Corner Office Building with Meeting
For Sale
$349,900
3415 Veterans Drive, Traverse City, MI 49684
COMMERCIAL - Traverse City, MI
Property Size1,504 SF
Lot Size1.13 Acres
Price / SF$232.65
Days on Market64
Property Features for 3415 Veterans Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
Exterior features
Vinyl, Wood
Lot features
Corner Lot
Directions
Corner of Veterans Drive and Orthwoods.
Subdivision
Grand Traverse
Standard status
Active
Size
1,504 SF
Lot size
1.13 Acres
Taxes and HOA fees
Tax Description
PRT NE1/4 SE1/4 SEC 16 T27N R11W COM 372' S NE COR TH S 150' TH W 330' TH N 150' TH E 330' TO POB EXC RD R/W.
Legal Description
PRT NE1/4 SE1/4 SEC 16 T27N R11W COM 372' S NE COR TH S 150' TH W 330' TH N 150' TH E 330' TO POB EXC RD R/W.
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Five Star Real Estate - Front St TC
(231) 778-1200
Listed By:
Sam Abood · License #6504216686
(231) 218-5130
Added: Jun 18
Changed: Aug 4
Last Checked: Aug 20 at 11:06PM
MLS# 1946786
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 corner office building offers a reception area off the foyer, an office, a kitchen/breakroom, a restroom, and a large open meeting room. The property also includes a partial basement that provides additional storage. The building is being sold as-is.
The offering is a large corner parcel in Traverse City, Michigan, with a lot size of 1.13 acres. The property is listed for sale at 3415 Veterans Drive.
For tenants, owner-occupants, or buyers seeking a small office setup, the existing layout supports a front desk or reception function, private office use, and group meetings in a single open room. The partial basement storage can help accommodate files or operational items. Because the property is sold as-is, buyers should plan for their own due diligence regarding condition and any needed improvements, especially given the seller-stated former woodland office context and the possibility of alternative highest-and-best-use development.
The offering is a large corner parcel in Traverse City, Michigan, with a lot size of 1.13 acres. The property is listed for sale at 3415 Veterans Drive.
For tenants, owner-occupants, or buyers seeking a small office setup, the existing layout supports a front desk or reception function, private office use, and group meetings in a single open room. The partial basement storage can help accommodate files or operational items. Because the property is sold as-is, buyers should plan for their own due diligence regarding condition and any needed improvements, especially given the seller-stated former woodland office context and the possibility of alternative highest-and-best-use development.
Key Highlights
- Office building for sale with 1,504 SF and reception area off the foyer
- Layout includes office space, kitchen/breakroom, restroom, and a large open meeting room
- Partial basement provides storage space
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 - Corner office building includes a reception area, kitchen/breakroom, restroom, and large meeting space.
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: Office building for sale with 1,504 SF and reception area off the foyer; Layout includes office space, kitchen/breakroom, restroom, and a large open meeting room; Partial basement provides storage space
