Downtown Office Building and Parking
W 116 W Front Street Unit SourceFi Traverse City, MI 49684
W 116 W Front Street Unit SourceFi, Traverse City, MI, 49684
$4,800,000
For Sale
$4,800,000
Office building with dedicated parking lot across Front Street in downtown Traverse City.
Property Size28,928 SF
Price / SF$165.93
Days on Market165
Property Features for W 116 W Front Street Unit SourceFi
General Information
- Standard status
- Active
- Size
- 28,928 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1941
Listing agency
REO-TCRandolph-233022
(616) 308-2132
Listed by
Julia Bloxsom-Phelps
(616) 308-2132
Source
Xome
Added: Feb 6 Updated: Jul 18 at 3:37AM Checked: Jul 21 at 3:11AM
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 offering includes a commercial office building at 116 W. Front Street together with a dedicated off-site parking lot at 119 W. Front Street, directly across the street. The building is equipped with a dedicated boiler system intended to support heated sidewalks along Front Street for improved winter access.
The property is located on Front Street in downtown Traverse City, with the parking lot positioned opposite the office building. Public remarks also note proximity to dining, retail, entertainment, and West Grand Traverse Bay.
For buyers seeking a downtown office asset paired with readily associated parking, the combination of the Front Street building and the dedicated parking lot across the street is a key component of this opportunity.
The property is located on Front Street in downtown Traverse City, with the parking lot positioned opposite the office building. Public remarks also note proximity to dining, retail, entertainment, and West Grand Traverse Bay.
For buyers seeking a downtown office asset paired with readily associated parking, the combination of the Front Street building and the dedicated parking lot across the street is a key component of this opportunity.
Key Highlights
- Office building at 116 W. Front Street in downtown Traverse City
- Dedicated parking lot across the street at 119 W. Front Street
- Central air cooling
Local 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
—
—
no second resolved use
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Doug Murdick's Fudge
Specialty Food Shop
Traverse City Portable ...
Building Supply
Blessed Be Tea ...
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Office building with dedicated parking lot across Front Street in downtown Traverse City.
Where is this office building located?
The property is located at W 116 W Front Street Unit SourceFi 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: Office building at 116 W. Front Street in downtown Traverse City; Dedicated parking lot across the street at 119 W. Front Street; Central air cooling
