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: 11/29/2022

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!

Attachments & Media

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

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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

Contact

Photograph of Listing Agent

Blake Bernard

Homewaters, LLC
CPIX Member
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