Office Condominium with
For Sale
$550,000
6-920 S Garfield Ave, Traverse City, MI 49686
A multi-room layout offers private offices, conference space, reception, an open work area, and on-site parking.
Property Size2,567 SF
Price / SF$214.26
Days on Market254
Property Features for 6-920 S Garfield Ave
General Information
Standard status
Active
Size
2,567 SF
Listing Agency:
Spectra Real Estate LLC
Listed By:
Doug Meteyer · License #6504206525
(231) 649-2116
Source:
Exprealty
Added: Feb 5
Changed: Oct 16
Last Checked: Oct 16 at 2:24PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,567-square-foot office condominium is arranged across a single floor and includes a full basement for storage. The interior features several private offices, a conference room, reception area, two restrooms, and an open office area. Individual HVAC serves the unit.
The property is located in a wooded office park in Traverse City, set away from downtown traffic. On-site parking is available.
The property is located in a wooded office park in Traverse City, set away from downtown traffic. On-site parking is available.
Key Highlights
- 2,567‑square‑foot office condominium
- Full basement provides storage space
- Several private offices, conference room, reception area, two restrooms, and open office area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,493
Cap Rate
5.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,860
$549.9K
Cap Rate 7%
$392,757
$392.8K
Cap Rate 9%
$305,478
$305.5K
Market Conditions
NOI Build-Up for 2,567 SF
Gross rent
$43.1K $16.80/SF
− Vacancy
−$6.5K −$2.52/SF
EGI
$36.7K $14.28/SF
− OpEx
−$9.2K −$3.57/SF
NOI
$27.5K $10.71/SF
Area
Grand Traverse County, MI
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,860
Cap Rate 7%
$392,757
Cap Rate 9%
$305,478
Alternative Uses
Best Use
Office B
$392.8K
$343.7K – $458.2K
NOI $27,493 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$557.6K
$487.9K – $650.6K
NOI $39,035 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
Explore this area
Business Placement
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office units - A multi-room layout offers private offices, conference space, reception, an open work area, and on-site parking.
Where is this office units located?
The property is located at 6-920 S Garfield Ave Traverse City, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,567‑square‑foot office condominium; Full basement provides storage space; Several private offices, conference room, reception area, two restrooms, and open office area
