$359,000
102 N Main Street L'anse, MI 49946
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$359,000
Est. payment /mo
7,828 SqFt
Price Dropped by $20K
102 N Main Street L'anse, MI 49946
UPDATED:
10/17/2024 08:08 PM
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 7,828 sqft
Price per Sqft $45
Subdivision Mi
MLS Listing ID 50145456
Year Built 1853
Lot Size 4,356 Sqft
Acres 0.1
Lot Dimensions 4125
Property Description
Located at 102 N Main St, L’Anse, MI, 49946, The Village Gift Store is a charming & profitable gift shop with a coffee/smoothie bar & community lending library, nestled in the heart of downtown L’Anse. Established in 2019, this business enjoys a prime location with high visibility on Main Street, just steps away from the scenic Keweenaw Bay. The property includes 2,576 sq ft on the main floor, dedicated to retail space, a spacious basement with egress windows for potential future living space & a second floor with three 2-bedroom apartments with lake views. Built 1853, the building has been significantly renovated, including original hardwood floors, a new roof membrane (installed 8 years ago), new cabinets, countertops & new windows on the second story. The profitable business offers turn-key opportunity with all displays, shelving & real estate included in the asking price. The gift store has been open for 7 years this fall & draws customers from the entire U.P. as well as Wisconsin, Minnesota & Illinois. There are currently 38 independent artists who share the space through a unique business model that runs itself by using the artists to run the register. The only paid person who is the barista at the beverage counter. The inventory is provided by the artists who share the space, each paying $1 a day rent + 10% - 30% commission. This business model is so unique, it has been documented in a case study by Ferris State University as part of a curriculum teaching about low budget alternative business startups. The gift store was previously operated by the owners and their two daughters, indicating a smooth transition for new proprietors. The market sees a busy season through New Year's, a slight slowdown in early spring & heavy tourist traffic in Summer & Fall. There are significant growth opportunities, especially with the potential rental income from the apartments & the conversion possibilities for the basement. The gift store benefits from a walk-through connection to Café L’Anse, which the owners created as an extension of their business model. Customers flow freely between the businesses, grabbing a bite to eat in the cafe, wandering through the gift store to the beverage counter for a cappuccino & shopping while they wait for their drink. They often linger or meet with friends in the lending library/coffee lounge, which seats 36 people. The businesses are both for sale, and the owners will sell them together for $599,000. The owners are relocating, creating a unique opportunity for a new proprietor to take over this well-maintained & strategically located business. With its prime downtown location, proximity to Keweenaw Bay & the blend of historical charm & modern renovations, The Village Gift Store stands out as a rare & valuable investment. No outstanding debts or liabilities.
Location
State MI
County Baraga
Area L'Anse (07008)
Zoning Mixed Use,Multi-Family,Commercial
Interior
Heating Forced Air
Cooling Ceiling Fan(s), HVAC
Exterior
Garage 2 Spaces, Municipal, Off Street
Waterfront No
Roof Type Flat,Rubber
Building
Lot Description Downtown Dev Authority
Foundation Basement, Slab
Water Public Water
Structure Type Aluminum,Brick,Steel,Wood
Others
Ownership Private
SqFt Source Public Records
Energy Description Natural Gas
Financing Cash,Commercial Loan,Conventional,Conventional Blend
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by KEY REALTY ONE
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