Single-Floor Office
5-920 S Garfield Ave Traverse City, MI 49686
5-920 S Garfield Ave, Traverse City, MI, 49686
$285,000
Pending
For Sale
$285,000
Pending
Single-floor office condominium offers private entrance, dedicated HVAC, seven offices, and on-site parking.
Property Size1,386 SF
Days on Market162
Property Features for 5-920 S Garfield Ave
General Information
- Standard status
- Pending
- Size
- 1,386 SF
Listing Agency
Spectra Real Estate LLC
(231) 649-2116
Listed by
Doug Meteyer · License #6504206525
(231) 649-2116
Source
Exprealty
Added: Feb 5 Checked: Jul 1 at 4:40 am
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 Spectra Real Estate LLC
Investment Insights
Based on property information with market context.
This quality-built, single-floor office condominium features a private entrance and a professionally finished interior designed for day-to-day office use. The suite includes dedicated HVAC, a reception area, seven private offices, and two rest rooms, along with partial basement space for additional storage.
Set within a wooded office park in Traverse City, the property is positioned away from downtown traffic while still providing convenient access for occupants and visitors. The building also offers plenty of on-site parking, supporting smooth arrival and employee convenience.
The layout is well-suited for professional services requiring multiple private offices and a reception area, with dedicated HVAC for tenant control and comfort. For buyers looking for an owner-occupied workspace or a managed office investment, the combination of private entry, dedicated mechanical systems, and on-site parking provides a practical, low-friction option for office operations.
Set within a wooded office park in Traverse City, the property is positioned away from downtown traffic while still providing convenient access for occupants and visitors. The building also offers plenty of on-site parking, supporting smooth arrival and employee convenience.
The layout is well-suited for professional services requiring multiple private offices and a reception area, with dedicated HVAC for tenant control and comfort. For buyers looking for an owner-occupied workspace or a managed office investment, the combination of private entry, dedicated mechanical systems, and on-site parking provides a practical, low-friction option for office operations.
Key Highlights
- Single‑floor office condominium with a private entrance
- Dedicated HVAC system
- Interior includes reception area, seven private offices, and 2 rest rooms
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $23.3k | $16.80 |
| − Vacancy | −$3.5k | −$2.52 |
| EGI | $19.8k | $14.28 |
| − OpEx | −$4.9k | −$3.57 |
| NOI | $14.8k | $10.71 |
1,386 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$212.1K
$185.6K – $247.4K
NOI $14,844 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$301.1K
$263.5K – $351.3K
NOI $21,076 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
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FAQs
What type of property is this?
Office units - Single-floor office condominium offers private entrance, dedicated HVAC, seven offices, and on-site parking.
Where is this office units located?
The property is located at 5-920 S Garfield Ave Traverse City, MI.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Single‑floor office condominium with a private entrance; Dedicated HVAC system; Interior includes reception area, seven private offices, and 2 rest rooms
