Retreat and Wedding Venue
For Sale
Under Contract
$3,500,000
55 S Hope Ridge, Traverse City, MI 49696
COMMERCIAL - Traverse City, MI
Property Size16,208 SF
Lot Size40.76 Acres
Price / SF$215.94
Days on Market97
Property Features for 55 S Hope Ridge
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Residential, Special Use
Parking
30
Parking features
Parking Lot
Exterior features
Vinyl, Brick
Directions
Off Hoch Road west of Garfield Rd and East of N Keystone Rd See SIGN
Subdivision
Grand Traverse
Standard status
Active Under Contract
Size
16,208 SF
Lot size
40.76 Acres
Taxes and HOA fees
Tax Description
COM N 1/4 COR FOR POB TH W 903.84' TH S 2,689.32' TH E 558.28' TH N 1894' TH E 345' TH N 795.89' TO POB SEC 2 T26N R11W
Legal Description
COM N 1/4 COR FOR POB TH W 903.84' TH S 2,689.32' TH E 558.28' TH N 1894' TH E 345' TH N 795.89' TO POB SEC 2 T26N R11W
Utilities
Sewer type
Shared Septic
Water source
Well, Private
Building Details
Building materials
Frame, Modular/BOCA, Manufactured/HUD
Roof type
Asphalt
Listing Agency:
REMAX Bayshore - Union St TC · RE/MAX International
(231) 941-4500
Listed By:
Matthew Dakoske · License #148333
(231) 590-7722
Added: Apr 27
Changed: Jul 28
Last Checked: Aug 1 at 10:06AM
MLS# 1944291
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 40.76-acre property is set up like a self-contained campus, featuring eight homes totaling over 16,000 square feet and four large barns. The grounds combine open fields with wooded privacy, supporting on-site lodging, multi-building operations, and event-ready outdoor space. The property is described as having the capacity to hold over 60 guests, offering a foundation for gathering-oriented use.
The site is located approximately eight minutes from downtown Traverse City. That proximity to town, paired with the property’s wooded privacy, creates a balance between convenient access and a more secluded setting within the same parcel.
From a tenant or operator standpoint, the existing mix of homes and barns can support several hospitality and creative or educational concepts, including destination wedding venue operations, retreat-style stays, a boutique resort format, or a private school-style campus. For buyers considering redevelopment, the current improvements provide multiple structures for continued hospitality use or for conversion plans tailored to a variety of residential, commercial, or specialty redevelopment directions.
The site is located approximately eight minutes from downtown Traverse City. That proximity to town, paired with the property’s wooded privacy, creates a balance between convenient access and a more secluded setting within the same parcel.
From a tenant or operator standpoint, the existing mix of homes and barns can support several hospitality and creative or educational concepts, including destination wedding venue operations, retreat-style stays, a boutique resort format, or a private school-style campus. For buyers considering redevelopment, the current improvements provide multiple structures for continued hospitality use or for conversion plans tailored to a variety of residential, commercial, or specialty redevelopment directions.
Key Highlights
- 40‑acre property just 8 minutes from downtown Traverse City
- 8 homes totaling over 16,000 SF
- 4 large barns on the property
Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $291.7k | $18.00 |
| − Vacancy | −$35.0k | −$2.16 |
| EGI | $256.7k | $15.84 |
| − OpEx | −$134.8k | −$8.32 |
| NOI | $121.9k | $7.52 |
16,208 SF · lease $18.00/SF/yr · vacancy 12.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$1.74M
$1.52M – $2.03M
NOI $121,949 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.52M
$3.08M – $4.11M
NOI $246,465 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 49696, MI
9,528
Population
5,005
Households
1.9
Avg Household Size
43
Median Age
41%
College-Educated
96%
High-School Grad
68.7 sq mi
ZIP Area
139
Density / Sq Mi
$96,138
Median Household Income
$46,893
Median Earnings
$1,309
Median Rent
$289,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - A 40-acre campus with multiple homes and barns, positioned about eight minutes from downtown for event and retreat uses.
Where is this wedding venue located?
The property is located at 55 S Hope Ridge Traverse City, MI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 40‑acre property just 8 minutes from downtown Traverse City; 8 homes totaling over 16,000 SF; 4 large barns on the property
