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Price: $ 18,850,000.00

Listing # 1876685

Address 250 Front Street

City: Traverse City

State: MI

Zip: 49684

Square Ft.: 70000

Acres: 0.76

 

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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: 39
Days On MLS: 39
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