Flex Property with Warehouse
For Sale
$550,000
876 Robinwood Court, Traverse City, MI 49686
Commercial, Traverse City, MI
Property Size4,568 SF
Lot Size0.35 Acres
Price / SF$120.40
Days on Market70
Property Features for 876 Robinwood Court
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Wood
Lot features
Business Park, Freestanding
Directions
Robinwood Ct is on the east side of Barlow between Briar Hill Ln and Boon St. Subject property is on the south side just before the road ends.
Subdivision
Grand Traverse
Standard status
Active
Size
4,568 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
LOT 94 ARBUTUS SUBD NO 3.
Legal Description
LOT 94 ARBUTUS SUBD NO 3.
Utilities
Water source
Private
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Added: Jul 6
Changed: Sep 1
Last Checked: Sep 13 at 10:06PM
MLS# 1947633
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 4,568-square-foot flex property at 876 Robinwood Court combines office and warehouse space within a frame building with wood exterior components. The layout includes two office areas totaling 984 square feet and three connected warehouse areas totaling 3,584 square feet. Each warehouse area has an overhead door, while the property also provides four restrooms, including one with a shower, 220V power, and multiple water connection points. A parking lot serves the site, with private water and an asphalt roof.
The property is in Traverse City near Barlow Street and carries General Mixed-Use Industrial Business (I-G) zoning. Current tenant leases are month-to-month, and the tenants have indicated willingness to continue occupying space if a buyer does not require the entire building. The property is also associated with lower Garfield Township property tax rates.
The property is in Traverse City near Barlow Street and carries General Mixed-Use Industrial Business (I-G) zoning. Current tenant leases are month-to-month, and the tenants have indicated willingness to continue occupying space if a buyer does not require the entire building. The property is also associated with lower Garfield Township property tax rates.
Key Highlights
- 4,568 square feet combining office and warehouse space
- Two office areas total 984 square feet
- Three warehouse areas total 3,584 square feet, each with an overhead door
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
$48,923
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
8.90%
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%
$978,460
$978.5K
Cap Rate 7%
$698,900
$698.9K
Cap Rate 9%
$543,589
$543.6K
Market Conditions
NOI Build-Up for 4,568 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
$76.7K $16.80/SF
− Vacancy
−$11.5K −$2.52/SF
EGI
$65.2K $14.28/SF
− OpEx
−$16.3K −$3.57/SF
NOI
$48.9K $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%
$978,460
Cap Rate 7%
$698,900
Cap Rate 9%
$543,589
Alternative Uses
Best Use
Office B
$698.9K
$611.5K – $815.4K
NOI $48,923 @ 7.0% cap · market cap 8.90%
Second Best
Flex RnD
$672.2K
$588.2K – $784.2K
NOI $47,054 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$992.3K
$868.3K – $1.16M
NOI $69,463 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Drive-in doors
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - I-G zoning supports mixed-use industrial and live/work applications.
Where is this flex space located?
The property is located at 876 Robinwood Court Traverse City, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,568 square feet combining office and warehouse space; Two office areas total 984 square feet; Three warehouse areas total 3,584 square feet, each with an overhead door
