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Building Details

Building Size 8,944 SF

Year Built 1971

Year Renovated 2023

Buildings 2

Construction contemporary

Listing Agency: Three West, LLC

Listed By: Kevin Endres · License #6505352968 Show Phone

Source: Themittengroup

Added: Oct 12 Changed: Oct 15 Last Checked: Oct 14 at 10:30PM

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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

Investment Insights

Based on property information with market context.

Two connected buildings provide 8,944 square feet on 0.9 acres. The 6,692-square-foot office building received an extensive remodel in 2023, alongside a 2,252-square-foot companion building. Interior features include an open lobby, glass-enclosed offices, a conference room, and a collaborative work area. A garage-door shop and storage area adds functional space, and an accessible ramp serves the glass-entry storefront.

The property is on E Fourteenth Street in Traverse City and has ample on-site parking. Zoning is I.

Key Highlights

• Two connected buildings totaling 8,944 square feet on 0.9 acres
• Office building of 6,692 SF remodeled in 2023; companion building measures 2,252 SF
• Open lobby, private glass‑enclosed offices, conference room, and collaborative work area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$95,790

Cap Rate

4.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,915,800 $1.9M

Cap Rate 7%

$1,368,429 $1.4M

Cap Rate 9%

$1,064,333 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,944 SF

Gross rent

$150.3K $16.80/SF

− Vacancy

−$22.5K −$2.52/SF

EGI

$127.7K $14.28/SF

− OpEx

−$31.9K −$3.57/SF

NOI

$95.8K $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%

$1,915,800

Cap Rate 7%

$1,368,429

Cap Rate 9%

$1,064,333

Alternative Uses

Best Use

Office B

$1.37M

$1.20M – $1.60M (±1% cap)

NOI $95,790 @ 7.0% cap · market cap 4.85%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.94M

$1.70M – $2.27M (±1% cap)

NOI $136,006 @ 7.0% cap · market cap 6.89%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Socks Construction Construction Company The Grand Traverse Circuit Church Tara Carroll Counselor Windborne Photographic Studios Photography Service Building Bridges With ... Vocational School

Suggested Use

Top Pick Dental Office HVAC Service (Bike/Boat/Book/etc) Store Storage Facility Pet Grooming Service Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

640

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Connected office buildings pair glass-fronted work areas with garage-door shop and storage space.

Where is this office building located?

The property is located at 225 E Fourteenth Street Traverse City, MI.

What is the asking price?

The asking price for this property is $1,975,000.

What are key features of this property?

This property features: Two connected buildings totaling 8,944 square feet on 0.9 acres; Office building of 6,692 SF remodeled in 2023; companion building measures 2,252 SF; Open lobby, private glass‑enclosed offices, conference room, and collaborative work area