$400,000
$410,000
2.4%For more information regarding the value of a property, please contact us for a free consultation.
15,000 SqFt
SOLD DATE : 01/14/2021
Key Details
Sold Price $400,000
Property Type Commercial
Sub Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 15,000 sqft
Price per Sqft $26
MLS Listing ID 78001327799
Sold Date 01/14/21
Originating Board Aspire North REALTORS®
Year Built 1905
Annual Tax Amount $14,283
Lot Size 0.260 Acres
Acres 0.26
Lot Dimensions 100 x 144
Property Description
INVESTORS, get in on the growth of Downtown Cadillac with this income producing property! The 15,000 square foot building, which is two separate properties, already have leases in place for two of the major sections, and then seven hotel rooms that generate a nice cash flow. The one building underwent major renovations in the late 1980's, and has been continually updated along the way. In 2016 the center portion underwent a major renovation and is home to Table 212, a wine bar. The main building is home to a long standing restaurant and upscale bar, Hermann's European Inn and Restaurant, the restaurant runs the wine bar and butcher shop as well. Upstairs is host to the seven hotel rooms, a maintenance room, and then 2900 square feet of office space which is also rented. Currently the property has approximately a 15% CAP rate. There is a lot of building and income options here for the serious investor!
Location
State MI
County Wexford
Area Clam Lake Twp
Zoning Commercial
Interior
Heating Baseboard, Forced Air, Central Air
Heat Source Natural Gas
Exterior
Accessibility Disabled Access
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Structure Type Block/Concrete/Masonry,Brick
Schools
School District Cadillac
Others
Tax ID 100860015000
Ownership Private Owned
Acceptable Financing Cash, Conventional, Other
Listing Terms Cash, Conventional, Other
Financing Cash,Conventional,Other
Special Listing Condition Unknown/Data Share Listings
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