Single-Floor Office Condo with
920 S Garfield Avenue Traverse City, MI 49686
920 S Garfield Avenue, Traverse City, MI, 49686
$285,000
Pending
For Sale
$285,000
Pending
COMMERCIAL - Traverse City, MI
Property Size1,386 SF
Lot Size0.62 Acres
Days on Market168
Property Features for 920 S Garfield Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Exterior features
- Wood
- Standard status
- Pending
- Size
- 1,386 SF
- Lot size
- 0.62 Acres
Taxes and HOA fees
- Tax Description
- UNIT 5 - HERITAGE SQUARE CONDOMINIUM GTC CONDO SUB PLAN NO 50 0868-0382 MASTER DEED RECORDED DECEMBER 19, 1991
Building Details
- Building materials
- Frame
- Roof type
- Asphalt
Listing agency
Spectra Real Estate LLC
(231) 649-2116
Listed by
Doug Meteyer · License #6504206525
(231) 649-2116
Added: Feb 5 Updated: Jul 2 at 9:36AM Checked: Jul 23 at 12:06AM
MLS# 1942101
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 single-floor office condominium is quality built and includes a private entrance. The interior is arranged with a reception area, seven private offices, and two restrooms, providing a functional layout for professional teams. Dedicated HVAC supports year-round comfort, and there is a partial basement that can be used for additional storage needs.
The property is located in a wooded office park in Traverse City, with convenient access while avoiding downtown traffic. The listing also notes ample onsite parking for visitors and staff.
For buyers or owner-operators seeking an efficient, move-in ready office configuration, the combination of dedicated HVAC, multiple enclosed offices, and an on-site reception area supports a range of office uses. The private entrance can be appealing for tenant privacy and day-to-day operations, while the partial basement adds practical space for items that do not need to be in the main work area.
The property is located in a wooded office park in Traverse City, with convenient access while avoiding downtown traffic. The listing also notes ample onsite parking for visitors and staff.
For buyers or owner-operators seeking an efficient, move-in ready office configuration, the combination of dedicated HVAC, multiple enclosed offices, and an on-site reception area supports a range of office uses. The private entrance can be appealing for tenant privacy and day-to-day operations, while the partial basement adds practical space for items that do not need to be in the main work area.
Key Highlights
- Single‑floor office condominium with a private entrance
- Dedicated HVAC, seven private offices, and a reception area
- Two restrooms included
Local Financial Insights For Office B
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $23.3k | $16.80 |
| − Vacancy | −$3.5k | −$2.52 |
| EGI | $19.8k | $14.28 |
| − OpEx | −$4.9k | −$3.57 |
| NOI | $14.8k | $10.71 |
1,386 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$212.1K
$185.6K – $247.4K
NOI $14,844 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$301.1K
$263.5K – $351.3K
NOI $21,076 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Ford Insurance Inc
Insurance Agency
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Standalone office condominium with seven private offices, reception, dedicated HVAC, and onsite parking.
Where is this office units located?
The property is located at 920 S Garfield Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Single‑floor office condominium with a private entrance; Dedicated HVAC, seven private offices, and a reception area; Two restrooms included
