250 E Front Street
For sale
$18,850,000
Estimated Monthly Payment: $85,959/mo
250 E Front Street, Traverse City, MI 49684
MLS# 1876685
Income
Listing Status: Active
70,000
sqft
37
20
0
REMARKS:
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.
OVERVIEW:
Income
Active
Traverse City
Steel
Full
1969
70000
Membrane
Central Air
Natural Gas
Municipal Water
Municipal
0.76
irregular
Elevator
FEATURES:
Brick
FINANCIAL:
$18,850,000
NEIGHBORHOOD & SCHOOL INFORMATION:
Courtesy of G.A. Snowden Associates - 231-932-1700
The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright © 2020 Northern Great Lakes REALTORS® MLS . All Rights Reserved.