Flex Space with Natural Gas
For Sale
$145,900
3047 Man Cave Lane, Traverse City, MI 49685
COMMERCIAL - Traverse City, MI
Property Size1,200 SF
Price / SF$121.58
Days on Market103
Property Features for 3047 Man Cave Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Assigned
Exterior features
Steel
Lot features
Corner Lot
Directions
7 miles south of Traverse City on M-37, or 2 miles south of Chum's Corners. Located at the second roundabout coming from Traverse City. Property is on the south/east side of the road on the corner of M-37 and W Blair Townhall Rd.
Subdivision
Grand Traverse
Standard status
Active
Size
1,200 SF
Taxes and HOA fees
HOA Fee
$358 Annually
Amenities
ceiling fans
garage door opener
keypad access
Lockguard Security Protection
Building Details
Building materials
Steel, Under Construction
Roof type
Metal
Listing Agency:
Key Realty One-TC
(231) 559-0351
Listed By:
Jennifer Kreta · License #6501421253
(231) 492-4062
Added: May 11
Changed: Aug 4
Last Checked: Aug 21 at 12:06AM
MLS# 1944969
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.
Investment Insights
Based on property information with market context.
Steel flex space under construction featuring a concrete slab floor with pressure crack relief cuts and full 4-foot owners aprons. The building is described as a Borkholder Craftsman with custom truss construction, measuring 30' wide by 40' long with 14' 4" tall sidewalls. Sidewalls are noted as 5x6 spaced at 8' o.c., with endwell posts approximately 8' o.c., and 4 o.c. 4/12 60 GS trusses with ceiling load.
The enclosure includes Typar or similar guard wrap, house wrap, and a 4 mil clear polyethylene vapor barrier with additional 2-inch foam on the perimeter. Exterior materials include Kynar 500 paint upgrade with exterior premiere steel siding and 29G Ultra Rib Max with wanes coating. Interior walls are described as finished white steel, with attic access, fully insulated construction (walls R-19 and ceiling R-50), and full broadcast epoxy floors.
For access and operations, the property includes a 12x12, 2-inch thick R16.4 flat panel insulated door with an electric garage door opener, plus one commercial front access door with keypad access and Lockguard security protection. Electrical is noted as a 200-amp electrical service with a full built-out electric package and ceiling fans, with owner-managed utility meters (gas and electric). Heat is described as installed with a 45,000 BTU natural gas hanging unit, along with exhaust and a thermostat. Assigned parking is listed, and the property is located at 3047 Man Cave Lane in Traverse City, Michigan (Grand Traverse County).
The enclosure includes Typar or similar guard wrap, house wrap, and a 4 mil clear polyethylene vapor barrier with additional 2-inch foam on the perimeter. Exterior materials include Kynar 500 paint upgrade with exterior premiere steel siding and 29G Ultra Rib Max with wanes coating. Interior walls are described as finished white steel, with attic access, fully insulated construction (walls R-19 and ceiling R-50), and full broadcast epoxy floors.
For access and operations, the property includes a 12x12, 2-inch thick R16.4 flat panel insulated door with an electric garage door opener, plus one commercial front access door with keypad access and Lockguard security protection. Electrical is noted as a 200-amp electrical service with a full built-out electric package and ceiling fans, with owner-managed utility meters (gas and electric). Heat is described as installed with a 45,000 BTU natural gas hanging unit, along with exhaust and a thermostat. Assigned parking is listed, and the property is located at 3047 Man Cave Lane in Traverse City, Michigan (Grand Traverse County).
Key Highlights
- Steel flex space under construction with metal roof and broadcast epoxy floors
- Approximately 30' wide by 40' long with 14' 4" tall sidewalls
- Fully insulated: walls R‑19 and ceiling R‑50 with Typar/house wrap and 4 mil vapor barrier
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,361
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$247,220
$247.2K
Cap Rate 7%
$176,586
$176.6K
Cap Rate 9%
$137,344
$137.3K
Market Conditions
NOI Build-Up for 1,200 SF
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.
Gross rent
$20.4K $17.04/SF
− Vacancy
−$1.4K −$1.19/SF
EGI
$19.0K $15.85/SF
− OpEx
−$6.7K −$5.55/SF
NOI
$12.4K $10.30/SF
Area
Grand Traverse County, MI
Vacancy
7.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$247,220
Cap Rate 7%
$176,586
Cap Rate 9%
$137,344
Alternative Uses
Best Use
Flex RnD
$176.6K
$154.5K – $206.0K
NOI $12,361 @ 7.0% cap · market cap 8.47%
Second Best
Industrial
$99.9K
$87.4K – $116.6K
NOI $6,993 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$260.7K
$228.1K – $304.1K
NOI $18,248 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Steel flex space with epoxy floors, R-19 walls, R-50 ceiling, and natural gas heating.
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: Steel flex space under construction with metal roof and broadcast epoxy floors; Approximately 30' wide by 40' long with 14' 4" tall sidewalls; Fully insulated: walls R‑19 and ceiling R‑50 with Typar/house wrap and 4 mil vapor barrier
