Renovated Mixed-Use
For Sale
$875,000
1323 S Cass Street, Traverse City, MI 49684
Professional office and furnished studio apartment provide separate commercial and residential components.
Property Size1,792 SF
Price / SF$488.28
Days on Market107
Property Features for 1323 S Cass Street
General Information
Standard status
Active
Size
1,792 SF
Total Parking Spaces
16
Property subtype
Mixed Use
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Furnished
Yes
Sprinkler System
Yes
Office Units
1
Amenities
fire alarm system
outdoor irrigation system
digital outdoor sign
outdoor deck
fenced outdoor area
fire pit
in-floor radiant heat
custom walk-in closet
washer/dryer
Building Details
Building Size
1,792 SF
Year Built
2018
Year Renovated
2018
Buildings
1
Stories
2
Listing Agency:
REMAX Bayshore - Union St TC
(231) 288-7676
Listed By:
Troy Daily · License #6501442788
Source:
Themittengroup
Added: May 7
Changed: Aug 21
Last Checked: Aug 21 at 5:33AM
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 REMAX Bayshore - Union St TC
Investment Insights
Based on property information with market context.
This 1,792 sq ft mixed-use property combines an ADA-compliant professional office with a fully furnished 896 sq ft studio apartment. The main level includes three treatment or private rooms, a reception area with built-in desk, and a half bath. The upper residence was substantially reconstructed in 2018 and includes a finished kitchen, marble-tile bathroom, custom shower, radiant bathroom flooring, washer and dryer, and a built-in walk-in closet. A PVC block wall separates the sleeping area from the living space.
The building has 165 feet of frontage on S Cass Street and includes a metal roof, metal siding, natural gas, sprinkler protection, fire alarm, irrigation, outdoor sign, deck, and fenced exterior area. The deck overlooks Boardman Lake. The property is next to Right Brain Brewery and the TART Trail network, with access to the Boardman Lake Loop Trail.
A separate 16-space parking lot is buildable. A second dwelling is permitted, and the property carries grandfathered commercial status; prospective buyers should confirm permitted uses with the City of Traverse City.
The building has 165 feet of frontage on S Cass Street and includes a metal roof, metal siding, natural gas, sprinkler protection, fire alarm, irrigation, outdoor sign, deck, and fenced exterior area. The deck overlooks Boardman Lake. The property is next to Right Brain Brewery and the TART Trail network, with access to the Boardman Lake Loop Trail.
A separate 16-space parking lot is buildable. A second dwelling is permitted, and the property carries grandfathered commercial status; prospective buyers should confirm permitted uses with the City of Traverse City.
Key Highlights
- 1,792 sq ft mixed‑use building with office and residential components
- ADA‑compliant 896 sq ft main‑level professional office
- Fully furnished 896 sq ft studio apartment above
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
2.93%
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 2.93%
Second Best
Office B
$274.2K
$239.9K – $319.9K
NOI $19,192 @ 7.0% cap · market cap 2.19%
Theoretical Best
Office A
$389.3K
$340.6K – $454.2K
NOI $27,250 @ 7.0% cap · market cap 3.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
367
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?
Mixed-use property - Professional office and furnished studio apartment provide separate commercial and residential components.
Where is this mixed-use property 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 $875,000.
What are key features of this property?
This property features: 1,792 sq ft mixed‑use building with office and residential components; ADA‑compliant 896 sq ft main‑level professional office; Fully furnished 896 sq ft studio apartment above
