Updated Office Suite with
For Sale
$599,000
830 - 102 Cottageview Drive, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size2,703 SF
Price / SF$221.61
Days on Market396
Property Features for 830 - 102 Cottageview Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial, Planned Unit Development
Parking features
Parking Lot
Exterior features
Brick
Lot features
Business Park, Shopping Center, Office Center
Directions
From Medical Campus Dr: S on Cottageview Dr
Subdivision
Grand Traverse
Standard status
Active
Size
2,703 SF
Taxes and HOA fees
Tax Description
UNIT 102 SOUTHVIEW CONDOMINIUM IN THE VILLAGE AT GRAND TRAVERSE COMMONS, A SITE CONDOMINIUM[..]MASTER DEED RECORDED IN LIBER 2004C PAGE 00053 AND AMENDMENT[..]RECORDED IN 2005C-00095[..]AND DESIGNATED AS GRAND TRAVERSE CO CONDO SUB PLAN 251(full in docs)
HOA Fee
$1,020 Monthly
Legal Description
UNIT 102 SOUTHVIEW CONDOMINIUM IN THE VILLAGE AT GRAND TRAVERSE COMMONS, A SITE CONDOMINIUM[..]MASTER DEED RECORDED IN LIBER 2004C PAGE 00053 AND AMENDMENT[..]RECORDED IN 2005C-00095[..]AND DESIGNATED AS GRAND TRAVERSE CO CONDO SUB PLAN 251(full in docs)
Building Details
Building materials
Brick, Block
Roof type
Asphalt
Listing Agency:
EXP Realty
(888) 501-7085
Listed By:
Shelby Newhouse-Taplin
(231) 570-9227
Added: Aug 8, 2025
Changed: Aug 19
Last Checked: Sep 7 at 1:06PM
MLS# 1937357
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 2,703-square-foot office suite at Grand Traverse Commons combines private work areas with shared operational space. The layout includes 7 offices, an open bullpen with cubicles and stand-up desks, a conference room, reception area, and kitchenette. Improvements completed since 2022 include new carpet, refinished hardwood flooring, fresh paint, a new dishwasher, and updated cubicle systems and furniture. Eight-foot windows bring substantial natural light into the suite, while brick construction and an on-site parking lot add practical building features.
The property is located at 830–102 Cottageview Drive in Traverse City, within the Grand Traverse Commons setting. Shops, cafes, restaurants, breweries, wineries, hiking trails, and botanical gardens are identified in the surrounding area. One tenant currently occupies 400 square feet, and HOA regulations require the suite to remain commercial because residential use is limited to upper levels.
The property is located at 830–102 Cottageview Drive in Traverse City, within the Grand Traverse Commons setting. Shops, cafes, restaurants, breweries, wineries, hiking trails, and botanical gardens are identified in the surrounding area. One tenant currently occupies 400 square feet, and HOA regulations require the suite to remain commercial because residential use is limited to upper levels.
Key Highlights
- 2,703‑square‑foot office suite in Grand Traverse Commons
- 7 private offices plus bullpen, conference room, reception area, and kitchenette
- Updates completed since 2022 include flooring, paint, dishwasher, cubicles, and furniture
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,949
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$578,980
$579.0K
Cap Rate 7%
$413,557
$413.6K
Cap Rate 9%
$321,656
$321.7K
Market Conditions
NOI Build-Up for 2,703 SF
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.
Gross rent
$45.4K $16.80/SF
− Vacancy
−$6.8K −$2.52/SF
EGI
$38.6K $14.28/SF
− OpEx
−$9.6K −$3.57/SF
NOI
$28.9K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$578,980
Cap Rate 7%
$413,557
Cap Rate 9%
$321,656
Alternative Uses
Best Use
Office B
$413.6K
$361.9K – $482.5K
NOI $28,949 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.2K
$513.8K – $685.1K
NOI $41,103 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,399
Businesses Nearby
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Seven private offices, collaborative workspace, conference room, reception area, and kitchenette support an established commercial configuration.
Where is this office units located?
The property is located at 830 - 102 Cottageview Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2,703‑square‑foot office suite in Grand Traverse Commons; 7 private offices plus bullpen, conference room, reception area, and kitchenette; Updates completed since 2022 include flooring, paint, dishwasher, cubicles, and furniture
