$3,750,000
$4,000,000
6.3%For more information regarding the value of a property, please contact us for a free consultation.
20,411 SqFt
SOLD DATE : 12/27/2022
Key Details
Sold Price $3,750,000
Property Type Commercial
Sub Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 20,411 sqft
Price per Sqft $183
Subdivision Masonic Building
MLS Listing ID 78001330018
Sold Date 12/27/22
Originating Board Aspire North REALTORS®
Year Built 1890
Lot Size 10,890 Sqft
Acres 0.25
Lot Dimensions 55x115x24x49x80x165
Property Description
Iconic Building in the heart of downtown Traverse City. Location does not get any better than the corner of East Front Street & Union Street. Building is approx. 20,000 SF (7,000 SF ground floor, 6,500 SF 2nd & 3rd floors, 400 SF 4th floor) with a full 6,500 SF basement. Property has been in the same family for over 50 years and lease rates are far below market rates. Short lease terms gives the buyer an opportunity to capture current market rents for highly sought after retail and office space or redevelop the property and use the 2nd, 3rd & 4th floors for residential condos or Air B&B units. Large windows and lots of light make redevelopment very desirable. Building already has fire sprinklers installed. There are 13 parking spaces in the rear of the building.
Location
State MI
County Grand Traverse
Area Traverse City
Zoning Commercial,Multi-Family,Office,Residential
Interior
Heating Forced Air, Central Air
Heat Source Natural Gas
Exterior
Utilities Available Elevator
Accessibility Disabled Access
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Structure Type Block/Concrete/Masonry,Brick
Schools
School District Traverse City
Others
Tax ID 285179403300
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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