201 River Street
Elk Rapids, MI 49629
MLS #1814842

Commercial
  • 8,355sq ft
$749,000
Est. P&I payment: $2860.67/mo
201 River Street, Elk Rapids, MI 49629
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Description for 201 River Street, Elk Rapids, MI 49629
Beautifully restored historic brick building on a corner lot in downtown Elk Rapids, mostly leased, showing good income. Property also has the best vacant parcel in downtown Elk Rapids. Room to expand. Front offices have a beautiful view of the Elk Rapids marina & E Grand Traverse Bay. Suitable for a variety of commercial uses: medical, office, retail, etc. The northernmost 2nd floor 1,500 sq ft unit is currently vacant. 850 sq ft upstairs tenant Manning Tax Service/Harry Dickson leases for $1,250/m. 4,300 sq ft main floor tenant Harbor Antiques leases for $4,500/m. 780 sq ft main floor tenant Edward Jones leases for $1,200/m. All 3 tenants are on a m to m basis. Edward Jones is moving upstairs sometime yet this year. The plan is they are going to pay for the remodeling they want done then they'll sign a 5 year lease at $2,000/m in year 1 then $2,050 in year 2 then $2,100 in year 3 and so on. Appraised in 2012 for $780,000.
MLS #1814842
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My Notes for MLS #1814842

General Features

  • Property Type: Mixed Use
  • Total Finished SqFt: 8,355
  • Number of Acres: 0.18
  • Lot Dimensions: 69.3x115.7
  • Approx Year Built: 1924
  • Zoning: Office,​Retail,​Commercial,​Restaurant/Food

Exterior Features

  • Vacant Land: No
  • Roof: Asphalt,​Membrane
  • Exterior Features: Brick
  • Parking: Other

Interior Features

  • Number of Restrooms: 4

Utilities Features

  • Heating/Cooling Source: Natural Gas,​Mutiple Units
  • Heating/Cooling Type: Forced Air,​Central Air
  • Water: Municipal Water
  • Sewer: Municipal

Financial Features

  • Sale/Rent: For Sale
  • Price Per SQFT: 89.65
  • Sale or Lease: For Sale
  • Type of Ownership: Private Owner
  • Variable Rate: No
  • Terms: Commercial Loan,​Cash
  • Included in Lease: Other

Community Features

  • Development Name: Village of Elk Rapids

Misc Features

  • Deeded Waterfront: No
  • Business Name: none
  • Year Updated: 1970
  • Year Remodeled: 2001
  • ECO Features: No
  • Business Included: No
  • Real Estate Included: Yes
  • Inventory Included: No
  • Present Use: Medical/Dental,​Office Building,​Retail Store
  • Foundation: Partial
  • Possession: Negotiable,​Subject to Tenants Rights
  • Construction: Brick

Location

 
Street View Not Available
Directions to 201 River Street, Elk Rapids, MI 49629
US 31 to Village of Elk Rapids to west on River St to corner of Cedar
Listing information for 201 River Street, Elk Rapids, MI 49629 was graciously provided by our friends at the listing brokerage, Coldwell Banker Schmidt-402 402 E Front Street, Traverse City, MI 49686

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P&I Payment $2860.67
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Please Note: All information in this site is deemed reliable but not guaranteed. The property information provided on EXIT Realty Greater Cadillac's websites is for personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Property information is gathered from third-party resources including the seller and public records. EXIT Realty Greater Cadillac, Onjax, LLC, its affiliates, owners, subsidiaries and subscribers disclaim any and all representations or warranties as to the accuracy or reliability of the information provided. You should verify all claims through personal inspection and/or contact with the appropriate real estate professionals.
The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright © Northern Great Lakes REALTORS® MLS. All Rights Reserved.
Last Updated 10/19/2017 at 11:20pm
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