Clam Lake Twp, MI 49601,214 N Mitchell Street

$400,000

$410,000

2.4%
Est.Price: ?

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Est. payment /mo

15,000 SqFt


SOLD DATE : 01/14/2021

Key Details

Sold Price $400,000

Property Type Commercial

Sub Type Commercial

Listing Status Sold

Purchase Type For Sale

Square Footage 15,000 sqft

Price per Sqft $26

MLS Listing ID 78001327799

Sold Date 01/14/21

Originating Board Aspire North REALTORS®

Year Built 1905

Annual Tax Amount $14,283

Lot Size 0.260 Acres

Acres 0.26

Lot Dimensions 100 x 144

Property Description

INVESTORS, get in on the growth of Downtown Cadillac with this income producing property! The 15,000 square foot building, which is two separate properties, already have leases in place for two of the major sections, and then seven hotel rooms that generate a nice cash flow. The one building underwent major renovations in the late 1980's, and has been continually updated along the way. In 2016 the center portion underwent a major renovation and is home to Table 212, a wine bar. The main building is home to a long standing restaurant and upscale bar, Hermann's European Inn and Restaurant, the restaurant runs the wine bar and butcher shop as well. Upstairs is host to the seven hotel rooms, a maintenance room, and then 2900 square feet of office space which is also rented. Currently the property has approximately a 15% CAP rate. There is a lot of building and income options here for the serious investor!

Location

State MI

County Wexford

Area Clam Lake Twp

Zoning Commercial

Interior

Heating Baseboard, Forced Air, Central Air

Heat Source Natural Gas

Exterior

Waterfront no

Accessibility Disabled Access

Building

Foundation Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Structure Type Block/Concrete/Masonry,Brick

Schools

School District Cadillac

Others

Tax ID 100860015000

Ownership Private Owned

Acceptable Financing Cash, Conventional, Other

Listing Terms Cash, Conventional, Other

Financing Cash,Conventional,Other

Special Listing Condition Unknown/Data Share Listings

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Realcomp MLS
Listed by Greg Bosscher of Five Star Real Estate - Cadillac
Bought with Five Star Real Estate - Cadillac

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JEFF HIGGINS

Managing Partner | License ID: 6506046014

+1(248) 233-6165

280 North Old Woodward Avenue, Suite 100, Birmingham, MI, 48009, United States

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