Historic Three-Story Mixed-Use
118 E Front St Traverse Traverse City, MI 49684
118 E Front St Traverse, Traverse City, MI, 49684
$2,790,000
For Sale
$2,790,000
Three-story building with ground-floor retail and flexible C-4B zoning for commercial or residential conversion.
Property Size9,045 SF
Price / SF$308.46
Days on Market41
Property Features for 118 E Front St Traverse
General Information
- Standard status
- Active
- Size
- 9,045 SF
- Property subtype
- Street Retail
Building Details
- Year Built
- 1900
Listing Agency
Three West LLC
(231) 929-2955
Listed by
David J. Frost · License #6501203019
(231) 929-2955
Source
Thebrokerlist
Added: Jun 7 Checked: Jul 17 at 2:22 am
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 Three West LLC
Investment Insights
Based on property information with market context.
The Iconic Wurzburg Building is a historic, three-story structure with a handsome natural wood facade and bay windows extended onto Front Street. The building features brick exterior elements and 10-foot-plus ceilings, with interior brick walls that could be revealed. A full basement provides additional space for storage and mechanicals, and private parking for three vehicles is located behind the building.
The property sits on the south side of E Front St between Union St and Cass St, within two blocks of downtown Traverse City. A designated crosswalk is located in front of the building, and the site includes ample parking behind the building, with both metered lots and parking spaces.
Designed for mixed-use possibilities, the ground floor is positioned for retail, while the upper floors can be developed as office or residential space in line with the C-4B zoning for commercial or residential use. For buyers and operators seeking a downtown presence with configurable interior space and downtown accessibility, the building’s layout and basement support can accommodate both current retail use and future reconfiguration of the second and third floors. “Possible tax credits” are referenced for the property within its historic district context.
The property sits on the south side of E Front St between Union St and Cass St, within two blocks of downtown Traverse City. A designated crosswalk is located in front of the building, and the site includes ample parking behind the building, with both metered lots and parking spaces.
Designed for mixed-use possibilities, the ground floor is positioned for retail, while the upper floors can be developed as office or residential space in line with the C-4B zoning for commercial or residential use. For buyers and operators seeking a downtown presence with configurable interior space and downtown accessibility, the building’s layout and basement support can accommodate both current retail use and future reconfiguration of the second and third floors. “Possible tax credits” are referenced for the property within its historic district context.
Key Highlights
- Historic 3‑story Wurzburg Building with 9,045 SF plus a full basement for storage and mechanicals
- Located on South side of E Front St between Union St and Cass St, within the two most desirable blocks of downtown Traverse City
- Ground‑floor retail with the option to develop the 2nd and 3rd floors into office or residential space
Local Financial Insights For Retail
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 | $173.7k | $19.20 |
| − Vacancy | −$13.9k | −$1.54 |
| EGI | $159.8k | $17.66 |
| − OpEx | −$47.9k | −$5.30 |
| NOI | $111.8k | $12.36 |
9,045 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.60M
$1.40M – $1.86M
NOI $111,840 @ 7.0% cap · market cap 4.01%
Second Best
Office B
$1.38M
$1.21M – $1.61M
NOI $96,872 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,542 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Aliferous Beauty Lounge
Hair Salon
Brilliant Books
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
Similar Off Market Nearby
- Darling Botanical Company — 144 Hall St, Traverse City, MI 49684
- Mourning Wreaths — 617 e state st, traverse city, mi 49686
- The Flower Station — 341 W Front St, Traverse City, MI 49684
FAQs
What type of property is this?
Storefront property - Three-story building with ground-floor retail and flexible C-4B zoning for commercial or residential conversion.
Where is this storefront property located?
The property is located at 118 E Front St Traverse Traverse City, MI.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: Historic 3‑story Wurzburg Building with 9,045 SF plus a full basement for storage and mechanicals; Located on South side of E Front St between Union St and Cass St, within the two most desirable blocks of downtown Traverse City; Ground‑floor retail with the option to develop the 2nd and 3rd floors into office or residential space
