About 531 W Front Street
This is a fantastic redevelopment opportunity directly on Front Street, where the value lies in the land. It comes with engineered plans for a cutting-edge project featuring twelve luxury condos, each about 1,400 square feet. Three out of twelve units are eligible for STR. There's also 3,000 square feet of flexible commercial space on the ground floor that could be used for retail or common space for condominium owners: gym, shared workspace, lounge, etc., and a huge rooftop lounge perfect for relaxing. We've crunched the numbers and see a potential sellout value of $15 million. You'll need to wrap up some additional engineering before breaking ground. Do your own due diligence to determine your comfort level with the project.
Features of 531 W Front Street
| MLS® # | 1921276 |
|---|---|
| Price | $1,825,000 |
| Acres | 0.19 |
| Type | Land |
| Sub-Type | Vacant Lot/Land |
| Status | Active |
| Association | None |
Community Information
| Address | 531 W Front Street |
|---|---|
| Subdivision | None |
| City | Traverse City |
| County | Grand Traverse |
| State | Michigan |
| Zip Code | 49684 |
Amenities
| Utilities | WATER: Municipal SEWER: Municipal |
|---|---|
| Is Waterfront | No |
| Waterfront | None |
| Has Pool | No |
Exterior
| Exterior Features | None |
|---|---|
| Lot Description | 50x163, Other |
School Information
| District | Traverse City Area Public Schools |
|---|
Additional Information
| Date Listed | April 18th, 2024 |
|---|---|
| Days on Market | 14 |
| Zoning | Commercial |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | The Mitten Real Estate Group |
|---|