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    423 S Union St Traverse City, MI 49684

    For Sale
    $2,700,000

    Turn-key restaurant and bar with high capacity and prime location.

    Property size:
    7,120 SF
    Lot size:
    0.28 Acres

    Property Features for 423 S Union St

    General Information

    Size
    7,120 SF
    Lot size
    0.28 Acres

    Source: Coldwell Banker Schmidt Realtors | Traverse City Agent Daniel Stiebel

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Iconic Traverse City Restaurant Opportunity

    This iconic restaurant and bar space, formerly home to Blue Tractor restaurant and once the historic Dill’s Old Towne Saloon, is located in Traverse City’s Old Town neighborhood. The 7,120 square foot property offers a combination of history, character, location and capacity. Designed for high-volume dining and entertainment, it can seat over 200 guests. The main level features a dining room and bar area with a fireplace, along with two outdoor patios. A rooftop bar provides additional outdoor seating. The large, fully equipped kitchen includes three commercial hoods, suitable for multiple cooking lines and catering operations. Additional features include basement storage, restrooms, and back-of-house areas. The property is adjacent to the Old Town parking deck. This turn-key property is suited for a brewpub, an upscale dining destination, or a multi-level entertainment venue.
    Insight Report Location Intelligence

    Current Use by Public Records

    Blue Tractor Barbeque Barbecue Restaurant

    Suggested Use

    Restaurant Law Firm Realty agency Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Gym & Fitness Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Cousin Jenny's Cornish Pasties, Forrest, A Food Studio and Private Chef, Cordwood BBQ, Across the Board Provisions, Guacamole Food Truck

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.6235505
    Latitude
    44.7596554

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    FAQs

    What type of property is this?
    Restaurant - Turn-key restaurant and bar with high capacity and prime location.
    Where is this restaurant located?
    The property is located at 423 S Union St Traverse City, MI.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: - Seating capacity for over 200 guests, designed for high-volume dining and entertainment.; - Prime Old Town location adjacent to the Old Town parking deck.; - Fully equipped, large kitchen with three commercial hoods.
    (231) 633-0432
    Request Owner's contact information
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    Traverse City, MI 49684
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    423 S Union St Traverse City, MI 49684
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