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    214 N Mitchell Street

    Cadillac, MI 49601
    • $410,000
    • STATUS: Active
    • ON SITE: 309 days
    • MLS #: 1871429
    UPDATED: 89 min ago
    $410,000
    • 0
      BEDS
    • 0.26
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 15,000
      SQFT
    • $27
      $/SQFT
    Neighborhood:
    N/A
    Type:
    Commercial
    Built:
    1905
    County:
    Area:

    School Ratings & Info

    Description

    INVESTORS, get in on the growth of Downtown Cadillac with this income producing property! The 15,000 square foot building, which is two separate properties, already have leases in place for two of the major sections, and then seven hotel rooms that generate a nice cash flow. The one building underwent major renovations in the late 1980's, and has been continually updated along the way. In 2016 the center portion underwent a major renovation and is home to Table 212, a wine bar. The main building is home to a long standing restaurant and upscale bar, Hermann's European Inn and Restaurant, the restaurant runs the wine bar and butcher shop as well. Upstairs is host to the seven hotel rooms, a maintenance room, and then 2900 square feet of office space which is also rented. Currently the property has approximately a 15% CAP rate. There is a lot of building and income options here for the serious investor!

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    The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. © 2020 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2020-12-04T23:51:53.33.
    www.housestraversecity.com/homes/102774113
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    214 N Mitchell Street Cadillac, MI 49601

    • Price: $410,000
    • Status: Active
    • Updated: 89 min ago
    • MLS #: 1871429
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.26
    Acres
    15,000
    SQFT
    $27
    $/SQFT
    1905
    Built
    Neighborhood:
    N/A
    County:
    Wexford
    Area:
    Wexford
    Property Description
    INVESTORS, get in on the growth of Downtown Cadillac with this income producing property! The 15,000 square foot building, which is two separate properties, already have leases in place for two of the major sections, and then seven hotel rooms that generate a nice cash flow. The one building underwent major renovations in the late 1980's, and has been continually updated along the way. In 2016 the center portion underwent a major renovation and is home to Table 212, a wine bar. The main building is home to a long standing restaurant and upscale bar, Hermann's European Inn and Restaurant, the restaurant runs the wine bar and butcher shop as well. Upstairs is host to the seven hotel rooms, a maintenance room, and then 2900 square feet of office space which is also rented. Currently the property has approximately a 15% CAP rate. There is a lot of building and income options here for the serious investor!
    Exterior Features

    Construction BlockBrick Exterior Features Brick Foundation Entrance InsideFinished RoomsFullPoured Concrete Lot Dimensions 100 X 144 Parking AssignedStreet Parking Road Public Maintained Roof Membrane

    Interior Features

    Heating Cooling Type BaseboardCentral AirForced Air

    Property Features

    Business Incl No Business Name Hermann's Deeded Waterfront No Documents On File Leases Eco Features No Energy Efficient Not Applicable Extras 14Ft Ceiling HeightPhone System Heating Cooling Source Natural Gas Included In Lease None Inventory Incl No Licenses None Listing Agreement Type Exclusive Right To Sell Location Corner Lot Possession At Closing Present Use BarRestaurant/Food Service Real Estate Incl Yes Renewable Not Applicable Sale Or Lease For Sale Sale Rent For Sale Section Number 4 Sewer Municipal Summer Taxes 10153 Terms CashCommercial LoanConventional Mortgage Total Taxes 14283 Township Clam Lake Type Income Type Of Ownership Private Owner Univs Design Barrier Free Grab BarsHand RailsMain Floor AccessNo Steps EntryWidened Doors Vacant Land No Water Municipal Water Water Conservation Not Applicable Winter Taxes 4130 Zoning CommercialMotel/HotelRestaurant/FoodRetail



    The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. © 2020 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2020-12-04T23:51:53.33.
     
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