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$ 549,000
Est. payment /mo
Active Under Contract
966 W South Airport RD Garfield Twp, MI 49686
7,380 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 7,380 sqft
Price per Sqft $74
Subdivision Na
MLS Listing ID 78080064082
Year Built 1967
Lot Size 0.560 Acres
Acres 0.56
Property Description
2 tenant investment property on busy South Airport Road near the Traverse City airport. Leases are short-term, so that a buyer could use the property if they want to, however the tenants would like to keep renting, so longer term leases are also a possibility for investors. Current leases are below market providing upside potential for a buyer. Tenants include Boyd Sewing and Top Comics. The Boyd Sewing space has a retail sales area, classroom, loft for additional storage. and living quarters on the second floor with kitchen and full bathroom. Priced to sell at a 8.8% cap rate (based on current rents which are very low and could be raised) and well below assessor's true cash value.
Location
State MI
County Grand Traverse
Area Area28041Garfieldtwp
Interior
Heating Forced Air, Natural Gas
Cooling Central Air
Fireplace No
Exterior
Parking Features ParkingLot
Utilities Available NaturalGasConnected
View Y/N No
Roof Type Asphalt, Metal
Building
Foundation Slab
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Traverse City
Others
Acceptable Financing Cash, Other, Trade1031Exchange
Listing Terms Cash, Other, Trade1031Exchange
Special Listing Condition Standard
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Listed by Daniel J Stiebel of Coldwell Banker Schmidt Traverse City