Commercial - Traverse City, MI
Great value add investment for this iconic Traverse City landmark on Front Street in downtown. Fifth Third Bank will lease back the first floor, third floor and part of the basement for a 10-year lease. They have just dropped the asking price by $1,600,000 to reflect a lower sale-leaseback rate that is now desired by the bank. With full occupancy, the pro-forma cap rate will be 7.3%. There are 3 other tenants in the building and approximately 35% is vacant and available for lease. The building has four floors, a mezzanine and a full basement. The site is 0.6 acres and has 36 parking spaces on site. The building has incredible views in every direction, overlooking Grand Traverse Bay, the Boardman River and downtown Traverse City. The building is over 100' tall and was built by lumber baron Perry Hannah, the father of Traverse City, and was designed by his son, Julius. The buildings hallmark is the clock tower which has four clock faces that are five feet in diameter each. This is an investment opportunity of a lifetime!
Would you like more information regarding this property?
Please call (231) 929-2300.
Data Provided by:
Coldwell Banker Schmidt REALTORS