Commercial Land with Existing
For Sale
$1,350,000
120 Park Street, Traverse City, MI 49684
The existing structure has restaurant ventilation and a walk-in cooler.
Property Size3,500 SF
Price / SF$385.71
Days on Market689
Property Features for 120 Park Street
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Mixed Use
Building Details
Building Size
3,500 SF
Year Built
1956
Listing Agency:
Five Star Real Estate
Listed By:
Leelanau Living Realty Group
(231) 642-1379
Source:
Leelanaurealtors
Added: Dec 11, 2024
Changed: Oct 26
Last Checked: Oct 26 at 3:46PM
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 Five Star Real Estate
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Investment Insights
Based on property information with market context.
This 7,392-square-foot commercial parcel in downtown Traverse City includes a 3,500-square-foot building constructed in 1956. The property is zoned C4-C. Existing improvements include hood and vent equipment and a walk-in cooler; the building previously operated as a microbrewery.
The site is located at 120 Park Street. The listing information states that no parking is required under the applicable zoning provisions.
The site is located at 120 Park Street. The listing information states that no parking is required under the applicable zoning provisions.
Key Highlights
- 7,392‑square‑foot parcel zoned C4‑C
- Existing 3,500‑square‑foot building constructed in 1956
- Hood and vent equipment and a walk‑in cooler are included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,784
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
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
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 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
Retail
$618.2K
$541.0K – $721.3K
NOI $43,277 @ 7.0% cap · market cap 3.21%
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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,085
Businesses Nearby
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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
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Commercial land - The existing structure has restaurant ventilation and a walk-in cooler.
Where is this commercial land located?
The property is located at 120 Park Street 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: 7,392‑square‑foot parcel zoned C4‑C; Existing 3,500‑square‑foot building constructed in 1956; Hood and vent equipment and a walk‑in cooler are included
