Technical
Financial
Distress signals
Property profile

423 S Union St Traverse City, MI 49684

FOR LEASE
Turn key restaurants
Property ID
US43-2047928
5,923 SF 0.28 ac lot Built 1900
Entity Owned Absentee Owner Free & Clear
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Property summary

AI-generated overview

The property is a multi-level restaurant and bar space designed for food-and-beverage service, with seating for over 200 guests distributed across a main-level dining room and bar area that includes a fireplace. It features two outdoor patios for seasonal service and an additional rooftop bar with extra outdoor seating suitable for events. The kitchen is fully equipped and supported by three commercial cooking hoods, providing capacity for multiple cooking lines and catering operations. Back-of-house support includes substantial basement storage and well-maintained restrooms, with an internal layout intended to support efficient service flow. The property is located adjacent to the Old Town parking deck, providing convenient proximity to guest parking. Historically, it has been used as Blue Tractor restaurant and previously as the historic Dill’s Old Towne Saloon.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1900
Total area 5,923 SF
Lot 0.28 ac (12,197 SF)
APN 51-618-098-21
UPID US43-2047928

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Restaurant

Location

423 S Union St Traverse City, MI 49684
Traverse City metro Census 551200 TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$430k

Owner & transaction history

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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More about this property
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