Historic Mixed-Use Building Near West
For Sale
$1,400,000
601 Randolph Street, Traverse City, MI 49684
Unique mixed-use property in prime location near shopping and dining.
Property Size3,250 SF
Price / SF$430.77
Days on Market621
Property Features for 601 Randolph Street
General Information
Standard status
Active
Size
3,250 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$13,986
Building Details
Year Built
1900
Listing Agency:
Key Realty One-TC
Listed By:
Tammy Jarvis · License #6501424501
(231) 342-9937
Source:
Exitrealty
Added: Feb 8, 2025
Changed: Sep 1
Last Checked: Sep 15 at 5:41AM
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 Key Realty One-TC
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Investment Insights
Based on property information with market context.
This stand-alone brick building, dating back to the 1800s, is located at The West End Beach and includes a deeded scenic easement of West Bay. Historically, the building housed Kauer's bar during prohibition and later Oryana Natural Foods. The main floor currently houses the Bay Bread Company, along with two one-bedroom apartments. Situated in a central location near shopping, dining, transportation, beaches, and festivals, the property is suitable for both residential and commercial use. The property extends to the alley, providing two parking spots or the opportunity to build out more. The location has a bike score of 92, indicating it is a biker's paradise, and a walk score of 78, indicating it is very walkable. This property is located in Traverse City, MI.
Key Highlights
- Prime location in the heart of shopping, dining, transportation, beaches, and festivals.
- Includes two one‑bedroom apartments in addition to commercial space.
- Historic stand‑alone brick building dating back to the 1800s with a rich history.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,442
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$868,840
$868.8K
Cap Rate 7%
$620,600
$620.6K
Cap Rate 9%
$482,689
$482.7K
Market Conditions
NOI Build-Up for 3,250 SF
Gross rent
$61.6K $18.96/SF
− Vacancy
−$3.7K −$1.14/SF
EGI
$57.9K $17.82/SF
− OpEx
−$14.5K −$4.46/SF
NOI
$43.4K $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 Rate 5%
$868,840
Cap Rate 7%
$620,600
Cap Rate 9%
$482,689
Alternative Uses
Best Use
Specialty Retail
$620.6K
$543.0K – $724.0K
NOI $43,442 @ 7.0% cap · market cap 3.10%
Second Best
Mixed Use
$396.1K
$346.6K – $462.1K
NOI $27,727 @ 7.0% cap · market cap 1.98%
Theoretical Best
Office A
$706.0K
$617.8K – $823.7K
NOI $49,421 @ 7.0% cap · market cap 3.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,571
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Home Improvements & Furnishings 32%
Hotels & Casinos 18%
Speedway
Shops & Services
11,773 visits/mo
0.3 miles
Ace Hardware
Home Improvements & Furnishings
10,142 visits/mo
0.3 miles
Hotel Indigo Traverse City
Hotels & Casinos
5,501 visits/mo
0.4 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Unique mixed-use property in prime location near shopping and dining.
Where is this mixed-use property located?
The property is located at 601 Randolph Street Traverse City, MI.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Prime location in the heart of shopping, dining, transportation, beaches, and festivals.; Includes two one‑bedroom apartments in addition to commercial space.; Historic stand‑alone brick building dating back to the 1800s with a rich history.
