Flex Building with Loading
For Sale
$725,000
2883 Aero Park Dr, Traverse City, MI 49686
Combined warehouse and office areas support distribution, light manufacturing, service operations, or business expansion.
Property Size10,480 SF
Price / SF$69.18
Days on Market131
Property Features for 2883 Aero Park Dr
General Information
Standard status
Active
Size
10,480 SF
Property subtype
Commercial
Building Details
Year Built
1995
Listing Agency:
Coldwell Banker Schmidt Traverse City
Listed By:
Daniel J Stiebel · License #6502352362
(231) 995-7644
Source:
Vmrealestatemichigan
Added: Jun 16
Changed: Oct 10
Last Checked: Oct 23 at 7:40AM
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 Coldwell Banker Schmidt Traverse City
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Investment Insights
Based on property information with market context.
Built in 1995, this 10,480-square-foot flex building combines warehouse and office components within Traverse City's Aero Park Industrial Park. The warehouse includes an indoor loading dock served by an overhead door, while the open floor area is arranged for pallet racking. A forklift may be included.
The office component provides 10 private offices, a large conference room, and a break room. The building also contains four bathrooms, including two multi-stall facilities, along with a dedicated shower and washer and dryer hookups. The configuration is suited to distributor, light manufacturing, service, and other businesses requiring office and warehouse functions in one facility.
The office component provides 10 private offices, a large conference room, and a break room. The building also contains four bathrooms, including two multi-stall facilities, along with a dedicated shower and washer and dryer hookups. The configuration is suited to distributor, light manufacturing, service, and other businesses requiring office and warehouse functions in one facility.
Key Highlights
- 10,480 SF flex building in Aero Park Industrial Park
- Indoor loading dock with overhead‑door access
- Warehouse floor configured for pallet racking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,072
Cap Rate
8.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,221,440
$1.2M
Cap Rate 7%
$872,457
$872.5K
Cap Rate 9%
$678,578
$678.6K
Market Conditions
NOI Build-Up for 10,480 SF
Gross rent
$94.3K $9.00/SF
− Vacancy
−$7.1K −$0.68/SF
EGI
$87.2K $8.33/SF
− OpEx
−$26.2K −$2.50/SF
NOI
$61.1K $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 Rate 5%
$1,221,440
Cap Rate 7%
$872,457
Cap Rate 9%
$678,578
Alternative Uses
Best Use
Office B
$1.60M
$1.40M – $1.87M
NOI $112,241 @ 7.0% cap · market cap 15.48%
Second Best
Flex RnD
$1.54M
$1.35M – $1.80M
NOI $107,951 @ 7.0% cap · market cap 14.89%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,363 @ 7.0% cap · market cap 21.98%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Balanced
Demand for This Use
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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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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Combined warehouse and office areas support distribution, light manufacturing, service operations, or business expansion.
Where is this flex space located?
The property is located at 2883 Aero Park Dr Traverse City, MI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 10,480 SF flex building in Aero Park Industrial Park; Indoor loading dock with overhead‑door access; Warehouse floor configured for pallet racking
