Insulated Warehouse with Oversized
New
For Sale
$279,900
3070 Man Cave Lane, Traverse City, MI 49685
Commercial, Traverse City, MI
Property Size2,000 SF
Price / SF$139.95
Days on Market2
Property Features for 3070 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
2,000 SF
Taxes and HOA fees
Tax Description
M-37 ROUND ABOUT BARNS SITE CONDO UNIT 17 2022C-00014 MASTER DEED SPLIT/COMBINED ON 05/06/2022 FROM 02-021-006-01;
HOA Fee
$467 Annually
Legal Description
M-37 ROUND ABOUT BARNS SITE CONDO UNIT 17 2022C-00014 MASTER DEED SPLIT/COMBINED ON 05/06/2022 FROM 02-021-006-01;
Building Details
Building materials
Steel, Frame
Roof type
Metal
Listing Agency:
Key Realty One-TC
(231) 559-0351
Listed By:
Jennifer Kreta · License #6501421253
(231) 492-4062
Added: Oct 1
Last Checked: Oct 2 at 9:06AM
MLS# 1951153
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.
This 2,000-square-foot steel-sided warehouse measures 40 feet wide by 50 feet long, with 16-foot, 4-inch sidewalls. The building has a concrete slab floor, insulated walls rated R-19 and ceiling rated R-50, plus white finished steel on the interior walls. Two 12-by-14-foot insulated garage doors have electric openers; a separate commercial entry door includes keypad access and security protection. Door bollards and an owner’s apron around the building provide additional site features.
Electrical improvements include 200-amp service, ceiling fans, and a full electrical package. Natural gas service powers a 75,000 BTU hanging heater with exhaust and thermostat. Utility meters are managed by the owner. The metal roof and steel construction complete the building’s primary improvements.
Electrical improvements include 200-amp service, ceiling fans, and a full electrical package. Natural gas service powers a 75,000 BTU hanging heater with exhaust and thermostat. Utility meters are managed by the owner. The metal roof and steel construction complete the building’s primary improvements.
Key Highlights
- 2,000 square feet; 40 feet wide by 50 feet long
- 16‑foot, 4‑inch sidewalls; 5‑by‑6 posts spaced 8 feet on center
- Two 12‑by‑14‑foot insulated garage doors with electric openers
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
$15,916
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
5.69%
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%
$318,320
$318.3K
Cap Rate 7%
$227,371
$227.4K
Cap Rate 9%
$176,844
$176.8K
Market Conditions
NOI Build-Up for 2,000 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
$19.9K $9.96/SF
− Vacancy
−$1.2K −$0.60/SF
EGI
$18.7K $9.36/SF
− OpEx
−$2.8K −$1.40/SF
NOI
$15.9K $7.96/SF
Area
Grand Traverse County, MI
Vacancy
6.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$318,320
Cap Rate 7%
$227,371
Cap Rate 9%
$176,844
Alternative Uses
Best Use
Warehouse
$227.4K
$199.0K – $265.3K
NOI $15,916 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$434.5K
$380.2K – $506.9K
NOI $30,413 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
- M37 Round About Barns — 3067 Lucky Dog Lane, Blair Township, MI 49685
- Eastfield Storage South — 3767 Blair Townhall Rd, Traverse City, MI 49685
- Blair Self Storage — 2791 M-37 South, Traverse City, MI 49685
Frequently Asked Questions
What type of property is this?
Warehouse - A steel-framed commercial building offers dedicated electrical service, natural gas heat, and two powered garage doors.
Where is this warehouse located?
The property is located at 3070 Man Cave Lane Traverse City, MI.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 2,000 square feet; 40 feet wide by 50 feet long; 16‑foot, 4‑inch sidewalls; 5‑by‑6 posts spaced 8 feet on center; Two 12‑by‑14‑foot insulated garage doors with electric openers
