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Listed by Coldwell Banker Schmidt Traverse City
$899,000
Est. payment /mo
1 Bath
2,000 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 2,000 sqft
Price per Sqft $449
MLS Listing ID 1941634
Year Built 1873
Property Sub-Type Retail
Property Description
Single-tenant retail condominium located directly on Front Street in the heart of downtown Traverse City. The property is fully leased on a new 5-year NNN lease to Serendipity, a strong retail operator with multiple locations in Northern Michigan. The ~2,000 SF storefront features strong Front Street visibility with an efficient retail layout including an open sales floor, fitting rooms, rear storage, and a private restroom. The unit is positioned within one of downtown's most active retail blocks and benefits from C-4B zoning, allowing for a wide range of permitted uses. This offering provides predictable, hands-off cash flow with a true triple-net lease structure and condominium ownership, making it well-suited for private investors and 1031 exchange buyers seeking durable downtown income. Currently priced at a 6.81% CAP.
Location
State MI
Rooms
Basement Full
Interior
Heating Forced Air, Natural Gas
Exterior
Waterfront Description Public
Roof Type Membrane
Garage false
Building
Sewer Public Sewer
Water Public
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Kyle O'Grady
Team Leader, REALTOR® | License ID: 6501407456
Team Leader, REALTOR® License ID: 6501407456