Mixed-Use Development Site with Existing
For Sale
$1,995,000
4160 M-72 E, Williamsburg, MI 49690
Commercial, Williamsburg, MI
Property Size12,259 SF
Lot Size4.35 Acres
Price / SF$162.74
Days on Market252
Property Features for 4160 M-72 E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Retail, Commercial, Planned Unit Development
Parking features
Parking Lot
Lot features
Freestanding
Directions
From Traverse City, take US-31 N to E M-72 in Acme and turn right. Property is on the right, just past KOTI Vacation Rentals and Northern Michigan Veterinary Hospital.
Subdivision
Grand Traverse
Standard status
Active
Size
12,259 SF
Lot size
4.35 Acres
Taxes and HOA fees
Tax Description
Lengthy legal - See Associated Documents
Tax Annual Amount
126931
Legal Description
Lengthy legal - See Associated Documents
Building Details
Building materials
Frame
Listing Agency:
REMAX Bayshore - West Shore Dr TC · RE/MAX International
(231) 941-4500
Listed By:
Robert Brick · License #6502134537
(231) 715-1464
Added: Dec 12, 2025
Changed: Aug 19
Last Checked: Aug 21 at 12:06AM
MLS# 1941135
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 4.35-acre mixed-use property combines a development-ready site with an existing 12,000-square-foot building formerly used as the Williamsburg Dinner Theatre. An approved planned development supports a 32,300-square-foot building footprint with a 45-foot height requirement, retail space for up to 19 units on the first floor, and two residential condominium levels. The property is currently zoned for multi-story mixed use and includes a parking lot.
Underground sewer, water, electric, cable, and stormwater infrastructure are fully developed. The site at 4160 M-72 E in Williamsburg is one-quarter mile from the east arm of Grand Traverse Bay and Bayside Park, directly adjacent to Acme Meijer, 3.5 miles from Turtle Creek Casino, and less than 1.5 miles from Grand Traverse Resort & Spa. Direct access to the TART Trail and a bridge over Acme Creek add recreational connectivity.
Underground sewer, water, electric, cable, and stormwater infrastructure are fully developed. The site at 4160 M-72 E in Williamsburg is one-quarter mile from the east arm of Grand Traverse Bay and Bayside Park, directly adjacent to Acme Meijer, 3.5 miles from Turtle Creek Casino, and less than 1.5 miles from Grand Traverse Resort & Spa. Direct access to the TART Trail and a bridge over Acme Creek add recreational connectivity.
Key Highlights
- 4.35‑acre mixed‑use development parcel with an existing 12,000‑square‑foot building
- Approved PD allows a 32,300‑square‑foot building footprint and 45‑foot height
- First‑floor retail plan accommodates up to 19 units, with 2 residential condominium floors
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
$151,580
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
7.60%
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%
$3,031,600
$3.0M
Cap Rate 7%
$2,165,429
$2.2M
Cap Rate 9%
$1,684,222
$1.7M
Market Conditions
NOI Build-Up for 12,259 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
$235.4K $19.20/SF
− Vacancy
−$18.8K −$1.54/SF
EGI
$216.5K $17.66/SF
− OpEx
−$65.0K −$5.30/SF
NOI
$151.6K $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%
$3,031,600
Cap Rate 7%
$2,165,429
Cap Rate 9%
$1,684,222
Alternative Uses
Best Use
Retail
$2.17M
$1.89M – $2.53M
NOI $151,580 @ 7.0% cap · market cap 7.60%
Second Best
Mixed Use
$1.49M
$1.31M – $1.74M
NOI $104,585 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$2.66M
$2.33M – $3.11M
NOI $186,415 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Apparel 21%
Shops & Services 6%
McDonald's
Dining
21,330 visits/mo
0.5 miles
Goodwill
Apparel
5,951 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
1,669 visits/mo
0.3 miles
Demographics for 49690, MI
6,494
Population
3,476
Households
1.9
Avg Household Size
50
Median Age
45%
College-Educated
97%
High-School Grad
82.7 sq mi
ZIP Area
79
Density / Sq Mi
$105,701
Median Household Income
$47,114
Median Earnings
$1,279
Median Rent
$329,100
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?
Mixed-use property - Shovel-ready parcel with approved mixed-use development plans, completed utilities, and an existing commercial building.
Where is this mixed-use property located?
The property is located at 4160 M-72 E Williamsburg, MI.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 4.35‑acre mixed‑use development parcel with an existing 12,000‑square‑foot building; Approved PD allows a 32,300‑square‑foot building footprint and 45‑foot height; First‑floor retail plan accommodates up to 19 units, with 2 residential condominium floors
