116 Cass 156 E Front Marketing Package

INVESTMENT/DEVELOPMENT OPPORTUNITY TRAVERSE CITY, MICHIGAN

©2008, Three West, LLC. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

Three West is pleased to present this excellent opportunity to purchase two buildings, on two lots, on the marquee corner in beautiful downtown Traverse City, Michigan. The property consists of 0.24-Acres of land with approximately 10,000 sq-ft of total building area. The property includes a large courtyard which could be redeveloped into additional retail/office space. Current Zoning is C4-b and allows for a maximum building height of 60’.

Traverse City

Downtown Traverse City

Cherry Capital Airport

West Grand Traverse Bay East Grand

Traverse Bay

For information contact:

Kevin Endres, P.E.Owner / REALTOR231.534.5225 [email protected]

THREE WEST, LLCLicensed Real Estate Broker4020 Copper ViewSte. 129Traverse City, MI 49684231.929.2955 Phone231.929.2970 Faxwww.threewest.net


Property Aerial View 3

Property Information and Purchase Terms 4

Exterior Building Photos 5

Exterior Building Photos 6

Interior Building Photos 7

Interior Building Photos 8

Traverse City Area Overview 9

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TABLE OF CONTENTS

Traverse City






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PROPERTY AERIAL VIEW

Cas

s St

reet

Traverse City


E Front Street





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PROPERTY STATISTICS

• 116 Cass Street: • Tax ID# 28-51-794-051-00• 0.12 Acres ~ 5,280 sq-ft• Two (2) Buildings

• 4,356 sq-ft Retail/Office (2-Story)• 576 sq-ft Retail (1-Story)

• Courtyard• Zoning = C4-b (Max Bldg Height up to 60’)• Max Height Allowed = 60’• Year Built = 1933• Basement w/ Commercial Kitchen

• 156-158 E Front Street• Tax ID# 28-51-794-050-00• 0.12 Acres ~ 5,280 sq-ft• One (1) Building

• 4,742 sq-ft Retail/Office (2-story)• On-site Private Parking (9 Spaces)• Zoning = C4-b (Max Bldg Height up to 60’)• Storage Basement • Year Built = 1880

PURCHASE TERMS

Traverse City





GENERAL PROPERTY INFORMATION

This opportunity consists of two properties combined that are located on the SW corner of E. Front Street and Cass Street, the “Marquee” corner, in the heart of downtown Traverse City, Michigan.

This property is a great opportunity for someone looking for a Commercial Real Estate Investment or a possible development project. With a 50/50 mix of Office and Retail, this opportunity is also well appointed for someone looking for an owner occupied/investment property.

Two of the retail spaces have recently signed long term leases in place. Each lease has a 6 month cancellation clause by the owner for development purposes. The current owner may entertain a leaseback on the lower level retail space of 116 Cass Street.

The courtyard is a wonderful amenity to this property and provides for outdoor seating for the current and possible future food service establishments. Not included in the leasable sq-ft is a fully operational Commercial Kitchen in the basement of the building.

• MLS# 1705617• $1,750,000: Includes both properties• Current Property Taxes: Approx. $19,340/year• Financing Options: Conventional or Cash

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Traverse City

Looking NW at 116 Cass Street Looking West at Courtyard & 156 E Front St

Looking South at Courtyard and 116 Cass St Looking South at 156 E Front St





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Traverse City

Looking SW at 116 Cass St Looking North over Courtyard

View of Courtyard View from Alley at Private Parking





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Traverse City

Main Level of 116 Cass St Main level at 116 Cass St

Main Level of 116 Cass St 576 sq-ft Retail Space of a116 Cass St





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Traverse City

Upper Level of 116 Cass St Office on Upper Level of 116 Cass St.

Receptionist Area/Bullpenof Upper Level of 116 Cass St

Main Level Retail of 156 E Front St






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• The Traverse City Area is one of the state’s leading tourism destinations. The number of visitors to Grand Traverse County has increased steadily from an estimated 1.2 million in 1990 to 1.9 million in 2005.

• While population growth across the area is similar to that of the U.S. as a whole, local growth rates are significantly above statewide averages.

• Grand Traverse County’s population as of 2006 was 86,413 and is expected to climb to 92,540 by 2011. This accounts for an annual population increase of 1,225.

• The median household income in 2006 for the area within a 10 mile radius of downtown Traverse City was $52,935 and for Grand Traverse County it was $51,641. These median household incomes are expected to increase by 2.9% by the year 2011, or $61,339 and $59,564 respectively.

• Grand Traverse County restaurant sales in 2006 according to Claritas were approximately $150 million. This is an increase from $96 million in 1997 and $124 million in 2002.

TRAVERSE CITY AREA OVERVIEW

• The growth of Retail sales in Grand Traverse County rose from approximately $900 million in 1997 to about $1.7 billion in 2006, with an annualized growth rate of about 6% per year, or a cumulative increase of about $780 million.

Traverse City





116 Cass 156 E Front Marketing Package

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