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2464 S M-37 Blair Twp, MI 49685
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Key Details
Sold Price $420,000
Property Type Commercial
Sub Type Business Opportunity
Listing Status Sold
Purchase Type For Sale
Square Footage 4,559 sqft
Price per Sqft $92
Subdivision Traverse City
MLS Listing ID 78001329905
Sold Date 12/15/23
Originating Board Aspire North REALTORS®
Year Built 1970
Annual Tax Amount $7,609
Lot Size 1.380 Acres
Acres 1.38
Lot Dimensions 200x400
Property Description
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?
Location
State MI
County Grand Traverse
Area Blair Twp
Zoning Commercial,Office,Light Industrial
Interior
Heating Forced Air, Central Air
Heat Source Natural Gas, LP Gas/Propane
Exterior
Roof Type Asphalt
Building
Foundation Basement
Sewer Septic Tank (Existing)
Water Public (Municipal)
Structure Type Frame,Vinyl
Schools
School District Traverse City
Others
Tax ID 0201700500
Ownership Private Owned
Acceptable Financing Cash, Other, Trade/Exchange
Listing Terms Cash, Other, Trade/Exchange
Financing Cash,Other,Trade/Exchange
Special Listing Condition Unknown/Data Share Listings
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