Exclusive Traverse City Investment Opportunity!
Hospitality
for Sale
| Catylist Listing ID: |
30811550 |
| Property Subtypes: |
Hotel, Inn, Resort, Vacation Rental(s), Other
|
| Number of Units: |
63 Units |
| Building Size (RSF): |
32,711 SF |
| Gross Building Area: |
See Agent |
| Gross Land Area: |
1.87 Acres
|
| Sale Price: |
$9,000,000 |
| Unit Price: |
$142,857.14 Per Unit |
| Property Use Type: |
Investment, Business |
| Building Name: |
Traverse Victorian |
| Sale Terms: |
Cash to Seller, Other |
| Cap Rate: |
Undisclosed |
| Last Updated: |
2/28/2023 |
Overview / Comments
|
Rare opportunity in downtown Traverse city, with commercial HR zoning, a large 63 unit building and a large property - a block from the public beach! This property was developed as a hotel, operated as senior living for many years, and is now ready for a new owner to create apartments, condos, or to create something all their own. With a large commercial kitchen, huge dining room, many common lounges, on-site commercial laundry, a lovely back patio, expansive grounds and nicely outfitted units, this property has many things going well! There is potential to easily add up to six additional units within the current building, and the property and building size could allow for added amenities too. This is an exciting property - bring your creativity!
|
Additional Details
| Nearest MSA: |
Traverse City |
| County: |
Grand Traverse |
| Tax ID/APN: |
51-754-003-00 |
| Retail Clientele: |
General, Family, Business, Traveler, Tourist, Recreation, Convention |
| Property Located Between: |
8th Street & Munson Avenue |
| Largest Nearby Street: |
Munson Avenue |
| Airports: |
Cherry Capital Airport |
| Total Number of Buildings: |
2 |
| Number of Stories: |
2 |
| Property Condition: |
Good |
| Year Built: |
1995 |
| Year Renovated: |
2013 |
| Roof Type: |
Other |
| Total Parking Spaces: |
70 |
| Parking Type: |
Surface |
| Passenger Elevators: |
1 |
| Laundry: |
Shared |
| Heat Type: |
Natural Gas |
| Heat Source: |
Central, Wall Units |
| Air Conditioning: |
Other |
| Internet Access: |
Cable |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
3,464 |
23,255 |
39,429 |
| Median Age: |
39.79 |
40.94 |
42.88 |
| Households: |
1,546 |
11,022 |
17,728 |
|
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