2040+ US-31 S Traverse City, MI 49684

Sold In House

$2,500,000

Market Estimate

3.80 Acres
Commercial
MLS# 1882802

Listing provided courtesy of: James A Schmuckal, REALTOR: 3347 S Airport Rd W, Traverse City, MI

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Property Details

Description

Super Income Opportunity. This is a 3 building complex with long term leases and quality tenants. Addresses 2040/2062/2084, south of Grand Traverse Mall. Building A (north unit-TAX #28-05-136-001-00) 7,476 gsf, Building B (middle unit Tax # 28-05-136-002-00) 5,760 + 1500 in basement level gsf, Building C (south unit- Tax# 28-05-136-003-00) 7,476 gsf. Hartman Hills complex offers condominium project. Municipal sewer, one well for all 3 buildings. Long term leases with A:MDOT, B: Modern District Financial, C: IRS. Net rental income projected for 2021 is $262,133. Accordingly, the cap rate would be 8%--cost per square foot is well below replacement value. Option I-Bldg B For Sale $750,000. B has an additional 1500 SF finished basement. Option II-A & C Bldgs. For Sale-$ 2,454,600. Master Deed is available. The existing Tower has a permanent easement on property. Please do not enter building without a formal appointment.

General Features
- Licenses None
- Included In Lease Other
- Business Incl No
- Business Name N/A
- Type of Ownership Private Owner
- Approx Year Built 1998
- Type Office
- Town T 27N
- Township Garfield
- Present Use Office Building,Retail Store,Wholesale
Building Features
- Extras Other
- Foundation Other, Slab
- Heating Cooling Source Natural Gas
- Roof Asphalt
- Heating Cooling Type Forced Air
- # Restrooms 8+
- Apx Total Fin SQFT 20,712
Property Features
- Water Private Well
- Vacant Land No
- Univs Design/Barrier Free Main Floor Access
- Road Blacktop
- Renewable Y N Yes
- Sewer Municipal
- Parking Common, Paved
- Exterior Features Vinyl
- Construction Frame
- Lot Dimensions Irregular
- Location Office Center

Neighborhood

49684 (Traverse City) Demographics

42 Median Age

320 Population Density (per sq. mile)

51% College Educated

$63,197 Estimated Median Income

12,195 Estimated Total Home Owners

4,553 Estimated Total Renters

73% / 27% Estimated Owner / Renter Divide

2 Estimated Average Household Size

40,363 Total Population

Community data courtesy of LiveBy, Inc.

Market Last 30 Days In This Postal Code

$456,500 Median Sales Price

48 Homes Sold

78 New On Market

Average Days on Site

Properties for Sale

Calculations provided by Reliance Network

Property History

Date	Event	Price	Percent Change
--	New in Database Source: Multiple Listing Service	New Value: $0	-100%
7/20/2021 3:00:00 AM	Sold Source: Multiple Listing Service	New Value: $2,500,000

The data relating to real estate for sale on this web site comes in part from the Internet Data exchange ("IDX") program of Northern Great Lakes REALTORS MLS. All information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.