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2464 S M-37

Traverse City, MI 49685
  • $420,000
  • STATUS: Closed
  • ON SITE: 721 Days
  • MLS #: 1900720
Sold - 12/15/2023
$420,000
SOLD - 12/15/2023
  • 0
    BEDS
  • 1.38
    ACRES
  • 2
    BATHS
  • 0
    1/2 BATHS
  • 4,559
    SQFT
  • $0
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1970
County:

School Ratings & Info

Description

She's not that pretty... but some of the best investments start out that way! If you have vision there is opportunity here... Perfect live-work opportunity! Under zoning ordinance it appears that you can truly create a mixed use property with living space on the upper floor and office/work space on the lower floor. The building was originally a model home for a custom home builder so most of the necessities for living in the space are already there. Ideal Opportunity! MORE GREAT NEWS!! 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 appx. 3200 total rentable square feet in 2 units. The light industrial building has propane heat in one unit and that unit also 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?

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The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. © 2024 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2024-05-26T22:52:31.133.
www.housestraversecity.com/homes/129559296
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2464 S M-37 Traverse City, MI 49685

  • Price: $465,500
  • Status: Closed
  • On Site: 721 Days
  • MLS #: 1900720
0
Beds
2
Baths
0
½ Baths
1.38
Acres
4,559
SQFT
$0
$/SQFT
1970
Built
Neighborhood:
Traverse City
County:
Grand Traverse
Area:
Grand Traverse
Property Description
She's not that pretty... but some of the best investments start out that way! If you have vision there is opportunity here... Perfect live-work opportunity! Under zoning ordinance it appears that you can truly create a mixed use property with living space on the upper floor and office/work space on the lower floor. The building was originally a model home for a custom home builder so most of the necessities for living in the space are already there. Ideal Opportunity! MORE GREAT NEWS!! 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 appx. 3200 total rentable square feet in 2 units. The light industrial building has propane heat in one unit and that unit also 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?
Exterior Features

Construction Frame Exterior Features VinylBrick Foundation WalkoutBlockFull FinishedEgress WindowsDaylight WindowsEntrance OutsideEntrance Inside Lot Dimensions 200x400 Parking Parking Lot Parking Spaces 16 Road Public MaintainedBlacktop Roof Asphalt

Interior Features

Heating Cooling Type Forced AirCentral Air

Property Features

Business Incl No Business Name McMac Building Deeded Waterfront No Documents On File Legal DescriptionTitle InsuranceOther Eco Features No Energy Efficient Not Applicable Extras Overhead Door(s)Loading Dock(s)Additional Buildings Heating Cooling Source Natural GasPropane Gas Included In Lease None Inventory Incl No Licenses None Listing Agreement Type Exclusive Right to Sell Location Freestanding Possession Negotiable Present Use Manufacture/WarehouseOffice BuildingServiceOther Real Estate Incl Yes Renewable Not Applicable Renewabley N No Sale Or Lease For Sale Sale Rent For Sale Section Number 17 Seller Concessions No Sewer Private Septic Summer Taxes 6172.65 Terms Commercial LoanCash1031 ExchangeOther Township Blair Type Office Type Of Ownership Private Owner Univs Design Barrier Free None Vacant Land No Water Municipal Water Water Conservation Not Applicable Winter Taxes 1436.64 Zoning IndustrialOfficeRetailCommercialManufacture/WarehouseRestaurant/FoodAutomotive Service

Listing information © 2024 Northern Great Lakes REALTORS© MLS.
Listing provided courtesy of Cygnus Real Estate: 231-994-3225.



The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. © 2024 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2024-05-26T22:52:31.133.
 
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Team Dakoske | RE/MAX Bayshore
500 S. Union
Traverse City MI, 49684