Active

1825 E Eighth Street

Traverse City MI, 49686

$6,950,000


$414.68 per sqft

Active

16,760 sqft

Multi-family

Built in 2023

20 Units that are short term rentable. Building has the one and only full rooftop common area with 4 hot tubs, turf area for outdoor games and partially covered as well. The building features a dog run and close proximity to both local and national chain food and coffee. Right around the corner is a grocery store for easy check ins. Guests on Airbnb have loved this building and the reviews on the already owned units speak highly of the rooftop and design. Listing price represents a fantastic group pricing discount, leaving investors with the upside of instant equity along with cash flow from the units. 9 of these units will come furnished with all appliances in place. Furnishings are already on order and are included in the list price. This will allow investors the opportunity to instantly begin renting while getting the other 11 units up and running. If this is a 3-5 year hold the instant equity will create an even greater return at disposition. If this is a long term hold, the bonus depreciation (consult your accountant) will help any investor offset tax liability. No matter how you shake it, this is an amazing opportunity. Major events that add more upside. Airport expanding by nearly 3 times its current size. Horse Show continues to expand, and Traverse City keeps making national news for its beauty and charm.

1920589

MLS ID

March 28, 2024

Listed

April 29, 2024

Updated

Map

1825 E Eighth Street
Traverse City MI, 49686

Interior Features

Interior Features

Other


Appliances

Refrigerator, Oven/Range, Dishwasher, Microwave, Washer, Dryer


Fireplace

Yes


Fireplace Description

None


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Forced Air

Exterior/Building Features

Lot Size

1.22 Acres


Exterior Features

Handicap Access, Other


Architectual Style

Other


Roof

Other


Sewer

Municipal

School Information

School District

0

Other Property Details

Area Name

Grand Traverse


Days on Market

32


Association Fee Frequency

Monthly


Garage

No


Parking

Assigned Parking Spaces


View

No


County

Grand Traverse


Municipality

Traverse City


Water Source

Municipal


Pool

No


Zoning

Other


Buyer Agency Compensation

2.5%

Listed by Sam Flamont with The Mitten Real Estate Group
Listing Contact: 231-633-8326 

The IDX display contains information sourced from the Northern Great Lakes REALTORS® MLS as of 4/29/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

©2024 Northern Great Lakes REALTORS® MLS all rights reserved.

Data last updated on 4/29/2024 at 8:11 PM UTC

 

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