Business/Storage Flex
For Sale
$199,000
Pending
3903 Blair Valley Rd, Traverse City, MI 49685
Newer flex unit built in 2022 with a 12x14 door, finished half-bath, and steel interior walls.
Property Size1,175 SF
Days on Market146
Property Features for 3903 Blair Valley Rd
General Information
Standard status
Pending
Size
1,175 SF
Property subtype
Commercial
Building Details
Year Built
2021
Listing Agency:
REMAX Bayshore - West Shore Dr TC
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Source:
Vmrealestatemichigan
Added: Apr 23
Changed: Sep 9
Last Checked: Sep 15 at 12:07PM
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 newer business/storage flex unit was built in 2022 and is configured with a finished half-bath, extra electrical, and steel interior walls. The unit includes a 12 x 14 foot door and exterior finishes noted as vinyl siding with cedar trim.
The unit is located off 37/31 S. on the east side, behind Mancino’s, accessed via Blair Valley Road. It is described as about one block off 31/37 S and is reached from the Pit Spitters entrance.
Unit 12 is described as adaptable for various business needs in addition to storage, making it a practical option for operators looking for a small, improved workspace within a newer complex.
The unit is located off 37/31 S. on the east side, behind Mancino’s, accessed via Blair Valley Road. It is described as about one block off 31/37 S and is reached from the Pit Spitters entrance.
Unit 12 is described as adaptable for various business needs in addition to storage, making it a practical option for operators looking for a small, improved workspace within a newer complex.
Key Highlights
- Newer business/storage flex complex built in 2022
- Unit 12 includes a finished 1/2 bath
- Unit 12 has extra electrical and a 12 ft x 14 ft door
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
Industrial
$97.8K
$85.6K – $114.1K
NOI $6,847 @ 7.0% cap · market cap 3.44%
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
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Open Analytics
Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Newer flex unit built in 2022 with a 12x14 door, finished half-bath, and steel interior walls.
Where is this flex space located?
The property is located at 3903 Blair Valley Rd 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: Newer business/storage flex complex built in 2022; Unit 12 includes a finished 1/2 bath; Unit 12 has extra electrical and a 12 ft x 14 ft door
