- What The Metropolitan Building in Windsor, Ont., is for sale, with pricing guidance at $10m
- Why A portion of the building has office-to-residential conversion potential for a builder
- What next Avison Young has the listing
Windsor, Ont.’s Metropolitan Building is on the block, with pricing guidance at $10m, Green Street News can reveal.
The mixed-use building at 176 University Avenue West has 35 occupied residential units as well as four floors of vacant office space that could be converted into 32 more residential units. Avison Young is marketing the property on behalf of a private investor.
The Art Deco property was built in 1929. The residential component comprises 25 one-bedroom and 10 two-bedroom units with an average rent of $1,131, well below market rates.
The vacant office space measures just over 28,000 sq ft. Conceptual drawings for a possible office-to-residential conversion depict 11 one-bedrooms and 21 two-bedrooms going into that space. The buyer could also maintain the office space and rent it out as is.
The property is in downtown Windsor, 350 m south of the Detroit River and 1 km from the entrance to the Detroit-Windsor Tunnel border crossing. It is also 3 km from the Windsor VIA Rail station and 3 km from the University of Windsor.
A bid date for the property has not yet been set.
