125 Park StTraverse City, MI 49684

Property Details for 125 Park St

Year built

2004

Lot size

0.18 AC

Property size (Sq ft)

24,640 SF

Property type

Office buildings

APN

51-794-135-10

APU

5179413510

Description

This exceptional 2,121-square-foot executive office suite, located in the heart of Traverse City's downtown at the corner of Park and State Streets, offers a Class A office space in a highly visible and convenient location. Built in 2004, this second-floor suite is directly across from the Park Place Hotel and adjacent to the Hardy Parking Deck, with reserved parking spaces potentially available. The modified gross lease rate includes all expenses except electricity, eliminating additional fees. The building features 24-hour electronic security and is compatible with digital and fiber services. Municipal power is provided. The property boasts easy access to shops, theaters, dining establishments, banks, the courthouse, and the Park Place Hotel. This multiple-tenancy building includes elevators. The suite is part of a larger space (combining suites 270 & 280) and is available for lease at a rate of $27.50 per square foot, plus electricity. Lease rates may vary depending on the lease term and size.

• CAP approach

  CAP return

  Valuation

  6%

  $4,500,321

  6.5%

  $4,154,142

  7%

  $3,857,418

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,209,360

  Geo Method

  $3,209,360

• Alternative Use

  Use

  Valuation

  Residential

  $5,151,136

  Hospitality

  $4,718,414

  Educational

  $3,925,665

  Medical

  $4,060,674

  Retail

  $6,106,590

Location Insight

City

Traverse City

County

Grand Traverse

State

Michigan

Latitude

44.7632

Longitude

-85.618

CBSA code

45900

CBSA name

TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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