Downtown Development Parcel with
For Sale
$1,350,000
120 Park St, Traverse City, MI 49684
C4-C zoned parcel includes a prior micro brewery setup with kitchen exhaust components and a compact site plan.
Property Size3,500 SF
Lot Size0.17 Acres
Price / SF$385.71
Days on Market618
Property Features for 120 Park St
General Information
Standard status
Active
Size
3,500 SF
Lot size
0.17 Acres
Zoning
C4-C
Additional Details
Business Included
Yes
Commercial Hood
Yes
Listing Agency:
Twin Bay Properties, LLC
(231) 357-7800
Listed By:
David Cutler · License #6502417683
(231) 357-7800
Source:
Exprealty
Added: Dec 11, 2024
Changed: Aug 20
Last Checked: Aug 21 at 12:47PM
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 Twin Bay Properties, LLC
Investment Insights
Based on property information with market context.
This spectacular downtown development parcel in Traverse City includes an existing building previously used as a micro brewery. The space can be re-established as a brewery, or converted back to restaurant use, with hoods, vents, and a walk-in cooler included. The property is also positioned as a strong candidate for an office or retail use, subject to tenant and permitting requirements.
Zoned C4-C, the site allows for maximum height and density. The parcel includes a 7,392-square-foot building lot with minimum setbacks, and the offering notes that no parking is required.
The current configuration supports multiple redevelopment directions, including maintaining the existing building footprint or pursuing a redesign within the zoning parameters.
Zoned C4-C, the site allows for maximum height and density. The parcel includes a 7,392-square-foot building lot with minimum setbacks, and the offering notes that no parking is required.
The current configuration supports multiple redevelopment directions, including maintaining the existing building footprint or pursuing a redesign within the zoning parameters.
Key Highlights
- Downtown Traverse City development parcel zoned C4‑C, allowing for maximum height and density (per listing).
- Former micro brewery building setup, with kitchen exhaust components plus hoods, vents, and a walk‑in cooler included.
- Previously used as a micro brewery; listing notes it could be re‑established or converted back to restaurant use (h e d s, vents and walk‑in cooler included).
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
Turnkey business
Opportunity
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 - C4-C zoned parcel includes a prior micro brewery setup with kitchen exhaust components and a compact site plan.
Where is this brewery located?
The property is located at 120 Park St 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: Downtown Traverse City development parcel zoned C4‑C, allowing for maximum height and density (per listing).; Former micro brewery building setup, with kitchen exhaust components plus hoods, vents, and a walk‑in cooler included.; Previously used as a micro brewery; listing notes it could be re‑established or converted back to restaurant use (h e d s, vents and walk‑in cooler included).
