250 E Front Street
Traverse City, MI 49684
$18,850,000
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COMPLETELY RENOVATED IN 2018 - new lobby, roof, windows, doors, HVAC, electrical, plumbing, security system and landscaping - new addition completed in 2019 - back up generator CREDIT TENANTS 9-10 years remain on Triple Net Leases with rent escalators and options to renew - Hagerty Insurance - Chase Bank - Sorrelina NOI $1,312,469/7% CAP Rate PRIME LOCATION - located on main downtown corridor offering prime visibility and access - across from public parking deck - 25 onsite parking spaces - ATM on site Terms of sale are: Assumption of non-recourse CMBS loan to qualified borrower, fixed rate 5.29% thru 9/29/2029, loan balance approximately $11,300,000 as of 7/1/2020. Or, if Buyer prefers other bank financing (or cash), Buyer shall pay defeasance fee on Seller's existing loan.

http://.realestateone.com/1876685
Amy Roznowski
215 W. Chisholm
Alpena, MI 49707
Mobile: 989-350-2002
Work: 989-354-7653
[email protected]
www.realestateone.com
 
Property Details
Status: Active
Listing Date 07/02/2020
County: Grand Traverse
Acreage: 0.76
Lot Dimensions: irregular
Price/SqFt: $269
Zoning: Commercial
Current Use: Office Building
Water: Municipal Water
Features: Elevator
Sub Property Type: Income
Possession: At Closing
Total Finished SqFt: 70,000
Year Built: 1969
Parking: Parking Lot
Exterior Features: Brick
Cooling: Central Air, Natural Gas
Heating: Central Air, Natural Gas
 
Listing Office: G.a. Snowden Associates
Office Address: 125 Park Street
Listing Number: 1876685
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