Traverse City Investment Property
Investment / Development Opportunity in Traverse City, Michigan
Here is an opportunity to purchase the "Marquee" corner property located in the heart of downtown Traverse City, Michigan
This opportunity consists of two properties combined that are located on the SW corner of E. Front Street and Cass Street, the “Marquee” corner, in the heart of downtown Traverse City, Michigan.
This property is a great opportunity for someone looking for a Commercial Real Estate Investment or a possible development property. With a 50/50 mix of Office and Retail, this opportunity is also well appointed for someone looking for an owner occupied/investment property. Two of the retail spaces have recently signed long term leases in place. Each lease has a 6 month cancellation clause by the owner for development purposes. The current owner may entertain a leaseback on the lower level retail space of 116 Cass Street.
The courtyard is a wonderful amenity to this property and provides for outdoor seating for the current and possible future food service establishments. Not included in the leasable sq-ft is a fully operational Commercial Kitchen in the basement of the building.
PROPERTY & BUILDING INFORMATION
116 Cass Street:
- Tax ID# 28-51-794-051-00
- 0.12 Acres ~ 5,280 sq-ft
- Two (2) Buildings
- 4,356 sq-ft Retail/Office (2-Story)
- 576 sq-ft Retail (1-Story)
- Courtyard
- Zoning = C4-b (Max Bldg Height up to 60’)
- Max Height Allowed = 60’
- Year Built = 1933
- Basement w/ Commercial Kitchen
156-158 E Front Street:
- Tax ID# 28-51-794-050-00
- 0.12 Acres ~ 5,280 sq-ft
- One (1) Building
- 4,742 sq-ft Retail/Office (2-story)
- On-site Private Parking (9 Spaces)
- Zoning = C4-b (Max Bldg Height up to 60’)
- Storage Basement
- Year Built = 1880
TERMS
- MLS# 1705617
- $1,750,000: Includes both properties
- CAP Rate: 8.0
- Current Property Taxes: Approx. $19,340/year
- Financing Options: Conventional or Cash
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