Mixed-Use Building with Dedicated
For Sale
$4,800,000
116 Front Street, Traverse City, MI 49684
Includes a separate paved parking lot across Front Street, plus central air and a membrane roof.
Property Size28,928 SF
Price / SF$165.93
Days on Market198
Property Features for 116 Front Street
General Information
Standard status
Active
Size
28,928 SF
Property subtype
Mixed Use
Additional Details
Road Access
Yes
Amenities
heated sidewalks
Central Air
3
Membrane
Parking.
Paved Driveway, Lot, On Street.
125'x177'-203'&63'x166'
Overhead Doors. Interior Lot, Asphalt.
Building Details
Year Built
1941
Buildings
1
Listing Agency:
REO-TCRandolph-233022
(616) 308-2132
Listed By:
Julia Bloxsom-Phelps
(616) 308-2132
Source:
Xome
Added: Jan 20
Changed: Aug 4
Last Checked: Aug 6 at 4:19AM
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 REO-TCRandolph-233022
Investment Insights
Based on property information with market context.
This mixed-use property includes a commercial building at 116 Front Street and a separate parking lot at 119 W. Front Street. The off-site lot is positioned directly across Front Street and provides paved parking, while the building also has on-street parking nearby. Building features include central air, a membrane roof, overhead doors, and an asphalt interior lot. A dedicated boiler system serves heated sidewalks along Front Street, supporting winter access in Northern Michigan. The property was built in 1941 and includes a combined property size of 28,928. The offering is located along Front Street in downtown Traverse City, near dining, retail, entertainment, and West Grand Traverse Bay.
Key Highlights
- Commercial building at 116 Front Street paired with parking at 119 W. Front Street
- 28,928 property size
- Paved parking lot with asphalt surface and on‑street parking
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 | $486.0k | $16.80 |
| − Vacancy | −$72.9k | −$2.52 |
| EGI | $413.1k | $14.28 |
| − OpEx | −$103.3k | −$3.57 |
| NOI | $309.8k | $10.71 |
28,928 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$4.43M
$3.87M – $5.16M
NOI $309,819 @ 7.0% cap · market cap 6.45%
Second Best
Mixed Use
$3.53M
$3.08M – $4.11M
NOI $246,792 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$6.28M
$5.50M – $7.33M
NOI $439,891 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,080
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?
Mixed-use property - Includes a separate paved parking lot across Front Street, plus central air and a membrane roof.
Where is this mixed-use property located?
The property is located at 116 Front Street Traverse City, MI.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: Commercial building at 116 Front Street paired with parking at 119 W. Front Street; 28,928 property size; Paved parking lot with asphalt surface and on‑street parking
