Flex Space with Loading
New
For Sale
$1,200,000
3733 W Blair Townhall Road, Traverse City, MI 49685
COMMERCIAL - Traverse City, MI
Property Size12,020 SF
Lot Size2.38 Acres
Price / SF$99.83
Days on Market2
Property Features for 3733 W Blair Townhall Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial, Commercial
Parking features
Parking Lot
Exterior features
Block
Lot features
Freestanding
Directions
South side of Blair Townhall Rd east of M37.
Subdivision
Grand Traverse
Standard status
Active
Size
12,020 SF
Lot size
2.38 Acres
Taxes and HOA fees
Tax Description
COM NW SEC COR TH E 1214.89' TO POB TH S 660' TH E 165' TH N 660' TH W 165' TO POB W 33' ESMT SEC 21 T26N R11W
Legal Description
COM NW SEC COR TH E 1214.89' TO POB TH S 660' TH E 165' TH N 660' TH W 165' TO POB W 33' ESMT SEC 21 T26N R11W
Utilities
Water source
Private
Building Details
Building materials
Block
Roof type
Membrane
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
David Coonrod · License #6501426180
(231) 642-6300
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 2:06PM
MLS# 1949282
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 12,020-square-foot flex facility, built in 2001, occupies 2.38 acres in Blair Township. The block-constructed building includes 24-foot clear heights, a loading dock, receiving area, ample office space, and a 2,400-square-foot mezzanine. Efficient gas space heating and a membrane roof are also in place.
The property provides yard area and access for trucks or equipment. CM zoning, identified as Commercial Manufacturing, supports the property’s positioning for contractor operations, light manufacturing, warehousing, and service-trade uses. A parking lot and private water source serve the site.
The property provides yard area and access for trucks or equipment. CM zoning, identified as Commercial Manufacturing, supports the property’s positioning for contractor operations, light manufacturing, warehousing, and service-trade uses. A parking lot and private water source serve the site.
Key Highlights
- 12,020 square feet on 2.38 acres
- 24' clear heights for industrial operations
- 2,400 SF mezzanine plus ample office 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
$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
Office B
$1.84M
$1.61M – $2.15M
NOI $128,734 @ 7.0% cap · market cap 10.73%
Second Best
Flex RnD
$1.77M
$1.55M – $2.06M
NOI $123,814 @ 7.0% cap · market cap 10.32%
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 Office 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 - CM-zoned commercial manufacturing facility with office areas, truck access, and a membrane roof.
Where is this flex space located?
The property is located at 3733 W Blair Townhall Road 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 on 2.38 acres; 24' clear heights for industrial operations; 2,400 SF mezzanine plus ample office space
