Office Unit Near TART
For Sale
$329,000
3819 Four Mile Road, Traverse City, MI 49696
Professional office condominium with high ceilings and convenient client access.
Property Size1,600 SF
Price / SF$205.63
Days on Market50
Property Features for 3819 Four Mile Road
General Information
Standard status
Active
Size
1,600 SF
Property subtype
General Commercial
Amenities
3
128x320
Building Details
Year Built
2003
Listing Agency:
REO-TCRandolph-233022
(231) 946-4040
Listed By:
Blake Bernard · License #T6501380347
Source:
Xome
Added: Jul 3
Changed: Aug 20
Last Checked: Aug 21 at 4:50AM
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 REO-TCRandolph-233022
Investment Insights
Based on property information with market context.
This 1,600-square-foot commercial condominium occupies space in a professional building constructed in 2003. The interior is exceptionally clean and features high ceilings, creating a well-presented setting for medical, professional, or other office uses.
The property is part of a small commercial complex on Traverse City’s east side with ample parking and straightforward access. It is positioned directly off the TART Trail and within minutes of the waterfront, providing convenient connectivity for clients and employees.
The property is part of a small commercial complex on Traverse City’s east side with ample parking and straightforward access. It is positioned directly off the TART Trail and within minutes of the waterfront, providing convenient connectivity for clients and employees.
Key Highlights
- 1,600 SF commercial condominium
- Built in 2003
- High ceilings and exceptionally clean office interior
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
$22,874
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
6.95%
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%
$457,480
$457.5K
Cap Rate 7%
$326,771
$326.8K
Cap Rate 9%
$254,156
$254.2K
Market Conditions
NOI Build-Up for 1,600 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
$41.7K $26.04/SF
− Vacancy
−$3.5K −$2.21/SF
EGI
$38.1K $23.83/SF
− OpEx
−$15.2K −$9.53/SF
NOI
$22.9K $14.30/SF
Area
Grand Traverse County, MI
Vacancy
8.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$457,480
Cap Rate 7%
$326,771
Cap Rate 9%
$254,156
Alternative Uses
Best Use
Healthcare Medical
$326.8K
$285.9K – $381.2K
NOI $22,874 @ 7.0% cap · market cap 6.95%
Second Best
Office B
$244.8K
$214.2K – $285.6K
NOI $17,136 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$347.6K
$304.1K – $405.5K
NOI $24,330 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
Explore this area
Business Placement
Demographics for 49696, MI
9,528
Population
5,005
Households
1.9
Avg Household Size
43
Median Age
41%
College-Educated
96%
High-School Grad
68.7 sq mi
ZIP Area
139
Density / Sq Mi
$96,138
Median Household Income
$46,893
Median Earnings
$1,309
Median Rent
$289,300
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 units - Professional office condominium with high ceilings and convenient client access.
Where is this office units located?
The property is located at 3819 Four Mile Road Traverse City, MI.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 1,600 SF commercial condominium; Built in 2003; High ceilings and exceptionally clean office interior
