Storefront Property with
New
For Sale
$1,550,000
713 E Eighth St, Traverse City, MI 49686
C-2 zoning supports retail, professional office, or creative studio use.
Property Size5,826 SF
Price / SF$266.05
Days on Market5
Property Features for 713 E Eighth St
General Information
Standard status
Active
Size
5,826 SF
Property subtype
Commercial
Zoning
C-2
Additional Details
Floor
2
Traffic Count
14,000 vehicles/day
Amenities
off-street parking
Building Details
Year Built
1971
Buildings
1
Listing Agency:
Coldwell Banker Schmidt Traverse City
Listed By:
Scott C Hardy · License #6501306294
(231) 492-5898
Source:
Metrodetroithomeguide
Added: Sep 2
Changed: Sep 5
Last Checked: Sep 5 at 2:52PM
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 Coldwell Banker Schmidt Traverse City
Investment Insights
Based on property information with market context.
This storefront property includes 5,826 square feet in a 1971-built commercial building. A 1,600-square-foot unit is currently vacant and provides space for a new occupant. The property is configured for flexible commercial use, including retail, professional office, and creative studio applications, with private off-street parking serving customers and staff.
The building fronts East 8th Street, identified as a primary commercial artery with a reported traffic count exceeding 14,000 vehicles per day. It sits within the 8th Street Corridor and the downtown core, where the surrounding area has received infrastructure upgrades and walkability improvements. C-2 zoning further supports the stated retail and office-oriented use options.
The building fronts East 8th Street, identified as a primary commercial artery with a reported traffic count exceeding 14,000 vehicles per day. It sits within the 8th Street Corridor and the downtown core, where the surrounding area has received infrastructure upgrades and walkability improvements. C-2 zoning further supports the stated retail and office-oriented use options.
Key Highlights
- 1,600 sq ft vacant unit available within the building
- 5,826‑square‑foot commercial property built in 1971
- Direct frontage on East 8th Street
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
$72,037
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
4.65%
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%
$1,440,740
$1.4M
Cap Rate 7%
$1,029,100
$1.0M
Cap Rate 9%
$800,411
$800.4K
Market Conditions
NOI Build-Up for 5,826 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
$111.9K $19.20/SF
− Vacancy
−$8.9K −$1.54/SF
EGI
$102.9K $17.66/SF
− OpEx
−$30.9K −$5.30/SF
NOI
$72.0K $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%
$1,440,740
Cap Rate 7%
$1,029,100
Cap Rate 9%
$800,411
Alternative Uses
Best Use
Retail
$1.03M
$900.5K – $1.20M
NOI $72,037 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,592 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,242
Businesses Nearby
71k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 61%
Groceries 20%
Hotels & Casinos 12%
Shops & Services 6%
McDonald's
Dining
21,017 visits/mo
0.4 miles
Taco Bell
Dining
14,633 visits/mo
0.4 miles
Family Fare
Groceries
14,551 visits/mo
0.4 miles
Delamar Traverse City
Hotels & Casinos
8,479 visits/mo
0.4 miles
KFC
Dining
5,731 visits/mo
0.4 miles
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Mourning Wreaths — 617 e state st, traverse city, mi 49686
Frequently Asked Questions
What type of property is this?
Storefront property - C-2 zoning supports retail, professional office, or creative studio use.
Where is this storefront property located?
The property is located at 713 E Eighth St Traverse City, MI.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 1,600 sq ft vacant unit available within the building; 5,826‑square‑foot commercial property built in 1971; Direct frontage on East 8th Street
