Updated Office Suite with Open Work
For Sale
$625,000
102-830 - 102 Cottageview Dr, Traverse City, MI 49684
Configured with private offices, shared work space, conference room, reception, and kitchenette.
Property Size2,703 SF
Price / SF$231.22
Days on Market266
Property Features for 102-830 - 102 Cottageview Dr
General Information
Standard status
Active
Size
2,703 SF
Additional Details
Furnished
Yes
Listing Agency:
EXP Realty
(231) 218-9810
Listed By:
Shelby Newhouse
(231) 218-9810
Source:
Exprealty
Added: Dec 9, 2025
Changed: Aug 31
Last Checked: Aug 31 at 6:52PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This 2,703-square-foot office suite at the historic Grand Traverse Commons includes seven private offices, an open bullpen with new cubicles and stand-up desks, a conference room, reception area, and kitchenette. The interior has received new carpet, refinished hardwood floors, fresh paint, a new dishwasher, and updated cubicle systems and furniture since 2022. Massive 8-foot windows provide substantial natural light, while free onsite parking supports daily operations.
The property is located in Traverse City near boutique shops, cafes, restaurants, breweries, wineries, hiking trails, and botanical gardens. Its central, walkable setting places the office within the Grand Traverse Commons commercial environment. One tenant currently occupies 400 square feet. HOA regulations permit residential use only on upper levels, so this suite must remain commercial.
The property is located in Traverse City near boutique shops, cafes, restaurants, breweries, wineries, hiking trails, and botanical gardens. Its central, walkable setting places the office within the Grand Traverse Commons commercial environment. One tenant currently occupies 400 square feet. HOA regulations permit residential use only on upper levels, so this suite must remain commercial.
Key Highlights
- 2,703‑square‑foot office suite in the historic Grand Traverse Commons
- Seven private offices plus an open bullpen, conference room, reception area, and kitchenette
- New cubicles, stand‑up desks, and furniture included
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
$28,949
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
4.63%
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%
$578,980
$579.0K
Cap Rate 7%
$413,557
$413.6K
Cap Rate 9%
$321,656
$321.7K
Market Conditions
NOI Build-Up for 2,703 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
$45.4K $16.80/SF
− Vacancy
−$6.8K −$2.52/SF
EGI
$38.6K $14.28/SF
− OpEx
−$9.6K −$3.57/SF
NOI
$28.9K $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 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%
$578,980
Cap Rate 7%
$413,557
Cap Rate 9%
$321,656
Alternative Uses
Best Use
Office B
$413.6K
$361.9K – $482.5K
NOI $28,949 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.2K
$513.8K – $685.1K
NOI $41,103 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,418
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Configured with private offices, shared work space, conference room, reception, and kitchenette.
Where is this office units located?
The property is located at 102-830 - 102 Cottageview Dr Traverse City, MI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,703‑square‑foot office suite in the historic Grand Traverse Commons; Seven private offices plus an open bullpen, conference room, reception area, and kitchenette; New cubicles, stand‑up desks, and furniture included
