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    Traverse City Storage Condo Title is generated by Realmo AI

    3047 Man Cave Lane, Traverse City, MI 49685

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    For Sale
    $145,900

    Storage Condo - Traverse City, MI

    Property size:
    1,200 SF
    Price / SF:
    $121/SF
    Added:
    May 11, 2026
    Days on Market:
    6
    Last Refresh:
    May 16 at 12:06 pm

    Property Features for 3047 Man Cave Lane

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    1,200 SF

    Taxes and HOA fees

    Expense value
    358
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    2024
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Jennifer Kreta

    Listing agent Jennifer Kreta

    Listing office Key Realty One-TC 310 W. Front Street, Ste.310F, Traverse City, MI

    Listing date May 11, 2026

    MLS# 1944969 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Custom‑built, high‑quality Borkholder Craftsman commercial building with durable steel siding and real stone accents.
    • Fully insulated (Walls R‑19, Ceiling R‑50) and heated with a 45,000 BTU natural gas unit, making it ready for immediate use.
    • Includes a 12x12 insulated garage door with electric opener and a commercial front access door with keypad and security protection.
    • Features a full broadcast epoxy floor, interior walls covered with white finished steel, and attic access.
    • 200‑amp electrical service with full build out electric package and ceiling fans.
    • Concrete slab floor with pressure crack relief cuts and a 4‑foot apron.

    Overview

    This commercial building, located in Traverse City, MI, offers a unique ownership opportunity within the M-37 Round About Barns development. The Borkholder Craftsman building measures 30 feet wide by 40 feet long, with sidewalls 14 feet 4 inches tall. It features 5x6 spaced posts approximately 8 feet on center and trusses 4 feet on center. The construction includes Typar or similar Guard Wrap House Wrap, a 4 mil clear polyethylene vapor barrier, and additional 2-inch foam on the perimeter. The exterior boasts Kynar 500 Paint Upgrade with Exterior Premiere Steel Siding, 29G Ultra Rib Max with Wanes Coating, and real stone on the front. Interior walls are covered with white finished steel, and the unit includes attic access and full broadcast epoxy floors. A 12x12 high-quality, 2-inch thick R16.4 flat panel insulated door is equipped with an electric garage door opener, along with a commercial front access door with keypad access and Lockguard Security Protection. The concrete slab floor features pressure crack relief cuts and a full 4-foot owners apron. The building is fully insulated with R-19 walls and R-50 ceiling. It includes 200-amp electrical service with a full build out electric package and ceiling fans. Owner-managed utility meters are in place for gas and electric. The unit is fully constructed for heat with a 45,000 BTU natural gas hanging unit, exhaust, and thermostat installed. Garage door bollards are included.

    Financial Insights

    Value Estimation Calculated for Flex RnD

    Conservative
    $137.3K
    NOI $12,361 @ 9.00% cap · cautious / downside scenario
    Moderate
    $176.6K
    NOI $12,361 @ 7.00% cap · market / base-case scenario
    Aggressive
    $247.2K
    NOI $12,361 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Flex RnD

    Component $ $/SF
    Gross rent $20.4k $17.04
    − Vacancy −$1.4k −$1.19
    EGI $19.0k $15.85
    − OpEx −$6.7k −$5.55
    NOI $12.4k $10.30
    1,200 SF · lease $17.04/SF/yr · vacancy 7.00% · expense 35.00%

    Alternative Use Scenarios

    Best Use
    Flex RnD
    $176.6K
    $154.5K – $206.0K (±1% cap)
    NOI $12,361 @ 7.0% cap · market cap 8.47%
    Second Best
    Warehouse
    $136.4K
    $119.4K – $159.2K (±1% cap)
    NOI $9,550 @ 7.0% cap · market cap 6.55%
    Theoretical Best
    Office A
    $260.7K
    $228.1K – $304.1K (±1% cap)
    NOI $18,248 @ 7.0% cap · market cap 12.51%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Cousin Jenny's Cornish Pasties — 222 E State St Suite 102, Traverse City, MI 49684
    • Forrest, A Food Studio and Private Chef — 408 s union st, traverse city, mi 49684
    • Cordwood BBQ — 448 E Front St, Traverse City, MI 49686
    • Across the Board Provisions — 215 w eighth st apt b, traverse city, mi 49684
    • Guacamole Food Truck — 404 N Division St, Traverse City, MI 49684

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.6206
    Latitude
    44.7632

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    FAQs

    What type of property is this?
    Flex space - Commercial storage condo available in Traverse City, Michigan.
    Where is this flex space located?
    The property is located at 3047 Man Cave Lane Traverse City, MI.
    What is the asking price?
    The asking price for this property is $145,900.
    What are key features of this property?
    This property features: Custom‑built, high‑quality Borkholder Craftsman commercial building with durable steel siding and real stone accents.; Fully insulated (Walls R‑19, Ceiling R‑50) and heated with a 45,000 BTU natural gas unit, making it ready for immediate use.; **Includes a 12x12 insulated garage door with electric opener and a commercial front access door with keypad and security protection.**
    (231) 492-4062
    We can help!
    Listing Contact
    Jennifer Kreta
    Real Estate License ID: 6501421253
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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