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    1621 Keane Drive Traverse City, MI 49686

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    Claim this Listing
    For Sale
    $2,050,000

    Manufacture/Warehouse - Traverse City, MI

    Property size:
    33,186 SF
    Lot size:
    7.16 Acres
    Price / SF:
    $61/SF
    Added:
    Dec 5, 2025
    Days on Market:
    147
    Last Refresh:
    May 1 at 5:06 pm

    Property Features for 1621 Keane Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Industrial
    Rooms
    Basement
    Parking
    50
    Basement Y/N
    1
    Standard status
    Active
    Size
    33,186 SF
    Lot size
    7.16 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1991
    Building materials
    Block
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    David Frost
    David Frost

    Listing agent David Frost

    Listing office Three West, LLC 1131 E. Eighth Street, Traverse City, MI

    Listing date Dec 5, 2025

    MLS# 1941053 Listing URL

    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.

    Overview

    Industrial Building in Heidbreder Park

    Located in Heidbreder Industrial Park, this industrial building offers 33,186 square feet of floor space on a 7.16-acre lot. The property features 11-foot ceiling heights in the lower level and office areas, with heights ranging from 24 to 30 feet throughout the balance of the building. Heavy 480V three-phase power is available throughout the premises. The building is equipped with two indoor truck docks with levelers and LED lighting. Fire suppression systems are installed throughout, including in the offices. The location provides easy truck access in every direction via Hammond and Garfield Roads. There is sufficient land for additional parking or buildings. Removing the existing press and filling in the upper level of the press room would add an additional 3,811 square feet of main level production space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Traverse City Record ... Publishing House

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.594562
    Latitude
    44.710266

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    FAQs

    What type of property is this?
    Manufacturing property - 33,186 SF industrial building on 7.16 acres.
    Where is this manufacturing property located?
    The property is located at 1621 Keane Drive Traverse City, MI.
    What is the asking price?
    The asking price for this property is $2,050,000.
    What are key features of this property?
    This property features: Large Industrial Building: Boasting 33,186 sq ft with the option to expand by an additional 3,811 sq ft.; 7.16 Acres with Expansion Potential: Offers ample land for additional parking or buildings.; Heavy 480V Three Phase Power: Ideal for powering demanding industrial operations.
    (231) 929-2955
    We can help!
    Listing Contact
    David Frost
    David Frost
    Real Estate License ID: 6501203019
    Learn More
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    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.

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    1621 Keane Drive, Traverse City, MI 49686

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