Industrial Building with Overhead
For Sale
$995,000
1416 Industry Drive, Traverse City, MI 49696
Commercial, Traverse City, MI
Property Size9,720 SF
Lot Size1.26 Acres
Price / SF$102.37
Days on Market52
Property Features for 1416 Industry Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial, Manufacture/Warehouse
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
24
Parking features
Parking Lot
Exterior features
Steel
Lot features
Industrial Park
Directions
From S Garfield turn right onto W Hammond Rd then left onto Industry Drive.
Subdivision
Grand Traverse
Standard status
Active
Size
9,720 SF
Lot size
1.26 Acres
Taxes and HOA fees
Tax Description
UNIT 26 HAMMOND INDUSTRIAL CENTRE GRAND TRAVERSE CONDO SUBDIVISION NO 160SEC26 T27N R11W
Tax Annual Amount
18536
Legal Description
UNIT 26 HAMMOND INDUSTRIAL CENTRE GRAND TRAVERSE CONDO SUBDIVISION NO 160SEC26 T27N R11W
Utilities
Water source
Private
Building Details
Building materials
Steel
Roof type
Metal
Listing Agency:
REMAX Bayshore - West Shore Dr TC · RE/MAX International
(231) 941-4500
Listed By:
Brooks Wilcox · License #6501452622
(616) 826-5933
Added: Aug 5
Changed: Sep 13
Last Checked: Sep 25 at 5:06AM
MLS# 1948910
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 9,720-square-foot industrial building occupies 1.26 acres and features steel construction, a metal roof, two 14' x 14' overhead doors, and two bathrooms. The interior is configured for industrial operations without an extensive office buildout. Electrical service includes two dedicated 240V, 60A circuits, each with its own safety disconnect, supporting equipment such as air compressors, mini splits or HVAC units, welders, shop equipment, well pumps, and large motors.
The property is located at 1416 Industry Drive within Hammond Industrial Centre in Traverse City, Michigan. A dedicated parking lot serves the building, while private water is provided on site. The configuration supports manufacturing, fabrication, storage, and equipment-oriented operations.
The property is located at 1416 Industry Drive within Hammond Industrial Centre in Traverse City, Michigan. A dedicated parking lot serves the building, while private water is provided on site. The configuration supports manufacturing, fabrication, storage, and equipment-oriented operations.
Key Highlights
- 9,720‑square‑foot industrial building on 1.26 acres
- Two 14' x 14' overhead doors for shipping and receiving
- Two dedicated 240V, 60A circuits with individual safety disconnects
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
$56,643
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
5.69%
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%
$1,132,860
$1.1M
Cap Rate 7%
$809,186
$809.2K
Cap Rate 9%
$629,367
$629.4K
Market Conditions
NOI Build-Up for 9,720 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
$87.5K $9.00/SF
− Vacancy
−$6.6K −$0.68/SF
EGI
$80.9K $8.33/SF
− OpEx
−$24.3K −$2.50/SF
NOI
$56.6K $5.83/SF
Area
Grand Traverse County, MI
Vacancy
7.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,132,860
Cap Rate 7%
$809,186
Cap Rate 9%
$629,367
Alternative Uses
Best Use
Industrial
$809.2K
$708.0K – $944.1K
NOI $56,643 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,806 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 49696, MI
9,528
Population
5,005
Households
1.9
Avg Household Size
43
Median Age
41%
College-Educated
96%
High-School Grad
68.7 sq mi
ZIP Area
139
Density / Sq Mi
$96,138
Median Household Income
$46,893
Median Earnings
$1,309
Median Rent
$289,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Steel industrial facility with dedicated electrical service, two bathrooms, and a parking lot within Hammond Industrial Centre.
Where is this industrial property located?
The property is located at 1416 Industry Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 9,720‑square‑foot industrial building on 1.26 acres; Two 14' x 14' overhead doors for shipping and receiving; Two dedicated 240V, 60A circuits with individual safety disconnects
