Second-Floor Office Suite with
For Sale
$479,000
10161 E Pickwick Court, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size2,843 SF
Lot Size0.06 Acres
Price / SF$168.48
Days on Market270
Property Features for 10161 E Pickwick Court
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
Exterior features
Block, Cement Board
Lot features
Corner Lot
Directions
M-22 North to left at Cherry Bend Rd. Pickwick Centre is on the left at the first bend in Cherry Bend Rd.
Subdivision
Leelanau
Standard status
Active
Size
2,843 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
L632 P446/02 L910 P69/06 L921 P883/06 FOR 2007 UNIT 7 IS A COMBINATION OF UNIT 7 & UNIT 8 (PER 2ND AMENDMENT) UNIT 7 & 8 PICKWICK CENTRE CONDOMINIUM MASTER DEED REC IN L571 P848-889/1ST AMEND REC IN L605 P558/2ND AMEND REC IN L910 P62/3RD AMEND L957 P47 S
Legal Description
L632 P446/02 L910 P69/06 L921 P883/06 FOR 2007 UNIT 7 IS A COMBINATION OF UNIT 7 & UNIT 8 (PER 2ND AMENDMENT) UNIT 7 & 8 PICKWICK CENTRE CONDOMINIUM MASTER DEED REC IN L571 P848-889/1ST AMEND REC IN L605 P558/2ND AMEND REC IN L910 P62/3RD AMEND L957 P47 S
Utilities
Water source
Well
Amenities
reception area
private offices
conference room
copy/print room
tech room
kitchen/break/relaxation room
private bathroom
storage
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
REMAX Bayshore - Union St TC · RE/MAX International
(231) 941-4500
Listed By:
Ted Lockwood · License #6501288015
(231) 218-5186
Added: Nov 24, 2025
Changed: Aug 19
Last Checked: Aug 21 at 3:06PM
MLS# 1940741
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.
This second-floor office suite in a modern building is well suited for growing teams and client-facing work. The layout includes a welcoming reception area, four spacious, light-filled private offices, a large conference room, and dedicated copy/print room(s). Additional improvements include a secure tech room, a large kitchen/break/relaxation room, a private bathroom, and versatile storage, with additional common bathrooms adjacent to the suite. Elevator access supports convenient day-to-day movement, and the unit features a quiet location on the second level.
The property sits in the heart of the North/South and East/West corridors in Traverse City and Leelanau County, with ample parking located near a barrier-free entry. The suite is accessed via the building’s elevator, making it practical for visitors and team members alike.
For buyers seeking a move-in-ready office configuration, the combination of reception, multiple private offices, and a dedicated conference space supports both day-to-day operations and scheduled meetings. The presence of a secure tech room and separate copy/print area helps keep support functions contained, while the kitchen/break space and private bathroom provide additional convenience for staff. Floor plan details are available in the documents, and square footage may be confirmed by the buyer.
The property sits in the heart of the North/South and East/West corridors in Traverse City and Leelanau County, with ample parking located near a barrier-free entry. The suite is accessed via the building’s elevator, making it practical for visitors and team members alike.
For buyers seeking a move-in-ready office configuration, the combination of reception, multiple private offices, and a dedicated conference space supports both day-to-day operations and scheduled meetings. The presence of a secure tech room and separate copy/print area helps keep support functions contained, while the kitchen/break space and private bathroom provide additional convenience for staff. Floor plan details are available in the documents, and square footage may be confirmed by the buyer.
Key Highlights
- Second‑floor office suite with barrier‑free entry and elevator access
- Includes reception area, four private offices, and a large conference room
- Dedicated copy/print room(s) and secure tech room
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
$30,449
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
6.36%
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%
$608,980
$609.0K
Cap Rate 7%
$434,986
$435.0K
Cap Rate 9%
$338,322
$338.3K
Market Conditions
NOI Build-Up for 2,843 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
$47.8K $16.80/SF
− Vacancy
−$7.2K −$2.52/SF
EGI
$40.6K $14.28/SF
− OpEx
−$10.1K −$3.57/SF
NOI
$30.4K $10.71/SF
Area
Grand Traverse County, MI
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$608,980
Cap Rate 7%
$434,986
Cap Rate 9%
$338,322
Alternative Uses
Best Use
Office B
$435.0K
$380.6K – $507.5K
NOI $30,449 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$617.6K
$540.4K – $720.5K
NOI $43,232 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Second-floor office suite with reception, four private offices, conference room, and barrier-free entry with ample parking nearby.
Where is this office units located?
The property is located at 10161 E Pickwick Court Traverse City, MI.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Second‑floor office suite with barrier‑free entry and elevator access; Includes reception area, four private offices, and a large conference room; Dedicated copy/print room(s) and secure tech room
