Building Details

Year Built 1930

Listing Agency: Coldwell Banker Schmidt Traverse City

Listed By: Mark D Hagan · License #6506006708 Show Phone

Source: Vmrealestatemichigan

Added: Nov 22, 2025 Changed: Oct 1 Last Checked: Oct 4 at 10:23AM

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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 Coldwell Banker Schmidt Traverse City

Investment Insights

Based on property information with market context.

At 121 E Front Street, this five-level mixed-use property combines retail and office space with a fully equipped event area on the lower level. A multi-story atrium brings natural light into the building, and the floor plans offer flexibility across its levels. The building dates to 1930 and was originally constructed as a movie theater.

The property fronts Front Street in downtown Traverse City, with views toward the Boardman River and West Grand Traverse Bay.

Key Highlights

• Five‑level mixed‑use property with retail and office tenants
• Lower‑level event space is fully equipped
• Multi‑story atrium and natural light

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$296,545

Cap Rate

7.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,930,900 $5.9M

Cap Rate 7%

$4,236,357 $4.2M

Cap Rate 9%

$3,294,944 $3.3M

Market Conditions

NOI Build-Up for 23,983 SF

Gross rent

$460.5K $19.20/SF

− Vacancy

−$36.8K −$1.54/SF

EGI

$423.6K $17.66/SF

− OpEx

−$127.1K −$5.30/SF

NOI

$296.5K $12.36/SF

Area

Grand Traverse County, MI

Vacancy

8.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,930,900

Cap Rate 7%

$4,236,357

Cap Rate 9%

$3,294,944

Alternative Uses

Best Use

Retail

$4.24M

$3.71M – $4.94M (±1% cap)

NOI $296,545 @ 7.0% cap · market cap 7.65%

Second Best

Mixed Use

$2.92M

$2.56M – $3.41M (±1% cap)

NOI $204,605 @ 7.0% cap · market cap 5.28%

Theoretical Best

Office A

$5.21M

$4.56M – $6.08M (±1% cap)

NOI $364,695 @ 7.0% cap · market cap 9.41%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Suite Jayne girls ... Hair Salon Jeffrey C Alandt Law Firm Harbor View Lavender ... Department Store Secondhand Social Club Theater & Performing Art Venue Unparalleled Apparel Clothing Store

Suggested Use

Top Pick Electrical Service Auto Parts Store Daycare Center (Bike/Boat/Book/etc) Store HVAC Service Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,080

Businesses Nearby

36k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 57% Hotels & Casinos 15% Dining 12% Groceries 7%

Chase Bank Shops & Services

6,517 visits/mo 0.1 miles

Hotel Indigo Traverse City Hotels & Casinos

5,501 visits/mo 0.3 miles

Fifth Third Bank & ATM Shops & Services

5,224 visits/mo 0.2 miles

Shell Shops & Services

4,298 visits/mo 0.5 miles

Huntington Bank Shops & Services

3,876 visits/mo 0.4 miles

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 Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Retail and office tenants occupy a five-level downtown property with a lower-level event space.

Where is this mixed-use property located?

The property is located at 121 E Front St Traverse City, MI.

What is the asking price?

The asking price for this property is $3,875,000.

What are key features of this property?

This property features: Five‑level mixed‑use property with retail and office tenants; Lower‑level event space is fully equipped; Multi‑story atrium and natural light