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$4,150,000
Est. payment /mo
12,870 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 12,870 sqft
Price per Sqft $322
Subdivision Slabtown Suites
MLS Listing ID 78080074340
Year Built 2022
Lot Size 9,583 Sqft
Acres 0.22
Property Description
Located at the corner of West Front Street and Spruce Street in Traverse City’s Slabtown neighborhood, this 12,000+ sq. ft. mixed-use property offers an exceptional combination of location, income, flexibility, and long-term upside. Situated on a C2 zoned lot between Munson Medical Center and downtown Traverse City, the property consists of nine individually tax-ID’d units. The eight residential units include four 2-bedroom, 2-bath units and four 1-bedroom, 1-bath units, all of which are short-term rentable by right and license and fully furnished. The ninth unit is a first-floor commercial space that is fully leased through the end of 2028. Perhaps the most compelling aspect of this property is the number of ways it can be operated. Continue utilizing the entire building as a boutique hospitality property, operate the residential units independently as short-term rentals while maintaining a separately leased commercial space, or explore a condominium conversion and sell units individually. A combination strategy is also possibleâ€"sell select residential or commercial units while retaining others as income-producing assets. The property is uniquely positioned for an investor looking beyond a traditional single-use asset. With the zoning, existing unit configuration, individual tax IDs, established short-term rental use, and commercial tenancy already in place, the next owner has the ability to shape the property around their investment strategy. And the location speaks for itself. West Front Street puts you just outside downtown proper while remaining within easy reach of Munson, the Boardman River, restaurants, retail, and everything that makes Traverse City such a sought-after market. Multiple income streams. Multiple exit strategies. One exceptional location. Inquire for detailed income information and additional property details. One or more Sellers are a licensed Real Estate Agent in the State of Michigan.
Location
State MI
County Grand Traverse
Area Area28042Traversecity
Interior
Heating Forced Air, Natural Gas
Cooling Central Air
Fireplace No
Exterior
Parking Features ParkingLot, Other
Utilities Available NaturalGasConnected
View Y/N No
Building
Foundation Slab
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Traverse City
Others
Acceptable Financing Cash, Other, Trade1031Exchange
Listing Terms Cash, Other, Trade1031Exchange
Special Listing Condition CorporateRelocation
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Listed by Trent Sims of The Mitten Real Estate Group
NEARBY SCHOOLS & PROPERTIES
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