-030; 013; 004
Zoning: C-4 EXTENSIVE BUSINESS DISTRICT
Property Located Between: Telegraph & Summit Dr
Parking Type: Surface

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,638 88,351 191,263
Median Age: 37.1 36.66 38.98
Households: 5,135 34,920 75,728

Source

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