Retail Condo in Downtown
For Sale
$759,600
143 W Front St, Traverse City, MI 49684
2,532 SF retail condo in prime Traverse City location.
Property Size2,532 SF
Price / SF$300
Days on Market105
Property Features for 143 W Front St
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Commercial
Building Details
Year Built
2026
Listing Agency:
Three West, LLC
(231) 534-5225
Listed By:
Kevin L Endres · License #6505352968
(231) 534-5225
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 6 at 4:34AM
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 Three West, LLC
Investment Insights
Based on property information with market context.
This 2,532 square foot condo unit, located at 143 W Front St in downtown Traverse City, Michigan, is zoned C-4c, making it suitable for retail businesses. The property is scheduled for completion in June of 2026 and offers a strategic location in the heart of Traverse City. The location is considered a biker's paradise with a bike score of 92 and is very walkable with a walk score of 78. This property is designed for businesses seeking a prime retail space in an area anticipated for growth, offering a versatile layout and modern amenities.
Key Highlights
- Prime retail location in downtown Traverse City
- C‑4c zoning ideal for retail businesses
- New construction, completion June 2026
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
$31,308
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
4.12%
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%
$626,160
$626.2K
Cap Rate 7%
$447,257
$447.3K
Cap Rate 9%
$347,867
$347.9K
Market Conditions
NOI Build-Up for 2,532 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
$48.6K $19.20/SF
− Vacancy
−$3.9K −$1.54/SF
EGI
$44.7K $17.66/SF
− OpEx
−$13.4K −$5.30/SF
NOI
$31.3K $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 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%
$626,160
Cap Rate 7%
$447,257
Cap Rate 9%
$347,867
Alternative Uses
Best Use
Retail
$447.3K
$391.4K – $521.8K
NOI $31,308 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$550.0K
$481.3K – $641.7K
NOI $38,503 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,935
Businesses Nearby
51k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 55%
Home Improvements & Furnishings 20%
Hotels & Casinos 11%
Groceries 5%
Speedway
Shops & Services
11,773 visits/mo
0.4 miles
Ace Hardware
Home Improvements & Furnishings
10,142 visits/mo
0.4 miles
Chase Bank
Shops & Services
6,517 visits/mo
0.5 miles
Hotel Indigo Traverse City
Hotels & Casinos
5,501 visits/mo
0.2 miles
Fifth Third Bank & ATM
Shops & Services
5,224 visits/mo
0.2 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 2,532 SF retail condo in prime Traverse City location.
Where is this retail space located?
The property is located at 143 W Front St Traverse City, MI.
What is the asking price?
The asking price for this property is $759,600.
What are key features of this property?
This property features: Prime retail location in downtown Traverse City; C‑4c zoning ideal for retail businesses; New construction, completion June 2026
