102 W Front Street

Estimated Monthly Payment: $17,785/mo 102 W Front Street, Traverse City, MI 49684 MLS# 1836917 Mixed Use Listing Status: Active
29,383 sqft
198
176
0
21

REMARKS:

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 building’s 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!

OVERVIEW:

Mixed Use
Active
Traverse City
Brick
Full
1903
29383
Asphalt, Membrane
Forced Air, Central Air
Natural Gas
Municipal Water
Municipal
0.60
139 x 188
Security System, 14ft Ceiling Height, Elevator

FEATURES:

Brick

FINANCIAL:

$3,900,000

NEIGHBORHOOD & SCHOOL INFORMATION:

Broker Reciprocity Courtesy of Coldwell Banker Schmidt-522 -

 

 

The accuracy of all information, regardless of source, is not guaranteed or warranted.  All information should be independently verified.  Copyright © 2018 Northern Great Lakes Realtors MLS.  All Rights Reserved.