1825 E Eighth Street, Traverse City, MI 49686 | 1923196

1825 E Eighth Street $7,552,500

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Active

$7,552,500

Market Estimate

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0 Beds
0 Baths
17,122 sq. ft.
Multi-Family
MLS# 1923196

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Schedule A Showing

Property Details

Description

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. These units will come furnished with all appliances in place. Furnishings are included in the list price. This will allow investors the opportunity to instantly begin renting. 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.

General Features
- Property Type Condominium
- Mineral Rights Unknown
- Township Traverse City
- Type of Ownership Corporate Owned
- Approx Year Built 2023
- Type Multi-Family
Building Features
- Appliances Equipment Refrigerator, Oven/Range, Dishwasher, Microwave, Washer, Dryer
- Heating Cooling Sources Electric
- INTERIOR FEATURES Other
- Foundation Poured Concrete
- Fireplace And Stoves None
- Heating Cooling Type Forced Air, Central Air
- Primary Garage Assigned Parking Spaces
- Roof Other
- Style Other
- TV Service/Internet Available Cable TV
- Total FINISHED SF Apx 17,122
- Total # Units 20
Property Features
- Number of Acres 1.22
- Road Public Maintained, Blacktop
- Water Features None
- Water Municipal
- Lot Dimensions Condo
- Sewer Municipal
Schools
- School District Traverse City Area Public School

Contact

Don Fedrigon

Broker/Owner

RE/MAX of Elk Rapids

Cell: 231-218-8400

Neighborhood

49686 (Traverse City) Demographics

46 Median Age

230 Population Density (per sq. mile)

54% College Educated

$68,609 Estimated Median Income

11,234 Estimated Total Home Owners

3,419 Estimated Total Renters

77% / 23% Estimated Owner / Renter Divide

2 Estimated Average Household Size

34,341 Total Population

Community data courtesy of LiveBy, Inc.

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Market Last 30 Days In This Postal Code

$432,450 Median Sales Price

55 Homes Sold

152 New On Market

Average Days on Site

Properties for Sale

Calculations provided by Reliance Network

Property History

Date	Event	Price
--	Current Price Source: Multiple Listing Service	New Value: $7,552,500
6/9/2024 4:06:04 AM	Status Changed Source: Multiple Listing Service	New Value: Active
6/6/2024 12:06:00 PM	New in Database Source: Multiple Listing Service	New Value: $7,552,500

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* This payment calculator is intended for educational and planning purposes only.
** Assumes 6.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

The data relating to real estate for sale on this web site comes in part from the Internet Data exchange ("IDX") program of Northern Great Lakes REALTORS MLS. All information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.

1825 E Eighth Street, Traverse City, MI 49686 | 1923196 | RE/MAX of Michigan (2024)