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250 E Front Street

Traverse City, MI 49684
  • $18,850,000
  • STATUS: Active
  • ON SITE: 346 days
  • MLS #: 1876685
UPDATED: 54 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. © 2021 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2021-06-14T12:51:57.05.
www.boermarealty.com/homes/107437726
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250 E Front Street Traverse City, MI 49684

  • Price: $18,850,000
  • Status: Active
  • Updated: 54 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. © 2021 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2021-06-14T12:51:57.05.
 
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Boerma Realty, LLC
524 E Mosher St., Suite 200
Mt. Pleasant MI, 48858