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    250 E Front Street

    Traverse City, MI 49684
    • $18,850,000
    • STATUS: Active
    • ON SITE: 109 days
    • MLS #: 1876685
    UPDATED: 18 min ago
    $18,850,000
    • 0
      BEDS
    • 0.76
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 70,000
      SQFT
    • $269
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1969
    County:

    School Ratings & Info

    Description

    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.

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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: 2020-10-20T10:52:07.38.
    www.c21northland.com/homes/107437726
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    250 E Front Street Traverse City, MI 49684

    • Price: $18,850,000
    • Status: Active
    • Updated: 18 min ago
    • MLS #: 1876685
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.76
    Acres
    70,000
    SQFT
    $269
    $/SQFT
    1969
    Built
    Neighborhood:
    250 Front
    County:
    Grand Traverse
    Area:
    Grand Traverse
    Property Description
    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.
    Exterior Features

    Construction Steel Exterior Features Brick Foundation Full Lot Dimensions irregular Parking Parking Lot Road Public Maintained Roof Membrane

    Interior Features

    Heating Cooling Type Central Air

    Property Features

    Business Incl No Business Name 250 Front Deeded Waterfront No Documents On File Legal Description Eco Features No Energy Efficient Energy Efficient Windows Extras Elevator Heating Cooling Source Natural Gas Included In Lease Other Inventory Incl No Licenses None Listing Agreement Type Exclusive Right To Sell Location Corner Lot Possession At Closing Present Use Office Building Real Estate Incl Yes Renewable Not Applicable Sale Or Lease For Sale Sale Rent For Sale Section Number 3 Sewer Municipal Terms CashConventional MortgageOther Township Traverse City Type Income Type Of Ownership Private Owner Univs Design Barrier Free Ramped EntranceWidened Doors Vacant Land No Water Municipal Water Water Conservation Not Applicable Zoning Commercial



    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: 2020-10-20T10:52:07.38.
     
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    CENTURY 21 Northland
    241 E State Street
    Traverse City MI, 49684