Industrial Flex Warehouse
For Sale
$199,000
3903 Blair Valley Road, Traverse City, MI 49685
Flex warehouse condo with 16-foot ceilings, a 14-foot overhead door, and a half bath in a shared parking setting.
Property Size1,175 SF
Price / SF$169.36
Days on Market58
Property Features for 3903 Blair Valley Road
General Information
Standard status
Active
Size
1,175 SF
Property subtype
Mixed Use
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Additional Details
Utilities to Site
Yes
Amenities
Electric
3
Metal, Asphalt
Parking.
Shared Driveway, Paved Driveway, Lot.
Overhead Doors. Business Park, Public Roads.
Building Details
Year Built
2021
Listing Agency:
REMAX Bayshore - West Shore Dr TC
(231) 883-7570
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Source:
Xome
Added: Jun 25
Changed: Aug 12
Last Checked: Aug 20 at 5:33AM
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 REMAX Bayshore - West Shore Dr TC
Investment Insights
Based on property information with market context.
This 1,175-square-foot flex warehouse condo built in 2021 offers clean, adaptable space with 16-foot ceilings. The unit includes a 14-foot overhead door and a half bath, with durable vinyl, wood, and steel construction and metal roofing. It is supported by a slab foundation and features an exterior entrance.
The property is located in the Blair Valley Business Center, one block off US-31 South. Paved common parking is provided, and municipal water and sewer services are available, with natural gas/electric heat.
Zoning allows industrial, office, commercial, warehouse, and restaurant/food uses, supporting a range of flexible occupancy needs within the business center setting.
The property is located in the Blair Valley Business Center, one block off US-31 South. Paved common parking is provided, and municipal water and sewer services are available, with natural gas/electric heat.
Zoning allows industrial, office, commercial, warehouse, and restaurant/food uses, supporting a range of flexible occupancy needs within the business center setting.
Key Highlights
- 1,175 sq ft flex commercial condo built in 2021 in the Blair Valley Business Center
- 16‑ft ceilings with a 14‑ft overhead door for warehouse and light industrial use
- Half bath and slab foundation with an exterior entrance
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
$12,103
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
6.08%
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%
$242,060
$242.1K
Cap Rate 7%
$172,900
$172.9K
Cap Rate 9%
$134,478
$134.5K
Market Conditions
NOI Build-Up for 1,175 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
$20.0K $17.04/SF
− Vacancy
−$1.4K −$1.19/SF
EGI
$18.6K $15.85/SF
− OpEx
−$6.5K −$5.55/SF
NOI
$12.1K $10.30/SF
Area
Grand Traverse County, MI
Vacancy
7.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
35.00%
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%
$242,060
Cap Rate 7%
$172,900
Cap Rate 9%
$134,478
Alternative Uses
Best Use
Flex RnD
$172.9K
$151.3K – $201.7K
NOI $12,103 @ 7.0% cap · market cap 6.08%
Second Best
Warehouse
$133.6K
$116.9K – $155.9K
NOI $9,351 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$255.3K
$223.4K – $297.8K
NOI $17,868 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
255
Businesses Nearby
Balanced
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 - Flex warehouse condo with 16-foot ceilings, a 14-foot overhead door, and a half bath in a shared parking setting.
Where is this flex space located?
The property is located at 3903 Blair Valley Road Traverse City, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,175 sq ft flex commercial condo built in 2021 in the Blair Valley Business Center; 16‑ft ceilings with a 14‑ft overhead door for warehouse and light industrial use; Half bath and slab foundation with an exterior entrance
