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    Medical Office Building on Large Lot Title is generated by Realmo AI

    224 Circle Drive, Traverse City, MI 49684

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    Picture of Other office properties at 224 Circle Drive, Traverse City, MI
    For Sale
    $1,100,000

    17,540 SF Medical Office on Prime 0.91 AC Lot For Sale/Lease

    Property size:
    17,540 SF
    Lot size:
    0.91 Acres
    Price / SF:
    $62/SF
    Added:
    Apr 10, 2025
    Days on Market:
    408
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 224 Circle Drive

    General Information

    Standard status
    Active
    Property type
    Other office properties, Medical Office Space, Office buildings, Office Spaces
    Size
    17,540 SF
    Elevators
    N/A
    Lot size
    0.91 Acres

    Building Details

    Year Built
    1955
    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Dan Stiebel

    Listing agent Dan License #6506040160

    Listing office

    Listing date Apr 10, 2025

    Overview

    Located west of Front Street from Downtown Traverse City, this property is situated on a 0.91-acre lot zoned H1 in downtown Traverse City, near Munson Hospital. The site presents a redevelopment opportunity for a mixed-use project, potentially including medical offices, apartments, condos, and professional offices. Alternatively, the existing 17,540-square-foot medical building is available. The building features rounded corners and curb appeal. The first floor, approximately 12,000 square feet, is divided into two suites and includes numerous exam rooms and offices, waiting and reception areas, six restrooms, and a micro-courtyard. The second floor, approximately 5,585 square feet, contains four medical office suites accessible by two elevators. There are two basements providing 9,000 square feet of storage space. The property includes a large parking lot accommodating up to 42 vehicles, with an additional parking lot available for purchase. The building can be found by turning left onto S Madison St, the property will be on your right.
    Property Profile Location Intelligence

    Current Use by Public Records

    Milliken Medical Medical Clinic Dr. Carl B. ... Physician James G. Milliken, ... Physician Stuart Lee Warnaar, ... Physician Richard D. Entz, ... Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.643482
    Latitude
    44.762526

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    FAQs

    What type of property is this?
    Office property - 17,540 SF Medical Office on Prime 0.91 AC Lot For Sale/Lease
    Where is this office property located?
    The property is located at 224 Circle Drive Traverse City, MI.
    What is the asking price?
    The asking price for this property is $1,100,000.
    (231) 633-0432
    We can help!
    Listing Contact
    Dan Stiebel
    Real Estate License ID: 6506040160
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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