110 Madison StTraverse City, MI 49684

Property Details for 110 Madison St

Year built

1956

Lot size

0.30 AC

Property size (Sq ft)

2,504 SF

Property type

Office buildings

APN

51-866-017-00

APU

5186601700

Description

This exceptional commercial property, located at 110 S Madison Street in Traverse City, Michigan, presents a unique investment opportunity. Situated on approximately 0.3 acres in the heart of Traverse City's hospital district, directly adjacent to Munson Medical Center, this 2,504 square foot office building offers significant potential. Currently configured as a medical office, the building boasts numerous individual exam rooms and offices, a spacious waiting and reception area, and two restrooms on the main floor. A substantial unfinished basement, totaling approximately 900 square feet, provides ample storage and includes an additional bathroom. The property's convenient location and ample parking, accommodating up to 13 vehicles, are key advantages. Zoned H-1, this versatile property allows for a range of uses, including continued medical use, professional office space, or even multi-family redevelopment, making it an attractive option for various investors. The asking price for this prime real estate is $619,900. The property's proximity to Munson Medical Center and its flexible zoning make it an ideal investment in a thriving Michigan community. This is a rare opportunity to acquire a well-located, established building with significant upside potential. The address is easily accessible, located west on Front Street from downtown Traverse City, turning left onto S Madison Street. The property will be on your right.

• CAP approach

  CAP return

  Valuation

  6%

  $457,338

  6.5%

  $422,158

  7%

  $392,004

• Comparable approach

  Method

  Valuation

  Relative Method

  $326,146

  Geo Method

  $326,146

• Alternative Use

  Use

  Valuation

  Residential

  $523,476

  Hospitality

  $479,501

  Educational

  $398,939

  Medical

  $412,659

  Retail

  $620,572

Location Insight

City

Traverse City

County

Grand Traverse

State

Michigan

Latitude

44.7629

Longitude

-85.6433

CBSA code

45900

CBSA name

TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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