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985 Michigan Avenue

Off-Market

985 Michigan Avenue, Detroit, MI 48226

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  • Property Type Office - Government Office
  • Property Size 484,000 Sqft
  • Lot Size 4.06 Acre
  • Parking Spaces Avail. 851
  • Parking Ratio 1.76/ 1,000 SF
  • Property Tenancy Owner Occupied
  • Building Class A
  • Year Built 1995

Location

  • City Detroit, MI
  • Neighborhood Downtown Detroit
  • Zip Code 48226
  • Market Detroit

Contacts

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Owner

  • True Owner
  • Registered Owner

Tenants

Suite Name Tenant Leased
Space
Rent Price Lease
Type
Space
Type
Lease Term
370 17th Street #5500 MERRILL, (303) 446-5500 23,824 SF $23/SF/YR Modified
Gross
General
Office
11/01/2014-
N/A
370 17th Street
#6000
Morrison & Foerster,
(303) 592-1500
10,710 SF $26/SF/YR Full
Service
General
Office
08/01/2013-
07/31/2023
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Documents

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Sales

  • Purchase Date 14 May, 2015
  • Purchase Price $74,913,000
  • Arm's Length
  • Buyer Name

Market Trends

Average Actual Rents in Detroit

Average rents use actual signed leases, aggregated for your specific search area and asset type with Yardi Market Insight. Be confident your price is competitive, with CommercialEdge.

Current Average Rent
Net Rent
$44.3/SF/YR
Recoverables Show detailsHide details
$16.7/SF/YR
CAM
$3.54/SF/YR
Insurance
$0.59/SF/YR
Taxes
$9.52/SF/YR
Utilities
$1.76/SF/YR
Management Fees
$1.3/SF/YR
Total Rent
$61/SF/YR
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Occupancy & Leasing Activity
Occupancy
83.5%
Lease Spread
-20.5%
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Asking Rents in Detroit Office Market

Office rental rates are based on aggregated data of asking rates.

  • 2020 Avg. Asking Rent $28.65
  • 2020 Office Vacancy Rate 16.80%
  • 2020 Office Completions (Sqft) 63,500
View more Detroit market trends

Tax

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Frequently Asked Questions

What is the total square footage of 985 Michigan Avenue?

985 Michigan Avenue totals 484,000 square feet.

When was this property built?

985 Michigan Avenue was built in 1995.

When was 985 Michigan Avenue last sold?

985 Michigan Avenue was last sold on 14 May, 2015.

What was the last purchase price for 985 Michigan Avenue?

985 Michigan Avenue was last sold for $74,913,000.

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