Listed by Mid-America Real Estate - Michigan, Inc.
$1,725,395
For Sale Mixed Use Resort Community
Details
Property Type Mixed Use, Office
Sub Type Executive Office, Restaurant
Square Footage 15,840
Cap Rate 9.00%
NOI $155,285
Occupancy 100%
Tenancy Multi
Class A
Stories 3
Zoning B-1
Ownership Fee Simple
Resort Town Mixed Use Development For Sale In Downtown Gaylord MI
Marketing description
Multi-tenant and mixed-use property that has restaurants, retail shops, medical office, office and residential tenants.
The property is well situated in the heart of Downtown Gaylord, a popular destination for the local population, tourists, and people who vacation in northern Michigan. The area is home to many local restaurants as well as many national retailers along the Main Street corridor. The property has been improved each year with updates, tenant build-outs and capital investment by the current owner.
Investment highlights
- Downtown Environment: Well positioned in the heart of Downtown Gaylord, the site features plenty of parking with many restaurants and bars such as the Iron Pig, El Patron Grill, Snowbelt Brewing Co., and many more. The town is also home to many boutiques and local shops such as White Birch Outfitters, Wooly Buggers, Aub Marley’s, and others
- Retail area: The retail market in Gaylord features many big box users and national retailers that service the surrounding community within a 30 minute drive time. Nearby tenants include Kohl’s, Meijer, TJ Maxx, Hobby Lobby, Dunham’s, The Home Depot, Lowe’s, Walmart, Starbucks, ALDI, and many more.
- Resort Community & Treetops: Gaylord is a popular tourist destination and area where many people own vacation homes or rent cottages and hotels. The city boasts 8 lodging hotels and hotel room stays generate $21 million annually. One such popular world-class resort is the Treetops Resort, which features several impressive golf courses as well as a ski resort that attracts visitors in every season. The Treetops Resort was recently renovated to hold over 500 over night guests.
- Golf Mecca: Gaylord is well known as America’s premier summer golf mecca; with 17 golf courses and 21 lodging facilities, which include world-class resorts and championship golf designed by some of America’s top golf course designers.
- Otsego Lake & Trails: Located just a few minutes away from downtown Gaylord, Lake Otsego features many vacation homes and rental properties and is a popular destination for water sports and activities such as kayaking, fishing, canoing, paddle boarding, and many more. Gaylord is also the gateway to miles of trails and hiking paths that can be explored by foot or bike.
- Economy: Gaylord is the county seat of Otsego county. Gaylord’s economy is closely tied to the tourism and outdoor sports industry, tourist and visitor spending in Otsego County peaked to $107 million (prepandemic), steadily increasing every year for a decade. The city also features many manufacturing businesses such as East Jordan Ironworks. Under a mile away from the site is the Otsego Memorial Hospital, featuring 46-beds and is home to the largest multi-specialty medical group in northern Michigan.
- Parking: Street, Municipal, & Private Lot
Listing Contacts
Listed by Mid-America Real Estate - Michigan, Inc.
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$155,285.00
$12,940.42/mo
Valuation Metrics
0
DSCR
9%
Cap Rate
9%
ROI
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