Blair Twp, MI 49685,2464 S M-37
$420,000
$465,500
9.8%
Est.Price: ?

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4,559 SqFt

2464 S M-37 Blair Twp, MI 49685

Est. payment /mo
SOLD DATE : 12/15/2023

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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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Realcomp MLS
Listed by Carole L Higgins of Cygnus Real Estate
Bought with Cygnus Real Estate

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agent

Barrett Real Estate

+1(480) 864-2100

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