1500 US 31 - Apartments FOR SALE


Traverse City, MI 49686
$12,900,000 USD
1500 US 31, Traverse City, MI for Sale
$12,900,000 USD
Apartments - FOR SALE
1/11
null | 7.85% Cap Rate

1500 US 31
Traverse City, MI 49686


HIGHLIGHTS

  • Location: Steps from the public beach on Traverse City's Miracle Mile- known for white sugar sand beaches
  • Each unit has a rooftop deck with views of the bay and a lower level deck off of the main living area with gas line for safe barbeques
  • Two car garage on every property keeps cars off the streets and provides a place for guests to loan/unload and stage

OVERVIEW

Small 13 Unit Development of Attached Townhomes. The property is zoned commercial allowing for every townhome in the development to be leased out as a short term rental. The property is located on Traverse City's Miracle Mile in East Bay township. It is a short walk to the public beach park and a mere 5-7 miles to downtown Traverse City and all that it has to offer. And if you want to explore- Elk Rapids is a short drive, Petoskey and Charlevoix a bit farther but still good for an easy day's outing. Plenty of restaurants in the very near vicinity and a small deli/market right next door, which has a very nice selection of wines. These townhomes are great for your multi-generational visitors/guests. Bedrooms are on 2 different floors, and there are 2 different outdoor decks attached to each unit. Proof of concept for townhome style community of STR exists in Traverse City- Ask me about it! Will consider sales of one or a smaller grouping of units.

FOR SALE DETAILS

PRICE

$12,900,000 USD

PRICE/SF

$459 USD /SF

# OF UNITS

13

PRICE/UNIT

$992,308

CAP RATE

7.85%

% LEASED

-

STATUS

Proposed

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Calypso on East Bay

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2026

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.87 AC

LAND SF

38,098 SF

ZONING

Commercial

APN/PARCEL ID

03-208-020-00

ASK ABOUT THIS PROPERTY

Carole HigginsCygnus Real EstateMore Info

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Carole HigginsCygnus Real EstateMore Info

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