Office Suite with Private
For Sale
$2,200,000
101 Park Street # 200 Unit #200, Traverse City, MI 49684
A configurable workspace combines enclosed offices with an open area and controlled building access.
Property Size6,028 SF
Price / SF$364.96
Days on Market137
Property Features for 101 Park Street # 200 Unit #200
General Information
Standard status
Active
Size
6,028 SF
Net Rentable
6,028 SF
Elevators
Yes
Property subtype
Office
Additional Details
Office Units
1
Property Use
Office
Amenities
coffee sink
common restrooms
60-day loop cameras
access-controlled elevator and stair entry
keycard, smartphone, or hardwire access
Building Details
Building Size
6,028 SF
Year Built
2011
Listing Agency:
REMAX Bayshore - West Shore Dr TC
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Source:
Leelanaurealtors
Added: Jun 23
Changed: Nov 5
Last Checked: Nov 5 at 8:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REMAX Bayshore - West Shore Dr TC
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Investment Insights
Based on property information with market context.
At 101 Park Street in Traverse City, this office suite contains 5,467 square feet of dedicated space, including 12 private offices, a mail room, and an open area that can be arranged for additional workspace. A coffee sink is installed within the suite, and shared restrooms are positioned near the elevator. The building was constructed in 2011.
The total rentable area is 6,028 square feet, comprising the suite and 561 square feet of prorated common area. The space may also be divided into smaller units starting at 2,160 square feet. Views extend toward the Boardman River and Grand Traverse Bay.
Building entry and vertical circulation are access-controlled. Security features include cameras with a 60-day recording loop, along with keycard, smartphone, and hardwired access options.
The total rentable area is 6,028 square feet, comprising the suite and 561 square feet of prorated common area. The space may also be divided into smaller units starting at 2,160 square feet. Views extend toward the Boardman River and Grand Traverse Bay.
Building entry and vertical circulation are access-controlled. Security features include cameras with a 60-day recording loop, along with keycard, smartphone, and hardwired access options.
Key Highlights
- 5,467 SF suite with 12 private offices
- 6,028 SF total rentable area, including 561 SF of prorated common area
- Can be subdivided into units starting at 2,160 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,560
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,291,200
$1.3M
Cap Rate 7%
$922,286
$922.3K
Cap Rate 9%
$717,333
$717.3K
Market Conditions
NOI Build-Up for 6,028 SF
Gross rent
$101.3K $16.80/SF
− Vacancy
−$15.2K −$2.52/SF
EGI
$86.1K $14.28/SF
− OpEx
−$21.5K −$3.57/SF
NOI
$64.6K $10.71/SF
Area
Grand Traverse County, MI
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,291,200
Cap Rate 7%
$922,286
Cap Rate 9%
$717,333
Alternative Uses
Best Use
Office B
$922.3K
$807.0K – $1.08M
NOI $64,560 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,664 @ 7.0% cap · market cap 4.17%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
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Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - A configurable workspace combines enclosed offices with an open area and controlled building access.
Where is this office unit located?
The property is located at 101 Park Street # 200 Unit #200 Traverse City, MI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 5,467 SF suite with 12 private offices; 6,028 SF total rentable area, including 561 SF of prorated common area; Can be subdivided into units starting at 2,160 SF
