Downtown Office Suite with
For Sale
$2,200,000
101 Park Street, Traverse City, MI 49684
COMMERCIAL - Traverse City, MI
Property Size6,028 SF
Price / SF$364.96
Days on Market48
Property Features for 101 Park Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Residential, Office, Commercial
Parking features
Offsite
Exterior features
Brick
Lot features
Corner Lot, Freestanding
Directions
Building on NW corner of N Park & Front St.
Subdivision
Grand Traverse
Standard status
Active
Size
6,028 SF
Taxes and HOA fees
Tax Description
Lengthy legal see attached
Legal Description
Lengthy legal see attached
Building Details
Building materials
Brick, Steel
Roof type
Membrane
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: Aug 4
Last Checked: Aug 9 at 12:06PM
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.
Investment Insights
Based on property information with market context.
This for-sale office suite offers 12 private offices plus a dedicated mail room, along with a generous open area that can be configured for a conference room, collaborative workspace, or additional offices. The suite also includes a built-in coffee sink. Common restrooms are located near the elevator, and the suite is supported by a security system that includes 60-day loop cameras and access control through the elevator and stair entries, with keycard, smartphone, or hardwire access throughout.
Located at 101 Park Street in downtown Traverse City, the office space is positioned with views overlooking the Boardman River and Grand Traverse Bay.
The suite includes pro-rated common area of 561 square feet, for total rentable space of 6,028 square feet. It may also be subdivided into smaller units as small as 2,160 square feet, providing flexibility for different tenancy requirements.
Located at 101 Park Street in downtown Traverse City, the office space is positioned with views overlooking the Boardman River and Grand Traverse Bay.
The suite includes pro-rated common area of 561 square feet, for total rentable space of 6,028 square feet. It may also be subdivided into smaller units as small as 2,160 square feet, providing flexibility for different tenancy requirements.
Key Highlights
- 5,467 SF office suite with 12 private offices and an open area for a conference room, collaborative workspace, or additional offices
- Suite includes a dedicated mail room and a coffee sink built into the suite
- Access and security include 60‑day loop cameras plus an access‑controlled elevator and stair entry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$64,560
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office suite features 12 private offices, mail room, and an open area ready for flexible conference or work use.
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: 5,467 SF office suite with 12 private offices and an open area for a conference room, collaborative workspace, or additional offices; Suite includes a dedicated mail room and a coffee sink built into the suite; Access and security include 60‑day loop cameras plus an access‑controlled elevator and stair entry
