$410,000

214 N Mitchell Street

Cadillac MI, 49601

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!

Details

MLS#1871429
Listing TypeFor Sale
StyleIndustrial
Sub-TypeResale
StatusActive
Year1905
Days On Site58

Features

SQ Feet15,000
Story(s)1
ZoningRetail,Commercial

Market Activity 49601

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Area Information

StateMI
CountyWexford
CityCadillac
Zip Code49601
AreaWexford
Listing VS Median (in 49601)
Price:
$410,000
low | high
Med:
$29,900
100% of Average
SqFt:
15,000
low | high
Med:
0
100% of Average
$ / SqFt:
$27
low | high
Med:
$0
100% of Average
On Site:
58
low | high
Med:
58
100% of Average
Listing Updated: 03/27/2020
MLS Number: 1871429
Listing Provided By:
Bosscher 410000  of  Five Star Real Estate
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