$1,350,000
$1,450,000
6.9%For more information regarding the value of a property, please contact us for a free consultation.
10,996 SqFt
SOLD DATE : 01/08/2024
Key Details
Sold Price $1,350,000
Property Type Commercial
Sub Type Business Opportunity
Listing Status Sold
Purchase Type For Sale
Square Footage 10,996 sqft
Price per Sqft $122
Subdivision Big Apple Bagels Building
MLS Listing ID 78080007611
Sold Date 01/08/24
Originating Board Aspire North REALTORS®
Year Built 1997
Lot Size 0.860 Acres
Acres 0.86
Lot Dimensions see associated docs
Property Description
Investment property with excellent visibility on a main traffic artery in Traverse City. This retail strip mall is 100% leased to three established retail and business tenants. Current tenants include Big Apple Bagels, Anavon Technology, and Thai Kitchen. Building set up for 3-5 suite configuration allows for great flexibility for future tenants. Deeded parking easement on property to the east for additional parking. Offered at a 7.4% Cap rate, but owner actually gets 8% including management fee (easy to manage). Current rates are below market leaving upside potential as leases mature.
Location
State MI
County Grand Traverse
Area Garfield Twp
Zoning Commercial,Office
Interior
Heating Forced Air, Central Air
Heat Source Natural Gas
Exterior
Pool No
Waterfront no
Roof Type Asphalt
Building
Foundation Slab
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Structure Type Block/Concrete/Masonry
Schools
School District Traverse City
Others
Tax ID 0501408330
Ownership Private Owned
Acceptable Financing Cash, Other, Trade/Exchange
Listing Terms Cash, Other, Trade/Exchange
Financing Cash,Other,Trade/Exchange
Special Listing Condition Unknown/Data Share Listings
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