Price Reduction
Address
2464 S M-37, Traverse City, MI
Price
$ 499,000
Property Attributes
  • MLS#1900720
  • TypeCommercial
  • CountyGRAND TRAVERSE
  • CityTraverse City
  • AreaGrand Traverse
  • NeighborhoodBlair
  • Zip49685
  • StyleOffice
  • Price$ 499,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage4559
  • Lot Size1.38 Acres
Data Source:
Northern Great Lakes REALTORS® MLS (NGLRMLS)
Property Description

SELLER IS MOTIVATED-NEW PRICE! Let's get creative...BRING US AN OFFER. Your business could be based out of this high visibility location (traffic count = 13360 vehicles/day on average)! If you can't use all of the space rent it out and offset your business expenses...or invest in the building. When building is fully utilized as a rental with qualified tenants it will make a tidy profit. The property consists of appx. 7759 square feet Gross Building Area (GBA). There are 2 buildings on the property- an office building consisting of approximately 4559 Square Feet and a light industrial building with 3200 total rentable square feet in 2 units. The light industrial building has propane heat and one unit has 3-phase electrical. Unit #1 in the light industrial building has a large mezzanine. All of this on 1.38 Acres. Potential/Pro-forma rate of capitalization= 9.9% Pro-forma ROI without Appreciation = ~24.01% and with modest appreciation of 1.5% annual over 30% ROI May be potential for value - add by adding additional pole-barn type structures to the lot and offering them for rent or renting space on the lot for shrink wrapped boats or?

Price History
6/6/2022 Listed $640,000
7/19/2022 7% - $599,000
9/15/2022 17% - $499,000

General Features

Basement Walkout, Block, Full Finished
Energy Efficient Not Applicable
Roof Asphalt
Sewer Private Septic
Zoning Office, Commercial, Manufacture/Warehouse

Exterior Features

Latitude 44.650513
Longitude -85.657349
Exterior Features Vinyl, Brick

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in 49685

Price
AVG $240K
$500K
Visits
AVG 21
267
Year Built
AVG 2005
1970

Looking for a more comfortable experience?

Download our mobile app for a personalized browsing experience.