Office Unit with Flex
New
For Sale
$199,000
10161 E Pickwick Court, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size881 SF
Lot Size0.06 Acres
Price / SF$225.88
Days on Market3
Property Features for 10161 E Pickwick Court
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Commercial
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
881 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
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
Utilities
Water source
Well
Amenities
common bathrooms
barrier free entry
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 10 at 11:06AM
MLS# 1950318
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 881-square-foot office unit at 10161 E Pickwick Court includes two offices, flexible additional area, a storage room, and a coat closet. The adaptable space can accommodate added office functions, reception, or records storage. Common restrooms are located in the hallway adjacent to the unit.
Situated on the second floor, the suite is served by a barrier-free entry and elevator. The property includes parking in an on-site lot for occupants and visitors. Frame construction, block and cement board exterior materials, an asphalt roof, and well water are reported for the property. The address is in Traverse City, within Leelanau County, Michigan.
Situated on the second floor, the suite is served by a barrier-free entry and elevator. The property includes parking in an on-site lot for occupants and visitors. Frame construction, block and cement board exterior materials, an asphalt roof, and well water are reported for the property. The address is in Traverse City, within Leelanau County, Michigan.
Key Highlights
- 881‑square‑foot office unit with two private offices
- Flexible area for additional office, reception, or records use
- Dedicated storage room and coat closet
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
$9,436
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
4.74%
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%
$188,720
$188.7K
Cap Rate 7%
$134,800
$134.8K
Cap Rate 9%
$104,844
$104.8K
Market Conditions
NOI Build-Up for 881 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
$14.8K $16.80/SF
− Vacancy
−$2.2K −$2.52/SF
EGI
$12.6K $14.28/SF
− OpEx
−$3.1K −$3.57/SF
NOI
$9.4K $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%
$188,720
Cap Rate 7%
$134,800
Cap Rate 9%
$104,844
Alternative Uses
Best Use
Office B
$134.8K
$118.0K – $157.3K
NOI $9,436 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$191.4K
$167.5K – $223.3K
NOI $13,397 @ 7.0% cap · market cap 6.73%
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 office suite with two private offices, adaptable workspace, storage, and elevator access.
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 $199,000.
What are key features of this property?
This property features: 881‑square‑foot office unit with two private offices; Flexible area for additional office, reception, or records use; Dedicated storage room and coat closet
