$590,000
$595,000
0.8%For more information regarding the value of a property, please contact us for a free consultation.
6,526 SqFt
SOLD DATE : 10/01/2020
Key Details
Sold Price $590,000
Property Type Commercial
Sub Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 6,526 sqft
Price per Sqft $90
MLS Listing ID 78001327958
Sold Date 10/01/20
Originating Board Aspire North REALTORS®
Year Built 1999
Lot Size 0.690 Acres
Acres 0.69
Lot Dimensions 150 X 200
Property Description
Single tenant professional office building offers an excellent investment opportunity. Stable long-term tenant with a triple net lease expiring at the end of 2022. Priced well below replacement cost and positioned for future growth in the Traverse City area. 9.2% cap rate based on 2021 rent with an additional 4.8% increase in 2022. Constructed to offer future leasing flexibility or ability to sell units individually with five separate office suites. Each suite is separately metered with its own entrance, restroom, kitchenette, and HVAC. Furnace and A/C replaced on 3 of the suites in 2020. Convenient location next to the recently opened PACE North building just off of N Garfield Rd, between S. Airport and Hammond. Located in an Opportunity Zone.
Location
State MI
County Grand Traverse
Area Garfield Twp
Zoning Commercial
Interior
Heating Forced Air, Central Air
Heat Source Natural Gas
Exterior
Roof Type Asphalt
Accessibility Disabled Access
Building
Foundation Slab
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Structure Type Brick,Wood
Schools
School District Traverse City
Others
Tax ID 280502303910
Ownership Private Owned
Acceptable Financing Cash, Conventional, Other
Listing Terms Cash, Conventional, Other
Financing Cash,Conventional,Other
Special Listing Condition Unknown/Data Share Listings
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
©2024 Realcomp II Ltd. Shareholders
Bought with Century 21 Northland
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "