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    Traverse City Warehouse with Fenced Yard Title is generated by Realmo AI

    3773 Rennie School Road, Traverse City, MI 49685

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    For Sale
    $785,000

    Manufacture/Warehouse,Service - Traverse City, MI

    Property size:
    6,571 SF
    Lot size:
    2.75 Acres
    Price / SF:
    $119/SF
    Added:
    Mar 20, 2026
    Days on Market:
    58
    Last Refresh:
    May 16 at 2:06 pm

    Property Features for 3773 Rennie School Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial,Manufacture/Warehouse
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    6,571 SF
    Lot size
    2.75 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    2002
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Kevin Endres
    Kevin Endres

    Listing agent Kevin Endres

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

    Listing date Mar 20, 2026

    MLS# 1943154 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.

    HighLights

    • Prime location in the rapidly expanding Chums Corner area of Traverse City.
    • Zoned C/M, allowing for a variety of construction or service‑based company uses.
    • Large, fenced‑in yard area ideal for equipment and material storage.
    • 6,571 square foot building constructed in 2002.
    • Warehouse features six overhead doors (2 on each of 3 sides).
    • Convenient access to US‑31 via a traffic signal at the US‑31/Rennie School Road intersection.

    Overview

    Located in the rapidly expanding Chums Corner area of Traverse City, this 6,571 square foot building, constructed in 2002, is zoned C/M and suited for a variety of construction or service-based company uses. The property features a large fenced-in yard area for equipment and material storage. The office area includes a reception area, private offices, a kitchenette, a restroom, and a full basement with additional office space and a restroom. The warehouse has six overhead doors, with two on each of three sides of the building, as well as an additional restroom. The property is situated on a 2.75-acre lot. It is located just east of the US-31/Rennie School Road intersection, which has a traffic signal for easy access onto US 31.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $781.9K
    NOI $70,375 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.01M
    NOI $70,375 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.41M
    NOI $70,375 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $110.4k $16.80
    − Vacancy −$16.6k −$2.52
    EGI $93.8k $14.28
    − OpEx −$23.5k −$3.57
    NOI $70.4k $10.71
    6,571 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.01M
    $879.7K – $1.17M (±1% cap)
    NOI $70,375 @ 7.0% cap · market cap 8.96%
    Second Best
    Warehouse
    $747.0K
    $653.7K – $871.5K (±1% cap)
    NOI $52,292 @ 7.0% cap · market cap 6.66%
    Theoretical Best
    Office A
    $1.43M
    $1.25M – $1.67M (±1% cap)
    NOI $99,921 @ 7.0% cap · market cap 12.73%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    A Better Garage Construction Company

    Suggested Use

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

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

    Similar Places Nearby

    • Walstrom Marine — 228 US-31, Traverse City, MI 49685
    • Action Water Sports of Traverse City — 611 Olesons Commerce Dr, Traverse City, MI 49685
    • Joe's Wheels and Water — 639 W Blue Star Dr, Traverse City, MI 49685

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.6517224
    Latitude
    44.6853786

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    FAQs

    What type of property is this?
    Warehouse - 6,571 SF warehouse with fenced yard in Chums Corner.
    Where is this warehouse located?
    The property is located at 3773 Rennie School Road Traverse City, MI.
    What is the asking price?
    The asking price for this property is $785,000.
    What are key features of this property?
    This property features: Prime location in the rapidly expanding Chums Corner area of Traverse City.; Zoned C/M, allowing for a variety of construction or service‑based company uses.; Large, fenced‑in yard area ideal for equipment and material storage.
    (231) 534-5225
    We can help!
    Listing Contact
    Kevin Endres
    Kevin Endres
    Real Estate License ID: 6502377374
    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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