Office Unit with Private
New
For Sale
$339,000
10161 E Pickwick Court, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size1,940 SF
Lot Size0.06 Acres
Price / SF$174.74
Days on Market2
Property Features for 10161 E Pickwick Court
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
Exterior features
Block, Cement Board
Lot features
Corner Lot
Directions
M-22 North to left at Cherry Bend Rd. Pickwick Centre is on the left at the first bend in Cherry Bend Rd.
Subdivision
Leelanau
Standard status
Active
Size
1,940 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
L632 P446/02 L910 P69/06 L921 P883/06 FOR 2007 UNIT 7 IS A COMBINATION OF UNIT 7 & UNIT 8 (PER 2ND AMENDMENT) UNIT 7 & 8 PICKWICK CENTRE CONDOMINIUM MASTER DEED REC IN L571 P848-889/1ST AMEND REC IN L605 P558/2ND AMEND REC IN L910 P62/3RD AMEND L957 P47 S
Legal Description
L632 P446/02 L910 P69/06 L921 P883/06 FOR 2007 UNIT 7 IS A COMBINATION OF UNIT 7 & UNIT 8 (PER 2ND AMENDMENT) UNIT 7 & 8 PICKWICK CENTRE CONDOMINIUM MASTER DEED REC IN L571 P848-889/1ST AMEND REC IN L605 P558/2ND AMEND REC IN L910 P62/3RD AMEND L957 P47 S
Utilities
Water source
Well
Amenities
reception area
private offices
conference room
copy/print room
kitchen/break/relaxation room
private bathroom
storage
barrier free entries
common bathrooms
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
REMAX Bayshore - Union St TC · RE/MAX International
(231) 941-4500
Listed By:
Ted Lockwood · License #6501288015
(231) 218-5186
Added: Sep 8
Last Checked: Sep 9 at 8:06PM
MLS# 1950317
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 1,940-square-foot second-floor office unit provides a practical layout for professional use, with a reception area, multiple private offices, a large conference room, and a dedicated copy and print room. Additional interior features include a kitchen and break area, private bathroom, storage, and access to common bathrooms adjacent to the unit.
Barrier-free entrances and elevator service support convenient access to the suite. The property includes a parking lot and is located in Traverse City, with the address situated in Leelanau County. The building uses frame construction with block and cement board exterior materials, an asphalt roof, and a well water source.
Barrier-free entrances and elevator service support convenient access to the suite. The property includes a parking lot and is located in Traverse City, with the address situated in Leelanau County. The building uses frame construction with block and cement board exterior materials, an asphalt roof, and a well water source.
Key Highlights
- 1,940‑square‑foot second‑floor office unit
- Reception area with multiple private offices
- Large conference room and dedicated copy/print room
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
98
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 - Second-floor workspace includes elevator access, barrier-free entries, conference facilities, parking, and dedicated support areas.
Where is this office units located?
The property is located at 10161 E Pickwick Court 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: 1,940‑square‑foot second‑floor office unit; Reception area with multiple private offices; Large conference room and dedicated copy/print room
