531 W Front Street
Traverse City, MI 49684
$1,825,000
MLS #1921277
Description
This is a fantastic redevelopment opportunity directly on Front Street, where the value lies in the land. It comes with engineered plans for a cutting-edge project featuring twelve luxury condos, each about 1,400 square feet. Three out of twelve units are eligible for STR. There's also 3,000 square feet of flexible commercial space on the ground floor that could be used for retail or common space for condominium owners: gym, shared workspace, lounge, etc., and a huge rooftop lounge perfect for relaxing. We've crunched the numbers and see a potential sellout value of $15 million. You'll need to wrap up some additional engineering before breaking ground. Do your own due diligence to determine your comfort level with the project.
Overview
Sale or Lease:
For Sale
Business Included:
No
Real Estate Included:
Yes
Square Footage:
1592 sqft
Acres:
0.19 acres
Township:
Traverse City
County:
Grand Traverse
Features
Business Type:
Restaurant/Food Service
Location:
Other
Included in Lease:
None
Zoning:
Commercial, Special Use
Compensations
Sub Agency
0.00%
Buyer Agency
2.50%
Transaction Coordinator
0.00%
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.