224 Circle DrTraverse City, MI 49684

Property Details for 224 Circle Dr

Year built

1955

Lot size

0.91 AC

Property size (Sq ft)

10,840 SF

Property type

Office buildings

APN

51-866-020-00

APU

5186602000

Description

Exceptional opportunity to acquire a prominent 17,540 square foot medical office building situated on a 0.91-acre lot in Traverse City, Michigan. This iconic property, located at 224 Circle Drive, enjoys a highly desirable location adjacent to Munson Medical Center within the city's thriving hospital district. Originally constructed in 1955 and expanded over the years, the building boasts a substantial footprint, offering significant potential for a variety of uses. The main building comprises 11,955 square feet on the first floor, featuring numerous exam rooms, offices, waiting and reception areas, and six restrooms, centered around an attractive courtyard. The second floor adds another 5,585 square feet, divided into four medical office suites, each with its own restroom. Two elevators provide convenient access to all floors. Furthermore, the property includes two basements totaling 9,000 square feet, providing ample storage space. The building features a relatively new membrane roof (approximately 5 years old). The property's H-1 zoning allows for diverse redevelopment options, making it ideal for continued medical office use, multi-family conversion, or other suitable ventures. The asking price is $1,850,000. This is a rare opportunity to own a significant asset in a high-demand location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,979,849

  6.5%

  $1,827,553

  7%

  $1,697,014

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,411,910

  Geo Method

  $1,411,910

• Alternative Use

  Use

  Valuation

  Residential

  $2,266,166

  Hospitality

  $2,075,796

  Educational

  $1,727,038

  Medical

  $1,786,433

  Retail

  $2,686,503

Location Insight

City

Traverse City

County

Grand Traverse

State

Michigan

Latitude

44.7625

Longitude

-85.6435

CBSA code

45900

CBSA name

TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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