Live-Work Building With Office And
For Sale
$899,000
1323 S Cass Street, Traverse City, MI 49684
COMMERCIAL - Traverse City, MI
Property Size1,792 SF
Lot Size0.28 Acres
Price / SF$501.67
Days on Market97
Property Features for 1323 S Cass Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Residential, Office, Non-Conforming Use, Special Use
Parking features
Parking Lot
Exterior features
Vinyl, Wood, Steel
Lot features
Corner Lot, Freestanding
Directions
N on W S Airport road to Cass. east side of the road at intersection of Cass and sixteenth
Subdivision
Grand Traverse
Standard status
Active
Size
1,792 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
LOTS 16-17-18 BLK 6 WILHELM'S ADDITION
Legal Description
LOTS 16-17-18 BLK 6 WILHELM'S ADDITION
Amenities
outdoor irrigation system
digital outdoor sign
outdoor deck
fenced fire pit area
Boardman Lake views
Building Details
Building materials
Frame
Roof type
Metal
Listing Agency:
REMAX Bayshore - Union St TC · RE/MAX International
(231) 941-4500
Listed By:
Troy Daily · License #6501442788
(231) 288-7676
Added: May 7
Changed: Aug 4
Last Checked: Aug 11 at 3:06PM
MLS# 1944758
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 live-work building offers a turnkey professional office on the main level and a renovated studio apartment on the second level. The property was gut-renovated down to the framing in 2018, including new electrical, plumbing, and flooring, and it now includes a second level added as part of the renovation. The main floor is ADA compliant and configured for professional use with three treatment/private rooms, a half bath, and a reception area with a built-in wooden desk. The second level features a furnished studio apartment with in-floor radiant heat, a custom shower with marble tile, a fully equipped kitchen, and a walk-in closet with built-in storage. A PVC block wall creates a defined private sleeping area, and washer and dryer are included.
The building includes a metal roof and metal siding, natural gas, a sprinkler system with a fire alarm system, an outdoor irrigation system, and a digital outdoor sign. An outdoor deck offers Boardman Lake views, and there is a fenced outdoor area currently used as a fire pit space. The second lot is a 16-space parking lot and is described as buildable. A second dwelling is permitted, with potential for additional residential configurations; buyers are advised to verify permitted uses with the City of Traverse City prior to closing.
With professional office use operating on the main level, the configuration is supported by the property’s grandfathered commercial status, and the information notes that similar professional uses may be permitted. The property also sits within easy reach of the Boardman Lake Loop Trail and the TART Trail network.
The building includes a metal roof and metal siding, natural gas, a sprinkler system with a fire alarm system, an outdoor irrigation system, and a digital outdoor sign. An outdoor deck offers Boardman Lake views, and there is a fenced outdoor area currently used as a fire pit space. The second lot is a 16-space parking lot and is described as buildable. A second dwelling is permitted, with potential for additional residential configurations; buyers are advised to verify permitted uses with the City of Traverse City prior to closing.
With professional office use operating on the main level, the configuration is supported by the property’s grandfathered commercial status, and the information notes that similar professional uses may be permitted. The property also sits within easy reach of the Boardman Lake Loop Trail and the TART Trail network.
Key Highlights
- 1,792 sq ft live/work building on 165‑ft Cass Street frontage, with ADA‑compliant professional main level and a fully renovated studio apartment above.
- 2018 gut renovation down to framing with new electrical, plumbing, flooring, and addition of the second level.
- Main level (896 sq ft) configured for professional use with 3 treatment/private rooms, half bath, and reception with built‑in wooden desk.
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
$25,618
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
2.85%
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%
$512,360
$512.4K
Cap Rate 7%
$365,971
$366.0K
Cap Rate 9%
$284,644
$284.6K
Market Conditions
NOI Build-Up for 1,792 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
$46.7K $26.04/SF
− Vacancy
−$4.0K −$2.21/SF
EGI
$42.7K $23.83/SF
− OpEx
−$17.1K −$9.53/SF
NOI
$25.6K $14.30/SF
Area
Grand Traverse County, MI
Vacancy
8.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$512,360
Cap Rate 7%
$365,971
Cap Rate 9%
$284,644
Alternative Uses
Best Use
Healthcare Medical
$366.0K
$320.2K – $427.0K
NOI $25,618 @ 7.0% cap · market cap 2.85%
Second Best
Office B
$274.2K
$239.9K – $319.9K
NOI $19,192 @ 7.0% cap · market cap 2.13%
Theoretical Best
Office A
$389.3K
$340.6K – $454.2K
NOI $27,250 @ 7.0% cap · market cap 3.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,102
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Turnkey office on the main level with an ADA-compliant layout and a furnished studio apartment above.
Where is this live-work space located?
The property is located at 1323 S Cass Street Traverse City, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 1,792 sq ft live/work building on 165‑ft Cass Street frontage, with ADA‑compliant professional main level and a fully renovated studio apartment above.; 2018 gut renovation down to framing with new electrical, plumbing, flooring, and addition of the second level.; Main level (896 sq ft) configured for professional use with 3 treatment/private rooms, half bath, and reception with built‑in wooden desk.
