Wedding Venue and Barn
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 Market119
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
Private, Well
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 #6501148333
(231) 590-7722
Added: Apr 27
Changed: Aug 19
Last Checked: Aug 23 at 2:06PM
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.
Set just 8 minutes from downtown Traverse City, this wedding venue property spans 40.76 acres and is designed around event-ready open space and privacy. The site includes eight homes totaling 16,208 square feet, along with four large barns, supporting multiple on-site uses such as a destination wedding venue, retreat center, or boutique resort. The property is described as having capacity to hold over 60 guests.
The site blends open fields with wooded areas, offering a setting that can work for residential, commercial, or creative redevelopment concepts. Parking is provided via a parking lot. Exterior materials include vinyl and brick, and roofing is asphalt.
Utilities and site services include private well water and shared septic. Building materials are listed as frame, modular/BOCA, and manufactured/HUD.
The site blends open fields with wooded areas, offering a setting that can work for residential, commercial, or creative redevelopment concepts. Parking is provided via a parking lot. Exterior materials include vinyl and brick, and roofing is asphalt.
Utilities and site services include private well water and shared septic. Building materials are listed as frame, modular/BOCA, and manufactured/HUD.
Key Highlights
- 40.76‑acre wedding venue property just 8 minutes from downtown Traverse City
- Eight homes totaling 16,208 SF
- Four large barns on site
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
$121,949
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
3.48%
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%
$2,438,980
$2.4M
Cap Rate 7%
$1,742,129
$1.7M
Cap Rate 9%
$1,354,989
$1.4M
Market Conditions
NOI Build-Up for 16,208 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
$291.7K $18.00/SF
− Vacancy
−$35.0K −$2.16/SF
EGI
$256.7K $15.84/SF
− OpEx
−$134.8K −$8.32/SF
NOI
$121.9K $7.52/SF
Area
Grand Traverse County, MI
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$2,438,980
Cap Rate 7%
$1,742,129
Cap Rate 9%
$1,354,989
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 - 40-plus-acre wedding venue property with eight homes, four large barns, and private well and shared septic service.
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: 40.76‑acre wedding venue property just 8 minutes from downtown Traverse City; Eight homes totaling 16,208 SF; Four large barns on site
