Flex Space with Loading
New
For Sale
$1,200,000
3733 Blair Townhall Rd, Traverse City, MI 49685
Light industrial facility with office areas, mezzanine space, truck access, and Commercial Manufacturing zoning.
Property Size12,020 SF
Lot Size2.38 Acres
Price / SF$99.83
Days on Market7
Property Features for 3733 Blair Townhall Rd
General Information
Standard status
Active
Size
12,020 SF
Class
Class C
Lot size
2.38 Acres
Property subtype
Commercial
Zoning
CM
Warehouse & Industrial
Clear Height
24 ft
Mezzanine
2,400 SF
Building Details
Year Built
2001
Buildings
1
Building Size
12,020 SF
Listing Agency:
Three West, LLC
(231) 642-6300
Listed By:
David Coonrod · License #6501426180
(231) 642-6300
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 20 at 10:49AM
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 Three West, LLC
Investment Insights
Based on property information with market context.
This flex space property includes 12,020 square feet within a light industrial building constructed in 2001. The facility offers 24-foot clear heights, gas space heating, a loading dock, receiving area, office space, and a 2,400-square-foot mezzanine. The building is situated on 2.38 acres and includes yard area with access for trucks and equipment.
Zoned CM (Commercial Manufacturing), the property is configured for practical industrial operations and includes the physical components needed for warehousing, light manufacturing, contractor use, and service-trade activities. Its layout combines functional work areas with office and receiving space in a single facility.
Zoned CM (Commercial Manufacturing), the property is configured for practical industrial operations and includes the physical components needed for warehousing, light manufacturing, contractor use, and service-trade activities. Its layout combines functional work areas with office and receiving space in a single facility.
Key Highlights
- 12,020 square feet of total building space on 2.38 acres
- 24‑foot clear heights with gas space heating
- Loading dock and dedicated receiving area
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
$95,656
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
7.97%
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%
$1,913,120
$1.9M
Cap Rate 7%
$1,366,514
$1.4M
Cap Rate 9%
$1,062,844
$1.1M
Market Conditions
NOI Build-Up for 12,020 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
$119.7K $9.96/SF
− Vacancy
−$7.2K −$0.60/SF
EGI
$112.5K $9.36/SF
− OpEx
−$16.9K −$1.40/SF
NOI
$95.7K $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%
$1,913,120
Cap Rate 7%
$1,366,514
Cap Rate 9%
$1,062,844
Alternative Uses
Best Use
Flex RnD
$1.77M
$1.55M – $2.06M
NOI $123,814 @ 7.0% cap · market cap 10.32%
Second Best
Warehouse
$1.37M
$1.20M – $1.59M
NOI $95,656 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$2.61M
$2.28M – $3.05M
NOI $182,781 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
Location Intelligence
Trade Area within ½ mile
50
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial facility with office areas, mezzanine space, truck access, and Commercial Manufacturing zoning.
Where is this flex space located?
The property is located at 3733 Blair Townhall Rd Traverse City, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 12,020 square feet of total building space on 2.38 acres; 24‑foot clear heights with gas space heating; Loading dock and dedicated receiving area
