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    224 Circle Drive Traverse City, MI 49684

    Sponsored
    Source: https://www.cbcworldwide.com
    For Sale
    $1,100,000

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

    Property size:
    17,540 SF

    Description

    Added:
    Apr 10, 2025
    Days on Market:
    273
    West on Front St from Downtown Traverse City, left on S Madison St, property will be on your right.

    Opportunity to purchase a prime 0.91 acre lot zoned H1 in downtown Traverse City next to Munson Hospital for only $28/SF for the land. This would be a great redevelopment site for a mixed use project that could include medical office, apartments, condos, professional office and more. Or use the existing 17,500 SF medical building which being offered for less than $65/SF. Building has lots of curb appeal with its iconic rounded corners. The first floor of the building is approximately 12,000 SF in 2 suites and features numerous exam rooms & offices, waiting and reception areas, 6 restrooms, and a micro-courtyard in the center. The second floor is approximately 5,585 SF and features 4 medical office suites accessed by two elevators servicing the building. There are 2 basements with 9,000 SF of storage. The large parking lot accommodating up to 42 vehicles and an additional parking lot is available for purchase. Owner is real estate agent in the state of Michigan.

    Property Features for 224 Circle Drive

    General Information

    Property type
    Other office properties
    Square Feet
    17,540 SF
    Price / Square Foot
    $62
    Elevators
    N/A
    Lot Size
    39,640 SF

    Building Details

    Year Built
    1955
    Buildings
    1
    Stories
    2
    Location Intelligence

    Current Use by Public Records

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

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    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
    Request Owner's contact information
    224 Circle Drive Traverse City, MI 49684
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    Traverse City, MI 49684
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    Realmo Value Estimation

    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

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    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.

    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
    224 Circle Drive Traverse City, MI 49684
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