Flex Space with Warehouse
For Sale
Under Contract
$595,000
723 Lake Avenue, Traverse City, MI 49684
Multi-Family, 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
Residential Multi Family
Property subtype
Other
Zoning
Residential,Other
Zoning description
Residential
Elementary school district
Traverse City Area Public Schools
Middle school district
Traverse City Area Public Schools
High school district
Traverse City Area Public Schools
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
Year built
1970
Number of units
1
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 2:06AM
MLS# 1949365
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 flex-space offering consists of three contiguous properties at 723 Lake Avenue in Traverse City. The improvements include more than 9,000 square feet of warehouse area, 2,275 square feet of office space, and a 4,800-square-foot storage area within a 60-by-80-foot building. The properties have supported commercial, professional office, and warehouse uses over several decades, providing a mix of work, storage, and operational space. Construction materials include block, with asphalt roofing, and the building dates to 1970.
The site is adjacent to property owned by MDOT and the City of Traverse City, creating an expansive open area toward Boardman Lake. A walking trail borders the southern boundary, and downtown Traverse City is within walking distance. The source data identifies residential and other zoning classifications, while the property information also references R-3 zoning; these classifications are not reconciled here.
The site is adjacent to property owned by MDOT and the City of Traverse City, creating an expansive open area toward Boardman Lake. A walking trail borders the southern boundary, and downtown Traverse City is within walking distance. The source data identifies residential and other zoning classifications, while the property information also references R-3 zoning; these classifications are not reconciled here.
Key Highlights
- Three contiguous properties at 723 Lake Avenue, Traverse City, MI 49684
- More than 9,000 sq. ft. of warehouse space
- 2,275 sq. ft. 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 areas, warehouse space, and adaptable storage for owner-users or separate leasing.
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 properties at 723 Lake Avenue, Traverse City, MI 49684; More than 9,000 sq. ft. of warehouse space; 2,275 sq. ft. of office area
