Flex Space with Overhead
For Sale
$199,000
3903 Blair Valley Road, Traverse City, MI 49685
Commercial, Traverse City, MI
Property Size1,175 SF
Lot Size2.77 Acres
Price / SF$169.36
Days on Market48
Property Features for 3903 Blair Valley Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial, Office, Retail, Commercial, Manufacture/Warehouse, Restaurant/Food
Parking features
Parking Lot
Exterior features
Vinyl, Wood, Steel
Lot features
Business Park
Directions
Off of 37/31 S., on the East side, behind Mancino's. Turn on Blair Valley Road to the East, across 37/31 S., from The Pit Spitters Entrance.
Subdivision
Grand Traverse
Standard status
Active
Size
1,175 SF
Lot size
2.77 Acres
Taxes and HOA fees
Tax Description
BLAIR VALLEY CONDOMINIUM UNIT 10 MASTER DEED 2020C-0000 2, AMEND #1 2021C-00067 AMEND #2 2022C-00010 UNITS 8 THROUGH T 14 ADDED FROM 164-000-00
Legal Description
BLAIR VALLEY CONDOMINIUM UNIT 10 MASTER DEED 2020C-0000 2, AMEND #1 2021C-00067 AMEND #2 2022C-00010 UNITS 8 THROUGH T 14 ADDED FROM 164-000-00
Building Details
Building materials
Frame
Roof type
Metal, Asphalt
Listing Agency:
REMAX Bayshore - West Shore Dr TC · RE/MAX International
(231) 941-4500
Listed By:
BJ Brick · License #6501378609
(231) 883-7570
Added: Jul 16
Changed: Aug 19
Last Checked: Sep 1 at 6:06AM
MLS# 1948104
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 flex-space condominium contains 1,175 square feet within the Blair Valley Business Center. Constructed in 2021, the unit features 16-foot ceilings, a 14-foot overhead door, an exterior entrance, and a half bath. Interior and exterior materials include vinyl, wood, and steel, with a metal roof, slab foundation, and natural gas/electric heat. Municipal water and sewer serve the property.
The property sits one block from US-31 South in Traverse City, with Chums Corner, the airport, and downtown identified as nearby destinations. Shared paved parking is provided. The stated zoning supports industrial, office, commercial, warehouse, and restaurant/food uses, giving the space a broad range of documented applications.
The property sits one block from US-31 South in Traverse City, with Chums Corner, the airport, and downtown identified as nearby destinations. Shared paved parking is provided. The stated zoning supports industrial, office, commercial, warehouse, and restaurant/food uses, giving the space a broad range of documented applications.
Key Highlights
- 1,175‑square‑foot flex‑space condominium built in 2021
- 16‑foot ceiling height and 14‑foot overhead door
- Zoning allows industrial, office, commercial, warehouse, and restaurant/food uses
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
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
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 - Adaptable commercial condo with high ceilings, dedicated loading access, and shared paved parking.
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‑square‑foot flex‑space condominium built in 2021; 16‑foot ceiling height and 14‑foot overhead door; Zoning allows industrial, office, commercial, warehouse, and restaurant/food uses
