Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    502 E Front St Traverse City, MI 49686

    Sponsored
    For Lease
    Pending
    $2,200 /Mo ($44 SF/Yr)

    Retail Store - Traverse City, MI

    Property size:
    600 SF
    Days on Market:
    3
    Last Refresh:
    Feb 25 at 3:06 am

    Property Features for 502 E Front St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    Commercial
    Rooms
    Basement, Bathroom 1
    Bathrooms
    1
    Basement Y/N
    1
    Size
    600 SF

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1975
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Marty Stevenson
    Marty Stevenson

    EXIT Realty Paramount (231) 946-4404

    Listing agent Marty Stevenson (231) 946-4404

    Listing date Feb 23, 2026

    MLS# 1942054 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail/office suite on East Front Street in downtown Traverse City, next to The Little Fleet, The Cook's House, and Paesano's Pizza. This suite includes a main/customer entrance from the wooden deck along Front St. and was most recently used as a retail shop, with large windows facing Front St. Includes one dedicated parking spot in the private parking lot, along with on-street parking along Front St and Wellington St. Tenant is responsible for rent and utilities, landlord covers snow plowing and lawn care.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Way Of Knife & EDC ... (Bike/Boat/Book/etc) Store Front Street Tattoo Tattoo & Piercing Shop Whistling Frog Tile (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Real Estate Agency Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.613179
    Latitude
    44.763862

    Nearby Similar for Lease

    • $895 /Mo
      843 SF

      Traverse City Commercial Space For Lease

      Unique opportunity in a cooperative environment with vibrant modern business setting.
      7738 N Long Lake Rd, Traverse City, MI 49685
      View Details
    • $780 /Mo
      490 SF

      Traverse City Flex Space Available

      Commercial space for lease near downtown Traverse City, Michigan.
      1610 Barlow St, Traverse City, MI 49686
      View Details
    • $2,800 /Mo
      1,000 SF

      Traverse City Food Freezer Space

      Food freezer warehouse space for lease in Traverse City.
      1610 Barlow St, Traverse City, MI 49686
      View Details
    • $2,500 /Mo
      2,053 SF

      Traverse City Office Space Available

      Commercial office space for lease with private entrance and parking.
      990 Garfield Woods Dr, Traverse City, MI 49686
      View Details
    • New
      $1,410 /Mo
      1,092 SF

      Refurbished Office Space Available

      Move-in ready office with modern upgrades and convenient location.
      3291 Racquet Club Dr, Traverse City, MI 49684
      View Details
    • $16 SF/Yr
      5,000 SF

      Class A Office Space Available

      Professional office building in Traverse City's Central Business District.
      130 S Union St, Traverse City, MI 49684
      View Details
    • $1,350 /Mo
      1,625 SF

      Woodmere Avenue Retail/Office Space

      Affordable retail or office space near downtown Traverse City.
      717 Woodmere Ave, Traverse City, MI 49686
      View Details
    • $22 SF/Yr
      2,849 SF

      Downtown Traverse City Retail/Office Condo

      2,849.4 SF commercial condo in the heart of Traverse City.
      232 E State St, Traverse City, MI 49684
      View Details
    • $22 SF/Yr
      2,182 SF

      Downtown Traverse City Retail/Office Condo

      New commercial condo in downtown Traverse City, available 2025.
      232 E State St, Traverse City, MI 49684
      View Details
    • $24 SF/Yr
      2,578 SF

      Retail Condo in Downtown Traverse

      2,578 SF retail condo in prime Traverse City location.
      141 W Front St, Traverse City, MI 49684
      View Details
    • $24 SF/Yr
      2,971 SF

      Downtown Traverse City Retail Condo

      Retail condo in downtown Traverse City, completion scheduled for June 2026.
      137 Pine St, Traverse City, MI 49684
      View Details
    • $9,850 /Mo
      8,250 SF

      Traverse City Retail/Warehouse Space

      Highly visible retail/warehouse space with frontage on US 31 South.
      274 N Us Highway 31 S, Traverse City, MI 49685
      View Details

    FAQs

    Where is this retail space located?
    The property is located at 502 E Front St Traverse City, MI.
    What is the lease rate?
    The lease rate is $44 SF/Yr.
    What are key features of this property?
    This property features: - Prime downtown Traverse City location on East Front Street.; - High-visibility with main entrance directly on Front Street.; - Includes one dedicated parking spot.
    (231) 342-8072
    Request Owner's contact information
    502 E Front St Traverse City, MI 49686
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    502 E Front St
    Traverse City, MI 49686
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    502 E Front St Traverse City, MI 49686
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Marty Stevenson
    Marty Stevenson
    (231) 342-8072 (231) 946-4404 (231) 929-2955
    Learn more
    Google sign-in failed. Please try again or use another login method.