Flex Space With Office And
For Sale
Under Contract
$595,000
723 Lake Avenue, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size4,800 SF
Lot Size0.50 Acres
Price / SF$123.96
Days on Market55
Property Features for 723 Lake Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Exterior features
Block
Lot features
Freestanding
Directions
Cass Street to 11th Street, go East on 11th Street one block, the subject property is on the East side of the Road.
Subdivision
Grand Traverse
Standard status
Active Under Contract
Size
4,800 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Description
LOT 9 AND THE S 59,9 FT OF THE W 178.91 FT OF LOT 8, HANNAH LAY & CO'S 2ND ADD. LSO THE NE 1/4 OF SEC 10, T27N, R11W, DESCRIBED AS FOLLOWS: BEG AT THE SE COR OF LOT 9, BLK 19, TH S 89?57'00" E, 10 FT ALONG THE S LINE OF LOT 9 EXTENDED; TH N 00?03'00" W, 5
Legal Description
LOT 9 AND THE S 59,9 FT OF THE W 178.91 FT OF LOT 8, HANNAH LAY & CO'S 2ND ADD. LSO THE NE 1/4 OF SEC 10, T27N, R11W, DESCRIBED AS FOLLOWS: BEG AT THE SE COR OF LOT 9, BLK 19, TH S 89?57'00" E, 10 FT ALONG THE S LINE OF LOT 9 EXTENDED; TH N 00?03'00" W, 5
Building Details
Building materials
Block
Roof type
Asphalt
Listing Agency:
Charlevoix Properties
Listed By:
Gary Strange
(231) 536-3300
Added: Aug 13
Changed: Sep 16
Last Checked: Oct 6 at 1:06AM
MLS# 1949262
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.
This offering comprises three contiguous commercial properties with a mix of professional office, warehouse, and storage improvements. The larger building includes a 60-by-80-foot structure with 4,800 square feet of storage, while the combined property information identifies 2,275 square feet of office area. Block construction, an asphalt roof, and a dedicated parking lot are included among the physical features.
The properties are located at 723 Lake Avenue in Traverse City, near downtown and adjacent to a walking trail along the southern boundary. The eastern boundary adjoins property owned by MDOT and the City of Traverse City, with open land extending toward Boardman Lake. R-3 zoning is also identified, providing an additional land-use consideration for future planning.
The contiguous configuration supports continued commercial use, office occupancy, warehouse operations, or separate leasing of individual units, subject to applicable zoning and approvals.
The properties are located at 723 Lake Avenue in Traverse City, near downtown and adjacent to a walking trail along the southern boundary. The eastern boundary adjoins property owned by MDOT and the City of Traverse City, with open land extending toward Boardman Lake. R-3 zoning is also identified, providing an additional land-use consideration for future planning.
The contiguous configuration supports continued commercial use, office occupancy, warehouse operations, or separate leasing of individual units, subject to applicable zoning and approvals.
Key Highlights
- Three contiguous commercial properties at 723 Lake Avenue, Traverse City, MI 49684
- 60‑by‑80‑foot building with 4,800 square feet of storage
- Combined property information includes 2,275 square feet of office area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,408
Cap Rate
8.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,028,160
$1.0M
Cap Rate 7%
$734,400
$734.4K
Cap Rate 9%
$571,200
$571.2K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$80.6K $16.80/SF
− Vacancy
−$12.1K −$2.52/SF
EGI
$68.5K $14.28/SF
− OpEx
−$17.1K −$3.57/SF
NOI
$51.4K $10.71/SF
Area
Grand Traverse County, MI
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,028,160
Cap Rate 7%
$734,400
Cap Rate 9%
$571,200
Alternative Uses
Best Use
Office B
$734.4K
$642.6K – $856.8K
NOI $51,408 @ 7.0% cap · market cap 8.64%
Second Best
Flex RnD
$706.3K
$618.0K – $824.1K
NOI $49,443 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$1.04M
$912.4K – $1.22M
NOI $72,991 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,062
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Three contiguous commercial properties combine office, warehouse, and storage uses with block construction and on-site parking.
Where is this flex space located?
The property is located at 723 Lake Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Three contiguous commercial properties at 723 Lake Avenue, Traverse City, MI 49684; 60‑by‑80‑foot building with 4,800 square feet of storage; Combined property information includes 2,275 square feet of office area
