Multi-Tenant Retail
For Sale
$2,950,000
Pending
144 Hall Street, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size18,454 SF
Lot Size0.72 Acres
Days on Market380
Property Features for 144 Hall Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Parking
18
Parking features
Parking Lot
Exterior features
Brick
Lot features
Corner Lot
Directions
Head west on E State St for 151 feet, then turn right onto Park St. Continue 0.1 miles and turn left onto US-31 S. After 0.4 miles, turn left onto Hall St.
Subdivision
Grand Traverse
Standard status
Pending
Size
18,454 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Description
LOTS 75-76 HANNAH LAY & CO'S 11TH ADD
Tax Annual Amount
55828
Legal Description
LOTS 75-76 HANNAH LAY & CO'S 11TH ADD
Amenities
on-site parking
Building Details
Building materials
Block
Listing Agency:
REMAX Bayshore - West Shore Dr TC · RE/MAX International
(231) 941-4500
Listed By:
Tommy Corbett · License #6501406353
(617) 515-9707
Added: Aug 21, 2025
Changed: Sep 2
Last Checked: Sep 4 at 7:06PM
MLS# 1937780
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 18,454-square-foot retail property occupies 0.72 acres and is configured for multi-tenant occupancy, with 9 established tenants in place. The building combines brick exterior elements with block construction, soaring ceilings, exposed beams, and an adaptable open floor plan. A parking lot provides on-site parking, while the interior includes three bathrooms.
Located at 144 Hall Street in Traverse City’s Warehouse District, the property places a sizable retail building within an established commercial setting. Its open interior arrangement and existing multi-tenant configuration support continued marketplace or retail use, subject to applicable approvals and operating requirements.
Located at 144 Hall Street in Traverse City’s Warehouse District, the property places a sizable retail building within an established commercial setting. Its open interior arrangement and existing multi-tenant configuration support continued marketplace or retail use, subject to applicable approvals and operating requirements.
Key Highlights
- 18,454 square feet on 0.72 acres
- 9 established tenants in a multi‑tenant rental configuration
- Soaring ceilings, exposed beams, and adaptable open floor plan
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
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Shopping center - Brick-and-block retail property with an adaptable open floor plan, exposed beams, and on-site parking.
Where is this shopping center located?
The property is located at 144 Hall Street 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: 18,454 square feet on 0.72 acres; 9 established tenants in a multi‑tenant rental configuration; Soaring ceilings, exposed beams, and adaptable open floor plan
