Office Units with Water
For Sale
$2,200,000
200-101 Park St, Traverse City, MI 49684
Flexible professional suite with private offices, adaptable open space, and multiple access-control options.
Property Size6,028 SF
Price / SF$364.96
Days on Market71
Property Features for 200-101 Park St
General Information
Standard status
Active
Size
6,028 SF
Net Rentable
6,028 SF
Elevators
Yes
Amenities
coffee sink
common restrooms
60-day loop cameras
access-controlled elevator and stair entry
keycard, smartphone, or hardwire access
Listing Agency:
REMAX Bayshore - West Shore Dr TC
(231) 883-7570
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Source:
Exprealty
Added: Jun 23
Changed: Aug 31
Last Checked: Aug 30 at 10:52PM
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 office offering provides 6,028 SF of total rentable space, including a 5,467 SF suite and 561 SF of pro-rated common area. The interior includes 12 private offices, a mail room, an open area suitable for conference, collaborative, or additional office use, and an integrated coffee sink. Common restrooms are positioned near the elevator.
Located at 200-101 Park St in downtown Traverse City, the property overlooks the Boardman River and Grand Traverse Bay. Building access is supported by 60-day loop cameras, controlled entry at the elevator and stairwell, and keycard, smartphone, or hardwire access throughout the suite.
The space may be divided into units as small as 2,160 SF, providing multiple configuration options within the larger office offering.
Located at 200-101 Park St in downtown Traverse City, the property overlooks the Boardman River and Grand Traverse Bay. Building access is supported by 60-day loop cameras, controlled entry at the elevator and stairwell, and keycard, smartphone, or hardwire access throughout the suite.
The space may be divided into units as small as 2,160 SF, providing multiple configuration options within the larger office offering.
Key Highlights
- 6,028 SF total rentable area, including 5,467 SF of suite space and 561 SF of pro‑rated common area
- 12 private offices plus a mail room and adaptable open area
- Suite can be subdivided into units as small as 2,160 SF
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
$64,560
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
2.93%
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%
$1,291,200
$1.3M
Cap Rate 7%
$922,286
$922.3K
Cap Rate 9%
$717,333
$717.3K
Market Conditions
NOI Build-Up for 6,028 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
$101.3K $16.80/SF
− Vacancy
−$15.2K −$2.52/SF
EGI
$86.1K $14.28/SF
− OpEx
−$21.5K −$3.57/SF
NOI
$64.6K $10.71/SF
Area
Grand Traverse County, MI
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,291,200
Cap Rate 7%
$922,286
Cap Rate 9%
$717,333
Alternative Uses
Best Use
Office B
$922.3K
$807.0K – $1.08M
NOI $64,560 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,664 @ 7.0% cap · market cap 4.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,418
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional suite with private offices, adaptable open space, and multiple access-control options.
Where is this office units located?
The property is located at 200-101 Park St Traverse City, MI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 6,028 SF total rentable area, including 5,467 SF of suite space and 561 SF of pro‑rated common area; 12 private offices plus a mail room and adaptable open area; Suite can be subdivided into units as small as 2,160 SF
