Contiguous Flex Space
For Sale
$595,000
Pending
723 Lake Avenue, Traverse City, MI 49684
Three adjoining commercial properties combine warehouse, office, and storage capabilities within an R-3 zoning framework.
Property Size4,800 SF
Days on Market54
Property Features for 723 Lake Avenue
General Information
Standard status
Pending
Size
4,800 SF
Property subtype
Multi Family
Zoning
R-3
Additional Details
Office Build-Out
2,275 SF
Building Details
Building Size
4,800 SF
Year Built
1970
Buildings
3
Listing Agency:
Charlevoix Properties
Listed By:
Gary Strange
(231) 536-3300
Source:
Themittengroup
Added: Aug 13
Changed: Sep 29
Last Checked: Oct 4 at 3:33PM
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 Charlevoix Properties
Investment Insights
Based on property information with market context.
This offering consists of three contiguous commercial properties with a combined mix of warehouse, office, and storage improvements. The assemblage includes over 9,000 square feet of warehouse area, 2,275 square feet of office space, and 4,800 square feet of storage within a 60-by-80-foot building. The properties have supported commercial, professional office, and warehouse functions, providing a varied existing configuration.
The site is located at 723 Lake Ave in Traverse City, with the southern boundary adjoining a walking trail and the eastern boundary next to land owned by MDOT and the City of Traverse City. The property is near Boardman Lake and within walking distance of downtown Traverse City. R-3 zoning is also identified for the site, adding a residential land-use consideration to the existing commercial improvements.
The site is located at 723 Lake Ave in Traverse City, with the southern boundary adjoining a walking trail and the eastern boundary next to land owned by MDOT and the City of Traverse City. The property is near Boardman Lake and within walking distance of downtown Traverse City. R-3 zoning is also identified for the site, adding a residential land-use consideration to the existing commercial improvements.
Key Highlights
- Three contiguous properties at 723 Lake Ave, Traverse City, MI 49684
- Over 9,000 sq ft of warehouse space and 2,275 sq ft of offices
- 4,800 sq. ft. of storage in a 60X80 building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,408
Cap Rate
8.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,028,160
$1.0M
Cap Rate 7%
$734,400
$734.4K
Cap Rate 9%
$571,200
$571.2K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$80.6K $16.80/SF
− Vacancy
−$12.1K −$2.52/SF
EGI
$68.5K $14.28/SF
− OpEx
−$17.1K −$3.57/SF
NOI
$51.4K $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%
$1,028,160
Cap Rate 7%
$734,400
Cap Rate 9%
$571,200
Alternative Uses
Best Use
Office B
$734.4K
$642.6K – $856.8K
NOI $51,408 @ 7.0% cap · market cap 8.64%
Second Best
Flex RnD
$706.3K
$618.0K – $824.1K
NOI $49,443 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$1.04M
$912.4K – $1.22M
NOI $72,991 @ 7.0% cap · market cap 12.27%
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
2,062
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Three adjoining commercial properties combine warehouse, office, and storage capabilities within an R-3 zoning framework.
Where is this flex space located?
The property is located at 723 Lake Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Three contiguous properties at 723 Lake Ave, Traverse City, MI 49684; Over 9,000 sq ft of warehouse space and 2,275 sq ft of offices; 4,800 sq. ft. of storage in a 60X80 building
