Second-Floor Office
For Sale
$339,000
10161 E Pickwick Ct, Traverse City, MI 49684
Accessible second-floor workspace with private offices, conference room, kitchen, storage, and parking.
Property Size1,940 SF
Price / SF$174.74
Days on Market8
Property Features for 10161 E Pickwick Ct
General Information
Standard status
Active
Size
1,940 SF
Property subtype
Commercial
Building Details
Year Built
2001
Listing Agency:
REMAX Bayshore - Union St TC
Listed By:
Ted Lockwood · License #6501288015
(231) 218-5186
Source:
Metrodetroithomeguide
Added: Sep 6
Changed: Sep 12
Last Checked: Sep 12 at 10:51AM
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 REMAX Bayshore - Union St TC
Investment Insights
Based on property information with market context.
This 1940-square-foot office unit occupies the second floor of a 2001 building and is served by an elevator with barrier-free entry. The layout includes a reception area, multiple private offices, a conference room, copy and print room, kitchen and break area, private bathroom, and storage. Additional common bathrooms are located next to the unit.
The property offers easy access, on-site free parking, and views from a quiet setting. Its configuration provides a complete professional office environment with dedicated work areas, meeting space, administrative support areas, and employee amenities in one suite.
The property offers easy access, on-site free parking, and views from a quiet setting. Its configuration provides a complete professional office environment with dedicated work areas, meeting space, administrative support areas, and employee amenities in one suite.
Key Highlights
- 1940 SF second‑floor office unit in a 2001 building
- Elevator access and barrier‑free entries
- Reception area plus multiple private offices
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
$20,777
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
6.13%
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%
$415,540
$415.5K
Cap Rate 7%
$296,814
$296.8K
Cap Rate 9%
$230,856
$230.9K
Market Conditions
NOI Build-Up for 1,940 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
$32.6K $16.80/SF
− Vacancy
−$4.9K −$2.52/SF
EGI
$27.7K $14.28/SF
− OpEx
−$6.9K −$3.57/SF
NOI
$20.8K $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%
$415,540
Cap Rate 7%
$296,814
Cap Rate 9%
$230,856
Alternative Uses
Best Use
Office B
$296.8K
$259.7K – $346.3K
NOI $20,777 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$421.4K
$368.8K – $491.7K
NOI $29,500 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
96
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Accessible second-floor workspace with private offices, conference room, kitchen, storage, and parking.
Where is this office units located?
The property is located at 10161 E Pickwick Ct Traverse City, MI.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: 1940 SF second‑floor office unit in a 2001 building; Elevator access and barrier‑free entries; Reception area plus multiple private offices
