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Price: $ 18,850,000.00Listing # 1876685 Address 250 Front Street City: Traverse City State: MI Zip: 49684 Square Ft.: 70000 Acres: 0.76
COMPLETELY RENOVATED IN 2018 - new lobby, roof, windows, doors, HVAC, electrical, plumbing, security system and landscaping - new addition completed in 2019 - back up generator CREDIT TENANTS 9-10 years remain on Triple Net Leases with rent escalators and options to renew - Hagerty Insurance - Chase Bank - Sorrelina NOI $1,312,469/7% CAP Rate PRIME LOCATION - located on main downtown corridor offering prime visibility and access - across from public parking deck - 25 onsite parking spaces - ATM on site Terms of sale are: Assumption of non-recourse CMBS loan to qualified borrower, fixed rate 5.29% thru 9/29/2029, loan balance approximately $11,300,000 as of 7/1/2020. Or, if Buyer prefers other bank financing (or cash), Buyer shall pay defeasance fee on Seller's existing loan.
Basic Features: Acres: 0.76 Area: Grand Traverse Neighborhood: Type: Income Square Ft: 70000
Additional Features: Basement: Full Business Included: No Business Name: 250 Front Construction: Steel Current Zoning: Commercial Deeded Water: No Dimensions: irregular Directions: Chase Bank Building (250 Front) at the corner of East Front Street and Park Street in downtown Traverse City Days On Market: 314 Days On MLS: 314 ECO Features: No Extras: Elevator Financing: Floor Type: Heating/Cooling: Natural Gas Heating/Cooling Type: Central Air Included In Rent: Inventory Included: No Licenses: None Location: Corner Lot Lot: Miscellaneous: Documents: Possession: At Closing Property Status: Active Real Estate Included: Yes Remodeled: Road Frontage: Public Maintained Roofing: Membrane For Sale Or Lease: For Sale For Sale Or Rent: For Sale Special Assessment: Township: Traverse City Vacant: No Waste: Water: Municipal Water Year Built: 1969 Zoning: Commercial Listing courtesy of G.A. Snowden Associates 125 Park Street Suite 290,
Traverse City, MI 49684 |
