Description
Investment property with excellent visibility on a main traffic artery in Traverse City. This retail strip mall is 100% leased to three established retail and business tenants. Current tenants include Big Apple Bagels, Anavon Technology, and Thai Kitchen. Building set up for 3-5 suite configuration allows for great flexibility for future tenants. Deeded parking easement on property to the east for additional parking. Offered at a 7.4% Cap rate, but owner actually gets 8% including management fee (easy to manage). Current rates are below market leaving upside potential as leases mature.
-
0BEDS
-
0.86ACRES
-
0BATHS
-
01/2 BATHS
-
10,996SQFT
-
$132$/SQFT
Description
Investment property with excellent visibility on a main traffic artery in Traverse City. This retail strip mall is 100% leased to three established retail and business tenants. Current tenants include Big Apple Bagels, Anavon Technology, and Thai Kitchen. Building set up for 3-5 suite configuration allows for great flexibility for future tenants. Deeded parking easement on property to the east for additional parking. Offered at a 7.4% Cap rate, but owner actually gets 8% including management fee (easy to manage). Current rates are below market leaving upside potential as leases mature.
IDX provided courtesy of Realcomp II Ltd. via GK Real Estate Team | Max Broock and Realcomp II Ltd.. © 2023 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than GK Real Estate Team | Max Broock are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX 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. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2023-09-26T19:02:57.687.
IDX provided courtesy of Realcomp II Ltd., via Coldwell Banker Schmidt-522: (231) 929-2300 and Aspire North REALTORS, ©2023 Realcomp II Ltd. Shareholders.