Investment Highlights
- $1.5 Million Historic Tax Credit Available: The Preservation Certificate is transferable to a new owner and the certificate can be modified for a new rehabilitation plan.
- Exceptional Blank-Slate Value-Add Opportunity: A new owner could develop a hotel or multifamily asset. The subject property was a senior-living facility until 2017.
- No New Hotels Under Construction & Only 1 Hotel in Planning
- Property could qualify for OPRA (Obsolete Property Rehabilitation Exemption). The new owner could benefit from property tax exemptions for commercial and commercial housing properties that are rehabilitated and meet the requirements of the Act.
- Unencumbered of PACE
Property Overview
Berkadia Hotels & Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the 82- room Harrington Inn located in Port Huron, Michigan (the ‘Hotel’ or ‘Asset’). The Hotel sits on 0.93-acres of land at 1026 Military Street in the heart of downtown and only 3 miles from Blue Water Bridge Border Crossing. The original Harrington Inn opened in 1896 and became the center of social and political life at the beginning of the 20th century. President Harry S Truman and his wife Bess spent their honeymoon at the hotel. Harrington Inn’s rich history put it on the National Registrar List and is in the process of qualifying for a $1.5 million historic tax credit. Harrington Inn has the capacity for a café, lounge, rooftop bar, speakeasy, 3,249 square feet of meeting space, business center, and gift shop. A buyer could elect to develop a full or select-service hotel. Furthermore, given this Asset was a seniorliving facility in 2017, it could also make for a good multifamily play.
Like most of eastern Michigan and the greater Detroit area, the economic base of St. Clair County is heavily influenced by the automotive and manufacturing industries and is home to multiple industrial parks that support the industries. The energy sector and tourism industry are also important to the local economy. Port Huron continues to serve as an important trade region given its connection to Canada by way of the Blue Water Bridge. The greater Port Huron market is experiencing a period of revitalization and expansion, led by the resurgence of the automotive and manufacturing industries, the strength of the healthcare sector, and the continued diversification of the local employment landscape. These factors contribute to an overall positive outlook for the market.
Port Huron is known as the Maritime Capital of the Great Lakes with unique sites such as the Huron Lightship and the Great Lakes Maritime Center. The charming downtown district offers quaint shops, art galleries, and unique eateries. Boaters will find a beautiful marina in the heart of downtown, or visitors can take a sight-seeing boat cruise. St. Clair County has among the highest number of boat registrations per capita in the United States and is home to the Annual Port Huron-to-Mackinac Sailboat Race, the largest freshwater sailing event of its kind in the world.
Property Tours are available by appointment on November 27th and December 6th. Please reach out to Mabelle Perez, Mabelle.Perez@berkadia.com, to schedule.
