Corner Flex Building With
For Sale
$360,000
1-3901 Blair Valley Road, Traverse City, MI 49685
Finished commercial space with a wet bar, lounge area, service doors, and a large overhead entry.
Property Size2,364 SF
Price / SF$152.28
Days on Market309
Property Features for 1-3901 Blair Valley Road
General Information
Standard status
Active
Size
2,364 SF
Additional Details
Utilities to Site
Yes
Drive-In Doors
1
Amenities
mini kitchen
wet bar
wine rack
built-in TV mount
lounge area
steel staircase
electric blinds
epoxy floors
utility sink
shower
tub
half bath
Building Details
Buildings
1
Construction
pole barn
Listing Agency:
Coldwell Banker Schmidt Traverse City
Listed By:
Shawn Schmidt
(231) 499-1990
Source:
Exprealty
Added: Oct 30, 2025
Changed: Aug 29
Last Checked: Sep 2 at 2:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Schmidt Traverse City
Investment Insights
Based on property information with market context.
This 2,364-square-foot flex property is configured as a finished corner unit with a loft-style upper area and multiple vehicle-access features. Interior improvements include a mini kitchen with wet bar, wine rack, built-in TV mount, lounge area, steel stair and railing details, epoxy flooring, utility sink, shower, tub, and half bath. The building also has a 14-foot by 14-foot overhead door, two service doors, a double-door main entry, windows for natural light, vinyl siding, and cedar trim.
The property is located at 1-3901 Blair Valley Road in Traverse City, Michigan. Telephone, electric, natural gas, municipal water, and municipal sewer serve the site. A golf simulator is in place and is available separately.
The property is located at 1-3901 Blair Valley Road in Traverse City, Michigan. Telephone, electric, natural gas, municipal water, and municipal sewer serve the site. A golf simulator is in place and is available separately.
Key Highlights
- 2,364‑square‑foot flex property with loft‑style finished area
- 14‑foot by 14‑foot overhead door plus two service doors
- Wet bar, mini kitchen, lounge area, and built‑in TV mount
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
$24,351
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
6.76%
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%
$487,020
$487.0K
Cap Rate 7%
$347,871
$347.9K
Cap Rate 9%
$270,567
$270.6K
Market Conditions
NOI Build-Up for 2,364 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
$40.3K $17.04/SF
− Vacancy
−$2.8K −$1.19/SF
EGI
$37.5K $15.85/SF
− OpEx
−$13.1K −$5.55/SF
NOI
$24.4K $10.30/SF
Area
Grand Traverse County, MI
Vacancy
7.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
35.00%
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%
$487,020
Cap Rate 7%
$347,871
Cap Rate 9%
$270,567
Alternative Uses
Best Use
Flex RnD
$347.9K
$304.4K – $405.9K
NOI $24,351 @ 7.0% cap · market cap 6.76%
Second Best
Warehouse
$268.8K
$235.2K – $313.6K
NOI $18,813 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$513.5K
$449.4K – $599.1K
NOI $35,948 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Finished commercial space with a wet bar, lounge area, service doors, and a large overhead entry.
Where is this flex space located?
The property is located at 1-3901 Blair Valley Road Traverse City, MI.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 2,364‑square‑foot flex property with loft‑style finished area; 14‑foot by 14‑foot overhead door plus two service doors; Wet bar, mini kitchen, lounge area, and built‑in TV mount
