Single-Story Office
For Sale
$875,000
1499 Business Park Dr Traverse, Traverse City, MI 49686
Single-story log-sided office building with vaulted gathering room, private offices, kitchen, and ample paved parking.
Property Size5,000 SF
Lot Size4.55 Acres
Price / SF$175
Days on Market97
Property Features for 1499 Business Park Dr Traverse
General Information
Standard status
Active
Size
5,000 SF
Class
B
Lot size
4.55 Acres
Property subtype
Multi Tenant Office
Zoning
Industrial
Building Details
Building Size
5,000 SF
Year Built
2003
Year Renovated
2024
Stories
1
Listing Agency:
Three West LLC
Listed By:
Kevin Endres · License #6505352968
(231) 929-2955
Source:
Thebrokerlist
Added: Jul 15
Changed: Oct 12
Last Checked: Oct 19 at 3:17AM
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 Three West LLC
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Investment Insights
Based on property information with market context.
1499 Business Park Drive is a distinctive single-story office building with 5,000 SF and a log-sided exterior, set on 4.55 wooded acres. The interior includes a dramatic vaulted-ceiling gathering room with knotty pine finishes, multiple private offices, a full kitchen, and expansive multipurpose and recreation rooms. The property is described as move-in ready, with mechanical systems recently installed in 2024.
The building is located in East Bay Township, just minutes from downtown Traverse City. It sits on the east side of Business Park Dr after the road turns hard right changing the direction to south. The property is zoned Industrial within the established Business Park corridor.
With its mix of private offices and larger shared rooms, the space is positioned for professional office use and other permitted professional, nonprofit/community, and medical or wellness applications under the Industrial zoning designation noted in the materials.
The building is located in East Bay Township, just minutes from downtown Traverse City. It sits on the east side of Business Park Dr after the road turns hard right changing the direction to south. The property is zoned Industrial within the established Business Park corridor.
With its mix of private offices and larger shared rooms, the space is positioned for professional office use and other permitted professional, nonprofit/community, and medical or wellness applications under the Industrial zoning designation noted in the materials.
Key Highlights
- 5,000 SF single‑story log‑sided office building built in 2003
- Set on 4.55 wooded acres in East Bay Township, minutes from downtown Traverse City
- Recent mechanical systems installed in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,550
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,071,000
$1.1M
Cap Rate 7%
$765,000
$765.0K
Cap Rate 9%
$595,000
$595.0K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$84.0K $16.80/SF
− Vacancy
−$12.6K −$2.52/SF
EGI
$71.4K $14.28/SF
− OpEx
−$17.9K −$3.57/SF
NOI
$53.6K $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%
$1,071,000
Cap Rate 7%
$765,000
Cap Rate 9%
$595,000
Alternative Uses
Best Use
Office B
$765.0K
$669.4K – $892.5K
NOI $53,550 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$950.4K – $1.27M
NOI $76,032 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
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 building - Single-story log-sided office building with vaulted gathering room, private offices, kitchen, and ample paved parking.
Where is this office building located?
The property is located at 1499 Business Park Dr Traverse 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: 5,000 SF single‑story log‑sided office building built in 2003; Set on 4.55 wooded acres in East Bay Township, minutes from downtown Traverse City; Recent mechanical systems installed in 2024
