Retail Condo Under
For Sale
$1,481,200
135 Pine Street, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size4,232 SF
Lot Size0.02 Acres
Price / SF$350
Days on Market433
Property Features for 135 Pine Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Exterior features
Brick, Cement Board
Lot features
Corner Lot
Directions
South east corner of Pine St and W Front St.
Subdivision
Grand Traverse
Standard status
Active
Size
4,232 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Description
Lengthy see documents.
Legal Description
Lengthy see documents.
Building Details
Building materials
Steel, To Be Built, 2x6 Framing
Roof type
Membrane
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Kevin Endres · License #6505352968
(231) 534-5225
Added: Jul 21, 2025
Changed: Sep 9
Last Checked: Sep 26 at 12:06AM
MLS# 1936596
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This retail condominium at 135 Pine Street in Traverse City encompasses 4,232 square feet and is scheduled for completion in June 2026. The unit is designed with a flexible layout and modern amenities for retail use, with C-4c zoning supporting the stated commercial application.
Construction materials include steel, 2x6 framing, brick, and cement board exterior elements. A membrane roof is planned for the building, and the property occupies a 0.02-acre site in the Traverse City commercial setting.
Construction materials include steel, 2x6 framing, brick, and cement board exterior elements. A membrane roof is planned for the building, and the property occupies a 0.02-acre site in the Traverse City commercial setting.
Key Highlights
- 4,232 SF retail condominium at 135 Pine Street
- Scheduled completion in June 2026
- C‑4c zoning
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
$52,328
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
3.53%
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%
$1,046,560
$1.0M
Cap Rate 7%
$747,543
$747.5K
Cap Rate 9%
$581,422
$581.4K
Market Conditions
NOI Build-Up for 4,232 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
$81.3K $19.20/SF
− Vacancy
−$6.5K −$1.54/SF
EGI
$74.8K $17.66/SF
− OpEx
−$22.4K −$5.30/SF
NOI
$52.3K $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%
$1,046,560
Cap Rate 7%
$747,543
Cap Rate 9%
$581,422
Alternative Uses
Best Use
Retail
$747.5K
$654.1K – $872.1K
NOI $52,328 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$919.3K
$804.4K – $1.07M
NOI $64,353 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,052
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Hotels & Casinos 19%
Groceries 8%
Dining 7%
Chase Bank
Shops & Services
6,517 visits/mo
0.3 miles
Hotel Indigo Traverse City
Hotels & Casinos
5,501 visits/mo
0.2 miles
Fifth Third Bank & ATM
Shops & Services
5,224 visits/mo
0.1 miles
Huntington Bank
Shops & Services
3,876 visits/mo
0.3 miles
Rocket Fizz
Groceries
2,403 visits/mo
0.1 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - C-4c-zoned retail condominium with a modern, flexible layout in Traverse City.
Where is this retail space located?
The property is located at 135 Pine Street Traverse City, MI.
What is the asking price?
The asking price for this property is $1,481,200.
What are key features of this property?
This property features: 4,232 SF retail condominium at 135 Pine Street; Scheduled completion in June 2026; C‑4c zoning
