Multi-Suite Office
For Sale
$575,000
4020 Copper View # 104, Traverse City, MI 49684
The suite is fully leased, with offices occupied separately and shared reception and meeting areas.
Property Size2,300 SF
Price / SF$250
Days on Market1989
Property Features for 4020 Copper View # 104
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
2
Property subtype
Office
Occupancy
100%
Additional Details
Tenant in Place
Yes
Property Use
Office
Building Details
Building Size
2,300 SF
Year Built
2004
Tenancy
Multi
Listing Agency:
Phoenix Property Partners
Listed By:
Ashley Rokos · License #6502424094
(231) 342-3775
Source:
Leelanaurealtors
Added: May 28, 2021
Changed: Nov 2
Last Checked: Nov 5 at 8:58AM
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 Phoenix Property Partners
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Investment Insights
Based on property information with market context.
This 2,300-square-foot office unit was built in 2004 and is configured with seven private offices, a reception area, a conference room, a kitchen, and a kitchenette. Each office is leased separately, and the suite is currently fully leased. Two private parking spaces are located in the parking garage.
The property is near Traverse City’s downtown business corridor and Munson Hospital, with parking lots at Copper Ridge.
The property is near Traverse City’s downtown business corridor and Munson Hospital, with parking lots at Copper Ridge.
Key Highlights
- 2,300‑square‑foot office suite, built in 2004
- Seven private offices with a reception area and conference room
- Kitchen and kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,633
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,660
$492.7K
Cap Rate 7%
$351,900
$351.9K
Cap Rate 9%
$273,700
$273.7K
Market Conditions
NOI Build-Up for 2,300 SF
Gross rent
$38.6K $16.80/SF
− Vacancy
−$5.8K −$2.52/SF
EGI
$32.8K $14.28/SF
− OpEx
−$8.2K −$3.57/SF
NOI
$24.6K $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 Rate 5%
$492,660
Cap Rate 7%
$351,900
Cap Rate 9%
$273,700
Alternative Uses
Best Use
Office B
$351.9K
$307.9K – $410.6K
NOI $24,633 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$499.6K
$437.2K – $582.9K
NOI $34,975 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
357
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - The suite is fully leased, with offices occupied separately and shared reception and meeting areas.
Where is this office unit located?
The property is located at 4020 Copper View # 104 Traverse City, MI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2,300‑square‑foot office suite, built in 2004; Seven private offices with a reception area and conference room; Kitchen and kitchenette
