Flex Space with Indoor Loading
For Sale
$725,000
2883 Aero Park, Traverse City, MI 49686
A mixed office and warehouse layout provides private work areas alongside an open floor suited to pallet racking.
Property Size10,480 SF
Price / SF$69.18
Days on Market138
Property Features for 2883 Aero Park
General Information
Standard status
Active
Size
10,480 SF
Property subtype
Commercial/Industrial
Zoning
Professional Office,Commercial,Industria
Additional Details
Property Use
Warehouse/Office
Amenities
conference room
break room
shower
washer/dryer hookups
Building Details
Year Built
1995
Buildings
1
Building Size
10,480 SF
Listed By:
J.A. BACHLER
(810) 765-8895
Source:
Jabachler
Added: Jun 15
Changed: Oct 30
Last Checked: Oct 30 at 2:10AM
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 J.A. BACHLER
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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 10,480-square-foot flex property combines warehouse and office areas. The warehouse has an indoor loading dock served by an overhead door, and its open floor area is configured for pallet racking. Forklift equipment may be included. The office component contains 10 private offices, a large conference room, and a break room. Four bathrooms, including two with multiple stalls, are complemented by a shower and washer and dryer hookups.
Built in 1995, the property is located in Traverse City’s Aero Park Industrial Park. Its zoning is listed as Professional Office, Commercial, and Industria.
Built in 1995, the property is located in Traverse City’s Aero Park Industrial Park. Its zoning is listed as Professional Office, Commercial, and Industria.
Key Highlights
- 10,480 SF flex building in Aero Park Industrial Park
- Indoor loading dock accessed through an overhead door
- Open warehouse floor configured for pallet racking; forklift may be included
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
Flex RnD
$1.54M
$1.35M – $1.80M
NOI $107,951 @ 7.0% cap · market cap 14.89%
Second Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,400 @ 7.0% cap · market cap 11.50%
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.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - A mixed office and warehouse layout provides private work areas alongside an open floor suited to pallet racking.
Where is this flex space located?
The property is located at 2883 Aero Park 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 accessed through an overhead door; Open warehouse floor configured for pallet racking; forklift may be included
