Flex Space with Dual
For Sale
$4,950,000
1500 Barlow Street, Traverse City, MI 49684
COMMERCIAL - Traverse City, MI
Property Size54,000 SF
Lot Size4.50 Acres
Price / SF$91.67
Days on Market80
Property Features for 1500 Barlow Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Industrial, Office, Commercial, Manufacture/Warehouse, Special Use, Automotive Service
Parking features
Parking Lot
Exterior features
Aluminum, Brick, Block, Steel
Lot features
Inside Lot, Industrial Park, Business Park
Directions
From Traverse City Airport: Turn right onto W South Airport Rd. Pass by 7-Eleven (on the right in 1.5 mi) Turn right onto Barlow St. Drive 0.6 mi Turn left onto Briar Hill Ln Listing sign to be posted 15 ft from curb on Barlow Street.
Subdivision
Grand Traverse
Standard status
Active
Size
54,000 SF
Lot size
4.50 Acres
Taxes and HOA fees
Tax Description
LOT 36 S1/2 LOT 35 & N 23' LOT 37 & VACATED CRAWFORD ST ADJ LOT 35 HANNAH LAY & CO'S 15TH ADDN
Tax Annual Amount
30216
Legal Description
LOT 36 S1/2 LOT 35 & N 23' LOT 37 & VACATED CRAWFORD ST ADJ LOT 35 HANNAH LAY & CO'S 15TH ADDN
Building Details
Building materials
Steel, Frame, 2x6 Framing
Roof type
Metal, Asphalt
Listing Agency:
The Mitten Real Estate Group
(231) 421-1970
Listed By:
Gordon Liechti
(231) 944-3156
Added: Jun 4
Changed: Aug 4
Last Checked: Aug 22 at 6:06PM
MLS# 1946109
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.
Industrial flex space on a 4.5-acre site with approximately 54,000 square feet across eight buildings. The property includes a mix of warehouse, industrial, and office space, with aluminum, brick, block, and steel exterior materials. Roofing is asphalt and metal, and parking is provided via a parking lot.
The site is positioned between Barlow Street and Woodmere Avenue with excellent ingress/egress and dual access. It is zoned General Mixed-Use Industrial (I-G) with additional Light Industrial (I-L) flexibility, supporting a range of uses including warehouse/distribution, contractor yards, light manufacturing, and service operations—many permitted by right.
A portion of the buildings are currently leased. The overall configuration and zoning flexibility make the site well-suited for owner-users, contractors, or developers looking for immediate usability alongside long-term flexibility.
The site is positioned between Barlow Street and Woodmere Avenue with excellent ingress/egress and dual access. It is zoned General Mixed-Use Industrial (I-G) with additional Light Industrial (I-L) flexibility, supporting a range of uses including warehouse/distribution, contractor yards, light manufacturing, and service operations—many permitted by right.
A portion of the buildings are currently leased. The overall configuration and zoning flexibility make the site well-suited for owner-users, contractors, or developers looking for immediate usability alongside long-term flexibility.
Key Highlights
- 4.5‑acre industrial‑zoned site between Barlow Street and Woodmere Avenue with dual access
- Approximately 54,000 SF across eight buildings with warehouse, industrial, and office space
- Zoned General Mixed‑Use Industrial (I‑G) with additional Light Industrial (I‑L) flexibility
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
$429,734
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
8.68%
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%
$8,594,680
$8.6M
Cap Rate 7%
$6,139,057
$6.1M
Cap Rate 9%
$4,774,822
$4.8M
Market Conditions
NOI Build-Up for 54,000 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
$537.8K $9.96/SF
− Vacancy
−$32.3K −$0.60/SF
EGI
$505.6K $9.36/SF
− OpEx
−$75.8K −$1.40/SF
NOI
$429.7K $7.96/SF
Area
Grand Traverse County, MI
Vacancy
6.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$8,594,680
Cap Rate 7%
$6,139,057
Cap Rate 9%
$4,774,822
Alternative Uses
Best Use
Flex RnD
$7.95M
$6.95M – $9.27M
NOI $556,237 @ 7.0% cap · market cap 11.24%
Second Best
Warehouse
$6.14M
$5.37M – $7.16M
NOI $429,734 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$11.73M
$10.26M – $13.69M
NOI $821,146 @ 7.0% cap · market cap 16.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
747
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- west bay catering — 767 A Duell Rd, Traverse City, MI 49686
- Grandview Catering — 1249 Woodmere Ave, Traverse City, MI 49686
Frequently Asked Questions
What type of property is this?
Flex space - Flex space on 4.5 acres zoned I-G with additional I-L, featuring dual access and strong ingress/egress.
Where is this flex space located?
The property is located at 1500 Barlow Street Traverse City, MI.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 4.5‑acre industrial‑zoned site between Barlow Street and Woodmere Avenue with dual access; Approximately 54,000 SF across eight buildings with warehouse, industrial, and office space; Zoned General Mixed‑Use Industrial (I‑G) with additional Light Industrial (I‑L) flexibility
