Office Units with Private
101 Park Street, Traverse City, MI 49684
For Sale
$2,200,000
Commercial, Traverse City, MI
Property Size6,028 SF
Price / SF$364.96
Days on Market140
Property Features for 101 Park Street
General Information
Property type
Property subtype
Zoning description
Parking features
Exterior features
Lot features
Directions
Subdivision
Standard status
Size
Additional Details
Property Use
Taxes and HOA fees
Tax Description
Legal Description
Building Details
Building materials
Roof type
Listing Agency:
REMAX Bayshore - West Shore Dr TC · RE/MAX International
(231) 941-4500
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Added: Jun 23
Changed: Nov 4
Last Checked: Nov 9 at 4:06AM
MLS# 1947025
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.
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Investment Insights
Based on property information with market context.
This office suite provides 5,467 square feet of dedicated space with 12 private offices, a mail room, and an open area that can accommodate a conference room, collaborative work area, or additional offices. A built-in coffee sink serves the suite, while common restrooms are positioned near the elevator. The property is constructed with brick and steel and features a membrane roof.
Total rentable space is 6,028 square feet, including 561 square feet of pro-rated common area. The suite may be divided into units as small as 2,160 square feet. Security features include 60-day loop cameras, controlled elevator and stair access, and entry through keycard, smartphone, or hardwire systems. Offsite parking is available.
Total rentable space is 6,028 square feet, including 561 square feet of pro-rated common area. The suite may be divided into units as small as 2,160 square feet. Security features include 60-day loop cameras, controlled elevator and stair access, and entry through keycard, smartphone, or hardwire systems. Offsite parking is available.
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
- Suite can be subdivided into units as small as 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
Location Intelligence
Trade Area within ½ mile
2,085
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
$375,700
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Traverse City, MI
Properties on Market for Office Units in Traverse City
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Flexible office configuration includes private rooms, open workspace, and controlled building access.
Where is this office unit located?
The property is located at 101 Park Street 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; Suite can be subdivided into units as small as 2,160 SF
