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966 W South Airport Rd 7,380 SF Vacant Retail Building Traverse City, MI 49686 $765,581 CAD ($103.74 CAD/SF) 9.12% Cap Rate
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 8.8% 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
1970
Price
$765,581 CAD
Price Per SF
$103.74 CAD
Cap Rate
9.12%
NOI
$69,825 CAD
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.11
Lot Size
1.50 AC
Zoning
Commercial - Commercial use
Frontage
100’ on W South Airport Rd
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 05-013-015-00 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $515,155 CAD |
Property Taxes
Parcel Number
05-013-015-00
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$515,155 CAD
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966 W South Airport Rd
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