Brewery Development Parcel with C4-C
For Sale
$1,350,000
120 Park Street, Traverse City, MI 49684
COMMERCIAL - Traverse City, MI
Property Size3,500 SF
Lot Size0.17 Acres
Price / SF$385.71
Days on Market609
Property Features for 120 Park Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Parking Lot
Exterior features
Block
Lot features
Corner Lot, Freestanding
Directions
Downtown Traverse City. West side of Park Street between State and Front
Subdivision
Grand Traverse
Standard status
Active
Size
3,500 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
N 56 FT OF LOTS 11 & 12 BLK 6 ORIG PLAT
Legal Description
N 56 FT OF LOTS 11 & 12 BLK 6 ORIG PLAT
Building Details
Building materials
Block, Steel
Roof type
Membrane
Listing Agency:
Twin Bay Properties, LLC
(231) 357-7800
Listed By:
David Cutler · License #6502417683
(231) 357-7800
Added: Dec 11, 2024
Changed: Aug 4
Last Checked: Aug 12 at 5:06AM
MLS# 1929579
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.
120 Park Street in Downtown Traverse City offers a compact brewery-focused development parcel in the heart of the district. The property is zoned C4-C, providing for maximum height and density, with minimum setbacks and no parking required. The existing building was previously used as a micro brewery and could be re-established, or transitioned back to restaurant use with the included hoods, vents, and walk-in cooler.
The building lot is 7,392 sq.ft., and the property is listed at 3,500 square feet. Construction includes block with steel elements, and the roof is a membrane roof. A parking lot is indicated as a parking feature, and the property includes three bathrooms.
This configuration can support multiple owner-operator directions, including brewery use, restaurant operations, or conversion to an office building or retail store, depending on desired design and permitting.
The building lot is 7,392 sq.ft., and the property is listed at 3,500 square feet. Construction includes block with steel elements, and the roof is a membrane roof. A parking lot is indicated as a parking feature, and the property includes three bathrooms.
This configuration can support multiple owner-operator directions, including brewery use, restaurant operations, or conversion to an office building or retail store, depending on desired design and permitting.
Key Highlights
- 0.17‑acre development parcel in Downtown Traverse City zoned C4‑C for maximum height and density
- C4‑C zoning with minimum setbacks and no parking required
- Building lot is 7,392 sq.ft. and property listed at 3,500 sq.ft.
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
$46,784
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
3.47%
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%
$935,680
$935.7K
Cap Rate 7%
$668,343
$668.3K
Cap Rate 9%
$519,822
$519.8K
Market Conditions
NOI Build-Up for 3,500 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
$66.4K $18.96/SF
− Vacancy
−$4.0K −$1.14/SF
EGI
$62.4K $17.82/SF
− OpEx
−$15.6K −$4.46/SF
NOI
$46.8K $13.37/SF
Area
Grand Traverse County, MI
Vacancy
6.00%
Lease Rate
$18.96 /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%
$935,680
Cap Rate 7%
$668,343
Cap Rate 9%
$519,822
Alternative Uses
Best Use
Specialty Retail
$668.3K
$584.8K – $779.7K
NOI $46,784 @ 7.0% cap · market cap 3.47%
Second Best
Industrial
$291.4K
$255.0K – $339.9K
NOI $20,396 @ 7.0% cap · market cap 1.51%
Theoretical Best
Office A
$760.3K
$665.3K – $887.0K
NOI $53,222 @ 7.0% cap · market cap 3.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
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 Industrial 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?
Brewery - 0.17-acre parcel zoned C4-C with minimum setbacks; existing micro brewery setup includes hoods, vents, and walk-in cooler.
Where is this brewery located?
The property is located at 120 Park Street Traverse City, MI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 0.17‑acre development parcel in Downtown Traverse City zoned C4‑C for maximum height and density; C4‑C zoning with minimum setbacks and no parking required; Building lot is 7,392 sq.ft. and property listed at 3,500 sq.ft.
