Iconic Traverse City Property For Sale!

Hospitality for Sale
Catylist Listing ID: 30811556
Property Subtypes: Hotel, Inn, Motel, Vacation Rental(s)
Number of Units: 26 Units
Building Size (RSF): 12,400 SF
Gross Building Area: See Agent
Gross Land Area: 0.84 Acres
Sale Price: $4,000,000
Unit Price: $153,846.15 Per Unit
Property Use Type: Investment, Business
Building Name: Gold Coast Inn & Suites
Name of Establishment: Gold Coast Inn & Suites
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Last Updated: 7/21/2022

Overview / Comments

Completely unobstructed sunset views over East Grand Traverse Bay are enjoyed all year long at Gold Coast Inn! 26 cash-flowing units are for sale all together, each renting separately very well but with upside opportunity too! Each has it's own keypad for entry, and the building is keypad secure as well. Being just East of downtown Traverse City, this property rents really well. The entire property has just been remodeled, each unit is fully furnished and turnkey, and the common areas on each floor look terrific. There is a large dining room and commercial kitchen on the main floor, lovely lobby entry area, an elevator, and a back porch on the main floor and an expansive front porch overlooking the bay on each floor. The Traverse Area Recreation Trail (TART) is just out the back door to ride all over the area, into Traverse City, up to Acme, or over to Suttons Bay! This investment is fully optimized and ready for you - this one's tough to beat!

Attachments & Media

Additional Details

Nearest MSA: Traverse City
County: Grand Traverse
Tax ID/APN: 01-109-029-00
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Visibility: Excellent
Largest Nearby Street: US-31
Airports: Cherry Capital Airport (TVC)
Total Number of Buildings: 1
Number of Stories: 3
Property Condition: Excellent
Year Built: 1994
Year Renovated: 2021
Water Recreation: Other
Total Parking Spaces: 35
Parking Type: Surface
Passenger Elevators: 1
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Central, Wall Units
Air Conditioning: Other
Internet Access: Cable
Water Service: Well
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 977 11,435 30,221
Median Age: 45.1 43.09 41.84
Households: 455 4,999 13,198

Contact

Photograph of Listing Agent

Blake Bernard

Homewaters, LLC
CPIX Member
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