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    423 S Union St Traverse City, MI 49684

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    For Lease
    $25 SF/Yr

    Exceptional restaurant and bar space in Traverse City's Old Town.

    Lot size:
    0.28 Acres

    Property Features for 423 S Union St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.28 Acres

    Building Details

    Year built
    1900

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    Listing Contact
    Daniel J Stiebel
    Daniel J Stiebel
    Source: Elliman

    Listing Agency: Coldwell Banker Schmidt Traverse City Listing Agent: Daniel J Stiebel

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

    Learn more

    Overview

    Iconic Traverse City Restaurant Space

    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 property offers a combination of history, character, location and capacity, with seating for over 200 guests. Designed for high-volume dining and entertainment, the main level features a dining room and bar area with fireplace, complemented by two spacious outdoor patios. A rooftop bar provides additional outdoor seating for summer evenings and private events. The large, fully equipped kitchen includes three commercial hoods, ideal for accommodating multiple cooking lines and catering operations. Additional features include ample basement storage, well-maintained restrooms, and thoughtfully designed back-of-house areas that support smooth service flow. 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.
    Location Intelligence

    Current Use by Public Records

    Blue Tractor Barbeque Restaurant

    Suggested Use

    Restaurant Law Firm Real Estate Agency Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center 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 - Exceptional restaurant and bar space in Traverse City's Old Town.
    Where is this restaurant located?
    The property is located at 423 S Union St Traverse City, MI.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: - Prime location in Traverse City's Old Town neighborhood.; - High-capacity seating for over 200 guests.; - Fully equipped, large commercial kitchen with three hoods.
    (231) 633-0432
    Request Owner's contact information
    423 S Union St Traverse City, MI 49684
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    Traverse City, MI 49684
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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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    We can help!
    Listing Contact
    Daniel J Stiebel
    Daniel J Stiebel
    Real Estate License ID: 6502352362
    (231) 633-0432 (866) 603-5140 (231) 995-7644
    Learn more
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