Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    415 Front St Traverse City, MI 49686

    • Office Properties & Spaces
    • 14,075 SF
    For Lease
    View listing
    $22 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Honor Bank Commercial Lending Center / Bank / Loan Service
    • ONE PT / Physician
    • Authentic Health LLC / Alternative Medicine Practice
    • Roger Karsten / Physician

    Property Details for 415 Front St

    Year built
    2021
    Property size
    14,075 SF
    Property type
    Office Properties & Spaces
    Property subtype
    Land

    Description

    This exceptional commercial property, located at 28-51-798-179-00 in Grand Traverse County, offers a unique opportunity for businesses seeking a vibrant downtown location. The Honor Bank Building, a Class B, four-story office building constructed in 2021, boasts a total of 14,075 square feet. Currently, 4,890 square feet of vacant space is available, divisible into units as small as 1,145 square feet and with a maximum contiguous space of 4,890 square feet. The building sits on a 0.11-acre lot and offers stunning views of Grand Traverse Bay and the Boardman River. Its prime location on the north side of East Front Street, between Wellington and Boardman, provides easy access to all downtown amenities and is just one block from a public parking deck. The landlord is offering a generous build-out allowance for leases of five years or longer, allowing tenants to customize their floor plan to meet their specific needs. Each floor comprises approximately 2,445 rentable square feet and 2,330 usable square feet. The second and third floors are currently available. Taxes, insurance, and CAM charges are capped at $8 per square foot, with a 3% annual adjustment during the initial lease term, simplifying expense planning. While there are no on-site parking spaces, the building's convenient location mitigates this. The building features elevators for easy access to all floors.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.6151
    Latitude
    44.7643

    Comparable in this City

    • Value Estimation by Request
      0.18 Acres

      424 Front St

      Land • 2,538 SF
      424 Front St, Traverse City, MI 49686
      View Details
    • Value Estimation by Request
      0.63 Acres

      1040 Front St

      Individual retail properties • 1,864 SF
      1040 Front St, Traverse City, MI 49686
      View Details
    • Value Estimation by Request

      000 Peninsula Dr

      Land
      000 Peninsula Dr, Traverse City, MI 49686
      View Details
    • Value Estimation by Request

      4290 Us-31

      Land
      4290 Us-31, Traverse City, MI 49686
      View Details
    • Value Estimation by Request
      1.74 Acres

      Tbd Mitten Dr

      Land • 1.74 Acres
      0 Tbd Mitten Dr, Traverse City, MI 49686
      View Details
    • Value Estimation by Request
      1,656 SF

      324 Front St

      Land • 1,656 SF
      324 Front St, Elmwood Charter Township, MI 49686
      View Details

    Similar Nearby for Sale

    • $1,299,000
      0.63 Acres

      Traverse City Mixed-Use Redevelopment

      Prime US-31 location, 0.63 acres, high visibility.
      1040 Front St, Traverse City, MI 49686
      View Details
    • $730,000
      10.35 Acres

      Land with Bay Frontage Access

      10 acres near Traverse City with shared bay access.
      19801 Eagle Rise Rd, Traverse City, MI 49686
      View Details
    • Contact for pricing
      0.32 Acres

      Wooded Lot on Old Mission

      Wooded lot near Haserot Beach in Traverse City, MI.
      00 Grand St Traverse St, Traverse City, MI 49686
      View Details
    • $2,950,000
      8.04 Acres

      Traverse City Development Land

      8.04 Acres, 84-Unit Potential
      0 Garfield Woods Dr, Traverse City, MI 49686
      View Details
    • $1,000,000
      1.74 Acres

      Mitten Drive Commercial Land

      1.74 Acres, Prime Airport Location
      0 Tbd Mitten Dr, Traverse City, MI 49686
      View Details
    • $225,000
      0.11 Acres

      Land in Vineyard Ridge Development

      Premier lots for custom homes near Traverse City and Old Mission.
      229 Vineyard Ridge Dr, Traverse City, MI 49686
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      14,075 SF

      Downtown Traverse City Office Space

      Prime Office Space, River Views, Flexible Lease
      415 Front St, Traverse City, MI 49686
      View Details
    • $550 /Mo
      188 SF

      Traverse City Office Building For Lease

      Professional office building in high-traffic Traverse City location.
      537 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $650 /Mo
      210 SF

      Traverse City Office Building

      Office building in high-traffic area of Traverse City, Michigan.
      537 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $740 /Mo

      Downtown Office Suite For Rent

      Remodeled 2-room office suite in downtown Traverse City.
      324 E Front St, Traverse City, MI 49686
      View Details
    • $450 /Mo
      110 SF

      Traverse City Office Space Available

      Single-room office space for rent with shared amenities.
      1015 Noteware Dr, Traverse City, MI 49686
      View Details
    • $450 /Mo
      120 SF

      Traverse City Office Building

      Office building in high-traffic area of Traverse City, Michigan.
      537 S Garfield Ave, Traverse City, MI 49686
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    415 Front St
    Traverse City, MI 49686
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!