Downtown Traverse City Retail
For Sale
$891,300
137 Pine St Unit 101 Traverse, Traverse City, MI 49684
Retail condo in downtown Traverse City, completion scheduled for June 2026.
Property Size3,794 SF
Price / SF$300
Days on Market137
Property Features for 137 Pine St Unit 101 Traverse
General Information
Standard status
Active
Size
3,794 SF
Property subtype
Street Retail
Building Details
Building Size
3,794 SF
Year Built
2026
Properties For Sale
at 137 Pine St Unit 101 Traverse Contact us- Size
- 2,971 SF
- Lease Type
- NNN
137 Pine St
Listing Agency:
Three West LLC
Listed By:
Kevin Endres · License #6505352968
(231) 929-2955
Source:
Thebrokerlist
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 7 at 4:39AM
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 2,971 square foot condo unit, located in downtown Traverse City, is zoned C-4c, making it suitable for retail businesses. Completion is scheduled for June of 2026. The property offers a strategic location in the heart of Traverse City, with modern amenities and a versatile layout. 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 presents an opportunity to secure a retail space in Traverse City's retail landscape.
Key Highlights
- Prime retail location in downtown Traverse City.
- C‑4c zoning ideal for retail businesses.
- 2,971 SF condo unit.
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
$36,736
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%
$734,720
$734.7K
Cap Rate 7%
$524,800
$524.8K
Cap Rate 9%
$408,178
$408.2K
Market Conditions
NOI Build-Up for 2,971 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
$57.0K $19.20/SF
− Vacancy
−$4.6K −$1.54/SF
EGI
$52.5K $17.66/SF
− OpEx
−$15.7K −$5.30/SF
NOI
$36.7K $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%
$734,720
Cap Rate 7%
$524,800
Cap Rate 9%
$408,178
Alternative Uses
Best Use
Retail
$524.8K
$459.2K – $612.3K
NOI $36,736 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$645.4K
$564.7K – $753.0K
NOI $45,178 @ 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
21
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 Retail 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?
Retail space - Retail condo in downtown Traverse City, completion scheduled for June 2026.
Where is this retail space located?
The property is located at 137 Pine St Unit 101 Traverse Traverse City, MI.
What is the asking price?
The asking price for this property is $891,300.
What are key features of this property?
This property features: Prime retail location in downtown Traverse City.; C‑4c zoning ideal for retail businesses.; 2,971 SF condo unit.
