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966 W South Airport Rd
Traverse City, MI 49686
Retail Property For Sale
EXECUTIVE SUMMARY
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 7.7% cap rate (based on current rents which are very low and could be raised) and well below assessor's true cash value.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
7,380 SF
Building Class
C
Year Built/Renovated
1970/1983
Price
$569,000
Price Per SF
$77.10
Cap Rate
7.70%
NOI
$43,813
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.11
Lot Size
1.50 AC
Zoning
Commercial
Frontage
100’ on W South Airport Rd
PROPERTY TAXES
| Parcel Number | 05-013-015-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $371,200 |
PROPERTY TAXES
Parcel Number
05-013-015-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$371,200
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