427 Water Street

Description

Nestled just one block off River Street, in the charming and historic city of Manistee, stands a building with timeless appeal and immense potential. This property, steeped in history and boasting an enviable location, presents a rare investment opportunity for those with a vision to transform it into something truly special. Whether you are an experienced investor or a passionate renovator, this building offers a canvas for a multitude of possibilities, from commercial ventures to residential transformations. Stepping inside the building, one is immediately struck by its potential. High ceilings, large windows, and original woodwork are just a few of the features that make this property stand out. This property is just waiting to be loved again!Below is a list of incentives that COULD apply to this property:Local Incentives/GrantsBrownfield TIFHousing TIF (Depending on the Number of Units created)Payment In Lieu of Taxes (PILOT)Manistee DDA Facade Grant State Incentives/GrantsObsolete Property Rehabilitation Act (OPRA)Commercial Rehabilitation Act Commercial Redevelopment Act ( Rehabilitation would have to keep property commercial)Federal/State Historical Tax CreditsMEDC Build MI Community Grant (Depends on the experience of the developer)MEDC Community Revitalization Program (CRP)MSHDA Grants (Depends on Project and unit density) Note that this property does fall outside of Manistee's Opportunity Zone, so no capital gains tax incentive would apply to this property. Buyer should inquire with the ED Director.