Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1237 Hastings St Traverse City, MI 49686-4319

    • Office buildings
    • 9,670 SF
    • 0.89 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2282364
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • MMR Grand Traverse / Emergency Care Service

    Property Details for 1237 Hastings St

    Year built
    1968
    Lot size
    0.89 lot acres
    Property size
    9,670 SF
    Property type
    Office buildings
    APN
    51-786-154-00
    APU
    5178615400

    Description

    This exceptional 9,800-square-foot industrial property in Traverse City, Michigan, presents a unique investment opportunity. Situated on a 0.89-acre lot at 1237 Hastings St, this single-tenant building boasts a prime location at the corner of Hastings and Boon Streets. Built in 1968, the structure features a versatile layout ideal for warehouse, manufacturing, or distribution uses. The property includes approximately 3,000 square feet of climate-controlled office space, perfect for administrative functions. High ceilings (18 feet) accommodate various operational needs, enhanced by one large (18' x 14') overhead door and three (10' x 12') overhead doors, ensuring efficient loading and unloading. The building is equipped with multiple electrical panels for robust power distribution. Ample parking is provided with paved space for 24 vehicles. The property is zoned commercially, allowing for a range of less intensive uses, including office and retail applications. This Grand Traverse County property (APN: 28-51-786--154-00) is also available for sale.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.5922
    Latitude
    44.7444
    CBSA code
    45900
    CBSA name
    TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $15,705
    $0.00
    $0.00
    $294,400
    -
    $0.00
    $0.00
    $670,829

    Comparable in this City

    • Value Estimation by Request
      2,367 SF

      1240 8th St

      OFFICE BUILDING • 2,367 SF
      1240 8th St, Traverse City, MI 49686-2939
      View Details
    • Value Estimation by Request
      24,762 SF

      851 Woodmere Ave

      OFFICE BUILDING • 24,762 SF
      851 Woodmere Ave, Traverse City, MI 49686-3349
      View Details
    • Value Estimation by Request
      15,515 SF

      625 Garfield Ave

      OFFICE BUILDING • 15,515 SF
      625 Garfield Ave, Traverse City, MI 49686-3425
      View Details
    • Value Estimation by Request
      19,000 SF

      901 Garfield Ave

      OFFICE BUILDING • 19,000 SF
      901 Garfield Ave, Traverse City, MI 49686-3431
      View Details
    • Value Estimation by Request
      7,429 SF

      900 Frnt St

      OFFICE BUILDING • 7,429 SF
      900 Frnt St, Traverse City, MI 49686-2772
      View Details
    • Value Estimation by Request
      9,672 SF

      1105 Frnt St

      OFFICE BUILDING • 9,672 SF
      1105 Frnt St, Traverse City, MI 49686-2926
      View Details

    Similar Nearby for Sale

    • $799,000
      1,864 SF

      Traverse City Office Building For Sale

      1864 SF office building on 0.25 acres in Traverse City.
      1040 E Front St, Traverse City, MI 49686
      View Details
    • New
      $260,500
      1,608 SF

      Traverse City Office Building For Sale

      1,608 SF office building in high-traffic Traverse City location.
      537 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $559,900
      3,512 SF

      Traverse City Commercial Building For Sale

      Well-maintained commercial building with three units in Traverse City, MI.
      2301 Garfield Rd N, Traverse City, MI 49686
      View Details
    • $3,250,000

      Iconic Office Building with Parking

      Remodeled office building with parking and development potential.
      522 E Front St, Traverse City, MI 49686
      View Details
    • $1,198,000
      0.63 Acres

      Commercial Parcel with Office Building

      0.63 acre commercial parcel on US-31 with existing office building.
      1040 E Front St, Traverse City, MI 49686
      View Details
    • $985,000
      4,995 SF

      Traverse City Office Condominium

      Single-story office condominium in a wooded Traverse City office park.
      920 S Garfield Ave, Traverse City, MI 49686
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      3,192 SF

      Class A Professional Office Space

      Professional office building with multiple configurations, ample parking, landscaping.
      700 E Hammond Rd, Traverse City, MI 49686
      View Details
    • New
      $2,000 /Mo
      1,608 SF

      Traverse City Office Building For Rent

      Professional office building in high-traffic area available for rent.
      537 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $9 SF/Yr
      33,800 SF

      Traverse City Industrial Facility

      Industrial facility with office space available for lease in 2026.
      2155 Traversefield Dr, Traverse City, MI 49686
      View Details
    • $780 /Mo
      490 SF

      Traverse City Flex Space Available

      Commercial space for lease near downtown Traverse City, Michigan.
      1610 Barlow St, Traverse City, MI 49686
      View Details
    • $1,350 /Mo
      1,625 SF

      Woodmere Avenue Retail/Office Space

      Affordable retail or office space near downtown Traverse City.
      717 Woodmere Ave, Traverse City, MI 49686
      View Details
    • New
      $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.
    1237 Hastings St
    Traverse City, MI 49686-4319
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.