Corner Office
For Sale
$349,900
3415 Veterans Drive, Traverse City, MI 49684
Office suite with reception, kitchen/breakroom, restroom, and a large open meeting room plus partial basement storage.
Property Size1,504 SF
Price / SF$232.65
Days on Market67
Property Features for 3415 Veterans Drive
General Information
Standard status
Active
Size
1,504 SF
Property subtype
General Commercial
Amenities
3
150 x 330
Building Details
Year Built
1980
Listing Agency:
Front St TC
(231) 778-1200
Listed By:
Five Star Real Estate
Source:
Xome
Added: Jun 16
Changed: Aug 19
Last Checked: Aug 20 at 5:28AM
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 Front St TC
Investment Insights
Based on property information with market context.
This corner office building includes a reception area off the foyer, an office, a kitchen/breakroom, a restroom, and a large open meeting room designed for collaboration or meetings. There is also a partial basement available for storage. The property is being sold as-is, with the building’s condition and systems conveyed without warranties.
The offering includes a large commercial corner parcel in Garfield Township, MI. The property is located at 3415 Veterans Drive, providing a dedicated site for an office use or related redevelopment consideration.
For tenants, buyers, or owner-operators seeking a straightforward small office configuration, the layout supports client-facing entry through the reception area and provides a separate meeting space for group discussions. The presence of a partial basement adds storage capacity for day-to-day operational needs. The listing also notes that the large lot’s highest and best use may be new development, which may appeal to buyers evaluating alternate uses for the site, in addition to continuing the office use.
The offering includes a large commercial corner parcel in Garfield Township, MI. The property is located at 3415 Veterans Drive, providing a dedicated site for an office use or related redevelopment consideration.
For tenants, buyers, or owner-operators seeking a straightforward small office configuration, the layout supports client-facing entry through the reception area and provides a separate meeting space for group discussions. The presence of a partial basement adds storage capacity for day-to-day operational needs. The listing also notes that the large lot’s highest and best use may be new development, which may appeal to buyers evaluating alternate uses for the site, in addition to continuing the office use.
Key Highlights
- Corner commercial parcel with an office building in Traverse City
- Office building offers 1,504 SF with a reception area off the foyer
- Interior includes an office area, kitchen/breakroom, restroom, and a large open meeting room
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
$16,108
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
4.60%
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%
$322,160
$322.2K
Cap Rate 7%
$230,114
$230.1K
Cap Rate 9%
$178,978
$179.0K
Market Conditions
NOI Build-Up for 1,504 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
$25.3K $16.80/SF
− Vacancy
−$3.8K −$2.52/SF
EGI
$21.5K $14.28/SF
− OpEx
−$5.4K −$3.57/SF
NOI
$16.1K $10.71/SF
Area
Grand Traverse County, MI
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$322,160
Cap Rate 7%
$230,114
Cap Rate 9%
$178,978
Alternative Uses
Best Use
Office B
$230.1K
$201.4K – $268.5K
NOI $16,108 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$326.7K
$285.9K – $381.2K
NOI $22,870 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office suite with reception, kitchen/breakroom, restroom, and a large open meeting room plus partial basement storage.
Where is this office building located?
The property is located at 3415 Veterans Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Corner commercial parcel with an office building in Traverse City; Office building offers 1,504 SF with a reception area off the foyer; Interior includes an office area, kitchen/breakroom, restroom, and a large open meeting room
