Flexible Downtown Office
For Sale
$2,200,000
101 Park Street, Traverse City, MI 49684
Office space offers private rooms, configurable open area, built-in coffee sink, and controlled access near common restrooms.
Property Size6,028 SF
Price / SF$364.96
Days on Market40
Property Features for 101 Park Street
General Information
Standard status
Active
Size
6,028 SF
Net Rentable
6,028 SF
Elevators
Yes
Property subtype
Business Opportunity
Lease Term
Cash, Other, Trade 1031 Exchange
Additional Details
Office Units
1
Amenities
coffee sink
common restrooms
security cameras
access control
Building Details
Building Size
6,028 SF
Year Built
2011
Listing Agency:
REMAX Bayshore - West Shore Dr TC
(231) 883-7570
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Source:
Sabudarealty
Added: Jun 23
Changed: Jul 31
Last Checked: Jul 31 at 7:52PM
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
Investment Insights
Based on property information with market context.
This 6,028 SF office suite includes 5,467 SF of dedicated space and 561 SF of pro-rated common area. The layout features 12 private offices, a dedicated mail room, and an open area that can be configured as a conference room, collaborative workspace, or additional offices. A coffee sink is built into the suite, with common restrooms located near the elevator.
Security features include 60-day loop cameras, access-controlled elevator and stair entry, and keycard, smartphone, or hardwire access throughout. The suite may be subdivided into units as small as 2,160 SF, providing flexibility for different occupancy requirements. The property was built in 2011 and is located at 101 Park Street in Traverse City, Michigan.
Security features include 60-day loop cameras, access-controlled elevator and stair entry, and keycard, smartphone, or hardwire access throughout. The suite may be subdivided into units as small as 2,160 SF, providing flexibility for different occupancy requirements. The property was built in 2011 and is located at 101 Park Street in Traverse City, Michigan.
Key Highlights
- 6,028 SF total rentable area, including 5,467 SF suite space and 561 SF pro‑rated common area
- 12 private offices with dedicated mail room
- Open area configurable for conference room, collaborative workspace, or additional offices
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.3k | $16.80 |
| − Vacancy | −$15.2k | −$2.52 |
| EGI | $86.1k | $14.28 |
| − OpEx | −$21.5k | −$3.57 |
| NOI | $64.6k | $10.71 |
6,028 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 25.00%
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.
Property Analytics
Current Use
Lease Details
1
Office units
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office space offers private rooms, configurable open area, built-in coffee sink, and controlled access near common restrooms.
Where is this office units 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: 6,028 SF total rentable area, including 5,467 SF suite space and 561 SF pro‑rated common area; 12 private offices with dedicated mail room; Open area configurable for conference room, collaborative workspace, or additional offices
