Fully Occupied Office
For Sale
$502,230
101-607 Randolph St, Traverse City, MI 49684
Contemporary office property near West Grand Traverse Bay with C-2 commercial zoning and an active tenant lease.
Property Size1,768 SF
Price / SF$284.07
Days on Market783
Property Features for 101-607 Randolph St
General Information
Standard status
Active
Size
1,768 SF
Class
Class A
Zoning
Commercial C-2
Occupancy
100%
Building Details
Year Built
2015
Tenancy
Single
Listing Agency:
Three West, LLC
Listed By:
Kevin Endres · License #6505352968
(231) 534-5225
Source:
Exprealty
Added: Sep 10, 2024
Changed: Oct 26
Last Checked: Nov 1 at 7:54AM
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 Three West, LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office property contains 1,768 square feet and was constructed in 2015. The contemporary building is zoned Commercial C-2 and is currently 100% occupied under an existing lease, providing an established office-use configuration in Traverse City.
The property is located at 101-607 Randolph St near West Grand Traverse Bay. The tenant’s initial lease term ends in March 2026, with two additional three-year renewal options available under the lease terms.
The property is located at 101-607 Randolph St near West Grand Traverse Bay. The tenant’s initial lease term ends in March 2026, with two additional three-year renewal options available under the lease terms.
Key Highlights
- 1,768 SF office property constructed in 2015
- 100% occupied under an existing tenant lease
- Commercial C‑2 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,935
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$378,700
$378.7K
Cap Rate 7%
$270,500
$270.5K
Cap Rate 9%
$210,389
$210.4K
Market Conditions
NOI Build-Up for 1,768 SF
Gross rent
$29.7K $16.80/SF
− Vacancy
−$4.5K −$2.52/SF
EGI
$25.2K $14.28/SF
− OpEx
−$6.3K −$3.57/SF
NOI
$18.9K $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 Rate 5%
$378,700
Cap Rate 7%
$270,500
Cap Rate 9%
$210,389
Alternative Uses
Best Use
Office B
$270.5K
$236.7K – $315.6K
NOI $18,935 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$384.1K
$336.1K – $448.1K
NOI $26,885 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,559
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
Frequently Asked Questions
What type of property is this?
Office building - Contemporary office property near West Grand Traverse Bay with C-2 commercial zoning and an active tenant lease.
Where is this office building located?
The property is located at 101-607 Randolph St Traverse City, MI.
What is the asking price?
The asking price for this property is $502,230.
What are key features of this property?
This property features: 1,768 SF office property constructed in 2015; 100% occupied under an existing tenant lease; Commercial C‑2 zoning
