102 W Front Street, Traverse City MI 49684 Photo 1 102 W Front Street, Traverse City MI 49684 Photo 2 102 W Front Street, Traverse City MI 49684 Photo 3 102 W Front Street, Traverse City MI 49684 Photo 4 102 W Front Street, Traverse City MI 49684 Photo 5 102 W Front Street, Traverse City MI 49684 Photo 6 102 W Front Street, Traverse City MI 49684 Photo 7 102 W Front Street, Traverse City MI 49684 Photo 8 102 W Front Street, Traverse City MI 49684 Photo 9 102 W Front Street, Traverse City MI 49684 Photo 10 102 W Front Street, Traverse City MI 49684 Photo 11 102 W Front Street, Traverse City MI 49684 Photo 12 102 W Front Street, Traverse City MI 49684 Photo 13 102 W Front Street, Traverse City MI 49684 Photo 14 102 W Front Street, Traverse City MI 49684 Photo 15 102 W Front Street, Traverse City MI 49684 Photo 16 102 W Front Street, Traverse City MI 49684 Photo 17 102 W Front Street, Traverse City MI 49684 Photo 18 102 W Front Street, Traverse City MI 49684 Photo 19 102 W Front Street, Traverse City MI 49684 Photo 20 102 W Front Street, Traverse City MI 49684 Photo 21 102 W Front Street, Traverse City MI 49684 Photo 22 102 W Front Street, Traverse City MI 49684 Photo 23 102 W Front Street, Traverse City MI 49684 Photo 24 102 W Front Street, Traverse City MI 49684 Photo 25 102 W Front Street, Traverse City MI 49684 Photo 26 102 W Front Street, Traverse City MI 49684 Photo 27 102 W Front Street, Traverse City MI 49684 Photo 28 102 W Front Street, Traverse City MI 49684 Photo 29 102 W Front Street, Traverse City MI 49684 Photo 30 102 W Front Street, Traverse City MI 49684 Photo 31 102 W Front Street, Traverse City MI 49684 Photo 32 102 W Front Street, Traverse City MI 49684 Photo 33 102 W Front Street, Traverse City MI 49684 Photo 34 102 W Front Street, Traverse City MI 49684 Photo 35

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102 W Front Street - Great value add investment for this iconic Traverse City landmark on Front Street in downtown. Fifth Third Bank will lease back the first floor, third floor and part of the basement for a 10-year lease. They have just dropped the asking price by $1,600,000 to reflect a lower sale-leaseback rate that is now desired by the bank. With full occupancy, the pro-forma cap rate will be 7.3%. There are 3 other tenants in the building and approximately 35% is vacant and available for lease. The building has four floors, a mezzanine and a full basement. The site is 0.6 acres and has 36 parking spaces on site. The building has incredible views in every direction, overlooking Grand Traverse Bay, the Boardman River and downtown Traverse City. The building is over 100' tall and was built by lumber baron Perry Hannah, the “father” of Traverse City, and was designed by his son, Julius. The building’s hallmark is the clock tower which has four clock faces that are five feet in diameter each. This is an investment opportunity of a lifetime!

Listing information

  • MLS® ID: 1836917
  • Year Built: 1903
  • New Construction: No
  • Lot Area: 0.60 Acres
  • Property ID: 104052090
  • Status: Sold
  • Special Considerations: Bank/Lender-Owned
  • Lot Size: 139 x 188
  • Style: Commercial
  • Parking Type Description: Off Site 0 cars
  • Total Square Footage: 29,383 ($132.73 per sq. foot)
  • County: Grand Traverse

Features

Business Incl No
CONSTRUCTION Brick
Deeded Waterfront No
DOCUMENTS ON FILE Leases
ECO Features No
Exterior Features Brick
Extras Security System, Elevator, 14ft Ceiling Height
FOUNDATION Full
HEATING/COOLING SOURCE Natural Gas
HEATING/COOLING TYPE Forced Air, Central Air
Inventory Incl No
LICENSES None
LOCATION Freestanding, Corner Lot
Other Year Remodeled - 2012, Development Name - Fifth Third Bank Building, Business Name - Fifth Third Bank
Parking Street Parking, Parking Lot, Off Site
Possession Subject To Tenants Rights, At Closing
PRESENT USE Retail Store, Office Building, Medical/Dental
Real Estate Incl Yes
ROAD Public Maintained, Blacktop
Roof Membrane, Asphalt
Terms Sale/Leaseback, Commercial Loan, Cash, 1031 Exchange
UNIVS DESIGN/BARRIER FREE Elevator
Utilities / Sewer Municipal
Vacant Land No
Water Municipal Water
ZONING Retail, Restaurant/Food, Office, Commercial
Listed by Dan Stiebel of Coldwell Banker Schmidt REALTORS 231-929-2300