2464 S M-37
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Sold

2464 S M-37

2464 S M-37, Traverse City, MI 49685

$420,000
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\?

4,559 Sq.Ft. LIVING AREA

1.38 Acres lot

CAROLE HIGGINS

CAROLE HIGGINS

Features & Amenities

Area & Lot

  • Status Sold
  • Living Area4,559 Sq.Ft.
  • Lot Area1.38 Acres
  • MLS® ID1900720
  • TypeCommercial
  • YEAR BUILT1970
  • Middle School0

Exterior

  • water SourceMunicipal Water
  • roofAsphalt
  • parkingParking Lot
  • sewerPrivate Septic
  • SubstructureWalkout, Block, Full Finished, Egress Windows, Daylight Windows, Entrance Outside, Entrance Inside
  • Green featuresNot Applicable
  • other exterior FeaturesVinyl, Brick

Financial

  • Sales Price$420,000
  • Zoning Industrial,Office,Retail,Commercial,Manufacture/Warehouse,Restaurant/Food,Automotive Service

Work With Us

The core values of our company are professionalism, education, innovation and kindness. We strive to bring these values to everything we do and we measure our professional success by the success of our clients. Got a question? Need help deciding to buy or sell? Contact us and we will provide fact-driven data upon which to base your decision.

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