Iconic Warehouse MRKT
For Sale
$2,950,000
144 Hall St, Traverse City, MI 49684
Thriving Traverse City marketplace with multi-tenant rental model.
Property Size18,454 SF
Lot Size0.75 Acres
Price / SF$159.86
Days on Market357
Property Features for 144 Hall St
General Information
Standard status
Active
Size
18,454 SF
Lot size
0.75 Acres
Taxes and HOA fees
Annual Taxes
$55,828
Listing Agency:
REMAX Bayshore - West Shore Dr TC
(231) 941-4500
Listed By:
Thomas Corbett · License #6501406353
(231) 941-4500
Source:
Exprealty
Added: Aug 21, 2025
Changed: Aug 8
Last Checked: Aug 11 at 10:51AM
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 REMAX Bayshore - West Shore Dr TC
Investment Insights
Based on property information with market context.
This property presents an opportunity to own a building in Traverse City’s Warehouse District. The Warehouse MRKT building features industrial design and a marketplace environment, currently housing 9 tenants in a multi-tenant rental model. The property includes ceilings, exposed beams, and an open floor plan. The property may be suitable for expanding the existing marketplace, establishing a retail concept, or mixed-use redevelopment. The property is situated on a three-quarters of an acre and includes on-site parking. This established building combines character, location, and income potential in one of Traverse City’s districts.
Key Highlights
- Established multi‑tenant rental model with 9 tenants.
- Prime location in Traverse City's thriving Warehouse District.
- Adaptable open floor plan suitable for various uses (marketplace, retail, mixed‑use).
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
$228,180
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
7.73%
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%
$4,563,600
$4.6M
Cap Rate 7%
$3,259,714
$3.3M
Cap Rate 9%
$2,535,333
$2.5M
Market Conditions
NOI Build-Up for 18,454 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
$354.3K $19.20/SF
− Vacancy
−$28.3K −$1.54/SF
EGI
$326.0K $17.66/SF
− OpEx
−$97.8K −$5.30/SF
NOI
$228.2K $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%
$4,563,600
Cap Rate 7%
$3,259,714
Cap Rate 9%
$2,535,333
Alternative Uses
Best Use
Retail
$3.26M
$2.85M – $3.80M
NOI $228,180 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,619 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,876
Businesses Nearby
51k
Monthly Visits Nearby
Under-served
Demand for This Use
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
0.1 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Thriving Traverse City marketplace with multi-tenant rental model.
Where is this shopping center located?
The property is located at 144 Hall St Traverse City, MI.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Established multi‑tenant rental model with 9 tenants.; Prime location in Traverse City's thriving Warehouse District.; Adaptable open floor plan suitable for various uses (marketplace, retail, mixed‑use).
