Remodeled Live-Work
For Sale
$595,000
2530 N Three Mile Road, Traverse City, MI 49686
The flexible layout can serve entirely as commercial space or as a residence.
Property Size1,879 SF
Price / SF$316.66
Days on Market75
Property Features for 2530 N Three Mile Road
General Information
Standard status
Active
Size
1,879 SF
Property subtype
Office
Building Details
Building Size
1,879 SF
Year Built
1940
Listing Agency:
Krause Realty Solutions
Listed By:
Thomas Krause
(231) 357-2040
Source:
Leelanaurealtors
Added: Aug 24
Changed: Nov 3
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 Krause Realty Solutions
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,879-square-foot live-work property was built in 1940 and has been remodeled. Its layout supports either a combined live-work arrangement or full use as commercial space or a residence. A large garage and substantial on-site parking are also part of the property.
The parcel offers room for potential expansion. The property is located at 2530 N Three Mile Road in Traverse City, Michigan.
The parcel offers room for potential expansion. The property is located at 2530 N Three Mile Road in Traverse City, Michigan.
Key Highlights
- 1,879‑square‑foot live‑work property
- Remodeled interior
- Can be used entirely for commercial or residential purposes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,124
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$402,480
$402.5K
Cap Rate 7%
$287,486
$287.5K
Cap Rate 9%
$223,600
$223.6K
Market Conditions
NOI Build-Up for 1,879 SF
Gross rent
$31.6K $16.80/SF
− Vacancy
−$4.7K −$2.52/SF
EGI
$26.8K $14.28/SF
− OpEx
−$6.7K −$3.57/SF
NOI
$20.1K $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%
$402,480
Cap Rate 7%
$287,486
Cap Rate 9%
$223,600
Alternative Uses
Best Use
Office B
$287.5K
$251.6K – $335.4K
NOI $20,124 @ 7.0% cap · market cap 3.38%
Second Best
Mixed Use
$229.0K
$200.4K – $267.2K
NOI $16,030 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$408.2K
$357.2K – $476.2K
NOI $28,573 @ 7.0% cap · market cap 4.80%
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
87
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Live-work space - The flexible layout can serve entirely as commercial space or as a residence.
Where is this live-work space located?
The property is located at 2530 N Three Mile Road Traverse City, MI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 1,879‑square‑foot live‑work property; Remodeled interior; Can be used entirely for commercial or residential purposes
