Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2301 Garfield Road N Traverse City, MI 49686

    View on Map
    Pending
    $559,900

    Office Building - Traverse City, MI

    Property size:
    3,512 SF
    Lot size:
    0.69 Acres
    Added:
    Aug 6, 2025
    Days on Market:
    239
    Last Refresh:
    Apr 1 at 9:06 am

    Property Features for 2301 Garfield Road N

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3
    Basement Y/N
    1
    Standard status
    Pending
    Size
    3,512 SF
    Lot size
    0.69 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1984
    Building materials
    Block
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Steve Scheppe
    Steve Scheppe

    Listing agent Steve Scheppe

    Listing office Viewpoint Realty 2308 US 31 N., Traverse City, MI

    Listing date Aug 6, 2025

    MLS# 1937274 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

    Traverse City Commercial Building For Sale

    This well-maintained commercial building features three units, each equipped with separate utility meters for simplified management and cost efficiency. Recent updates ensure modern and functional spaces for all tenants. The property is zoned C-G (General Commercial) in Garfield Township, offering a wide range of potential uses. Located within an Opportunity Zone, it presents potential tax benefits. The building has a size of 3512 square feet and is situated on a 0.69-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    TC Studio Pro Spa & Massage Center Tobin & Co. P.C. Accounting Firm Britton Weber Agency: ... Insurance Agency Studio Pro Spa & Massage Center Wells Insurance Insurance Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    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
    -85.5958905
    Latitude
    44.7194283

    Nearby Similar for Sale

    • $785,000
      6,571 SF

      Traverse City Warehouse with Fenced Yard

      6,571 SF warehouse with fenced yard in Chums Corner.
      3773 Rennie School Road, Traverse City, MI 49685
      View Details
    • $675,000
      3,294 SF

      Traverse City Office Condominium

      Single-story office condominium in a wooded Traverse City office park.
      920 S Garfield Avenue, Traverse City, MI 49686
      View Details
    • $985,000
      4,995 SF

      Traverse City Office Condominium

      Single-story office condominium in Traverse City, Michigan.
      920 S Garfield Avenue, Traverse City, MI 49686
      View Details
    • $850,000
      3,995 SF

      Former Assisted Living Facility

      Large home suitable for extended families or vacation rentals.
      3255 Mahoney Drive, Traverse City, MI 49686
      View Details
    • $498,000
      2,843 SF

      Modern Office Space in Traverse

      Spacious office in Traverse City with ample parking.
      10161 E Pickwick Court, Traverse City, MI 49684-1490
      View Details
    • $685,000
      4,789 SF

      Traverse City Redevelopment Opportunity

      Redevelopment or re-use project in Traverse City, Michigan.
      114 E Griffin Street, Traverse City, MI 49684
      View Details
    • $285,000
      1,386 SF

      Traverse City Office Condominium

      Single-story office condo in Traverse City with private entrance.
      920 S Garfield Avenue, Traverse City, MI 49686
      View Details
    • $850,000
      3,995 SF

      Traverse City Adult Foster Care

      Former assisted living facilities on large properties in Traverse City.
      3205 Supply Road, Traverse City, MI 49686
      View Details
    • $1,700,000
      7,990 SF

      Former Assisted Living Campus

      Large homes suitable for various uses in Traverse City.
      3205 Supply Road, Traverse City, MI 49686
      View Details
    • $649,000
      5,038 SF

      Remodeled Office Building in Traverse

      5,038 SF remodeled commercial building in thriving Traverse City.
      3639 Cass Road, Traverse City, MI 49685
      View Details
    • $649,000
      5,038 SF

      Remodeled Office Building in Traverse

      5,038 SF remodeled commercial building in thriving Traverse City.
      3639 Cass Road, Traverse City, MI 49685
      View Details
    • $625,000
      2,703 SF

      Updated Office Space in Traverse City

      Updated office space in the Grand Traverse Commons, move-in ready.
      830 - 102 Cottageview Drive, Traverse City, MI 49684
      View Details

    FAQs

    What type of property is this?
    Office building - Well-maintained commercial building with three units in Traverse City, MI.
    Where is this office building located?
    The property is located at 2301 Garfield Road N Traverse City, MI.
    What is the asking price?
    The asking price for this property is $559,900.
    What are key features of this property?
    This property features: Three separate units, each with individual utility meters, simplifying management.; Located in a C‑G (General Commercial) zone in Garfield Township, allowing diverse business opportunities.; Designated Opportunity Zone location, offering potential tax advantages.
    (231) 590-5823
    We can help!
    Listing Contact
    Steve Scheppe
    Steve Scheppe
    Real Estate License ID: 6506044337
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!