Office Suite with Private
For Sale
$2,200,000
101 Park St, Traverse City, MI 49684
Configurable office space offers private rooms, an open work area, a coffee sink, and controlled access throughout.
Property Size6,028 SF
Price / SF$364.96
Days on Market181
Property Features for 101 Park St
General Information
Standard status
Active
Size
6,028 SF
Net Rentable
6,028 SF
Elevators
Yes
Property subtype
Commercial
Amenities
coffee sink
common restrooms
security cameras
access-controlled stair entry
keycard access
smartphone access
hardwire access
dedicated mail room
Building Details
Year Built
2011
Listing Agency:
REMAX Bayshore - West Shore Dr TC
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Source:
Metrodetroithomeguide
Added: Apr 19
Changed: Oct 1
Last Checked: Oct 14 at 11:08PM
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.
Located at 101 Park St in Traverse City, this office property was built in 2011 and provides 5,467 SF of dedicated suite area. The layout includes 12 private offices, a mail room, and an expansive open section that can accommodate conference, collaborative, or additional office functions. A coffee sink is included, while shared restrooms are positioned near the elevator.
The suite includes 561 SF of pro-rated common area, bringing total rentable space to 6,028 SF. Building security features include 60-day loop cameras and controlled entry at the elevator and stairs, with access available by keycard, smartphone, or hardwire connection. The premises may also be divided into units as small as 2,160 SF. The address overlooks the Boardman River and Grand Traverse Bay.
The suite includes 561 SF of pro-rated common area, bringing total rentable space to 6,028 SF. Building security features include 60-day loop cameras and controlled entry at the elevator and stairs, with access available by keycard, smartphone, or hardwire connection. The premises may also be divided into units as small as 2,160 SF. The address overlooks the Boardman River and Grand Traverse Bay.
Key Highlights
- 5,467 SF office suite with 12 private offices
- 6,028 SF total rentable area, including 561 SF of pro‑rated common area
- Open area adaptable for conference space, collaboration, or additional offices
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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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,085
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office units - Configurable office space offers private rooms, an open work area, a coffee sink, and controlled access throughout.
Where is this office units located?
The property is located at 101 Park St 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 office suite with 12 private offices; 6,028 SF total rentable area, including 561 SF of pro‑rated common area; Open area adaptable for conference space, collaboration, or additional offices
