Investment opportunity in the heart of downtown! 14,972 SF of ground floor space fully leased to long-term tenant, Boyne Country Sports. This offering is for 2 condominiumized units comprising the whole first floor of the historic Hannah Lay Building. The triple net lease has a 5.2% cap rate that will bump up to 6.1% in the renewal period. This highly sought after corner is sure to be a great value investment as lease rates are below market, leaving the investor with upside potential on this once in a lifetime investment.
- Price:
- $4,900,000
- Square Footage:
- 14,972
- Acreage:
- 0.44
- Year Built:
- 1900
- Listing ID #:
- 1330203
- Street Address:
- 109 E Front Street
- City:
- Traverse City
- State:
- Michigan
- Postal Code:
- 49684
- County:
- Grand Traverse
- Community:
- Traverse City (28021)
- Subdivision:
- Hannah Lay Building
- Listing Status:
- Active
- Listing Type:
- Business
- Approximate Total Liveable Area:
- 14972
- Construction Description:
- Brick, Steel
- Year Built:
- 1900
- Business Description:
- Boyne Country Sports
- Business Type:
- Office, Retail
- Conforms To Zoning:
- Commercial, Professional Office
- Lot Size:
- Condo
- Section:
- 3
- Days On Market:
- 183
- For Sale Or Lease?:
- For Sale
- Originating Mls:
- Aspire North Realtors
- Terms:
- Cash, Commercial Loan, Exchange/Trade
- Location Description:
- Corner Lot
- Subdivision:
- Hannah Lay Building
- Tax Municipality:
- Traverse City
- Ownership:
- Private
- Price Per Square Foot:
- 327.28
- Show Listing And/Or Property Address:
- Yes
- Cooling System:
- Central A/C
- Existing Water:
- Public Water
- Heating:
- Forced Air
- Sewage Type:
- Public Sanitary
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.
Your Payment
$1,400/mo
Source: CINC
- Listing Provided By Coldwell Banker Schmidt-522 231-929-2300
