Contiguous Flex Space
For Sale
$495,000
Pending
807 Lake Avenue, Traverse City, MI 49684
Three adjoining buildings combine warehouse, office, and storage space with flexible commercial use potential.
Property Size4,927 SF
Days on Market54
Property Features for 807 Lake Avenue
General Information
Standard status
Pending
Size
4,927 SF
Property subtype
Multi Family
Zoning
R-3
Additional Details
Office Build-Out
2,275 SF
Building Details
Building Size
4,927 SF
Year Built
1985
Buildings
3
Listing Agency:
Charlevoix Properties
Listed By:
Gary Strange
(231) 536-3300
Source:
Themittengroup
Added: Aug 13
Changed: Sep 21
Last Checked: Oct 4 at 5:16PM
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 includes three contiguous properties with a combined mix of commercial, professional office, warehouse, and storage improvements. The portfolio provides over 9,000 sq ft of warehouse area, 2,275 sq ft of office space, and more than 38,000 sq ft of property across nearly one acre. A 60-by-80-foot building contains 4,800 sq. ft. of storage space. The improvements date to 1985, and the properties are zoned R-3.
The site adjoins property owned by MDOT and the City of Traverse City, creating an open area extending toward Boardman Lake. A walking trail borders the southern boundary, while downtown Traverse City is within a short walk. The property has a bikeScore of 93 and a walkScore of 80.
The three-building configuration supports continued commercial use, professional offices, warehouse operations, or separately occupied units, subject to applicable zoning and approvals.
The site adjoins property owned by MDOT and the City of Traverse City, creating an open area extending toward Boardman Lake. A walking trail borders the southern boundary, while downtown Traverse City is within a short walk. The property has a bikeScore of 93 and a walkScore of 80.
The three-building configuration supports continued commercial use, professional offices, warehouse operations, or separately occupied units, subject to applicable zoning and approvals.
Key Highlights
- Three contiguous properties with over 38,000 sq ft of property, totaling just under 1 full acre
- 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
$39,209
Cap Rate
7.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$784,180
$784.2K
Cap Rate 7%
$560,129
$560.1K
Cap Rate 9%
$435,656
$435.7K
Market Conditions
NOI Build-Up for 4,927 SF
Gross rent
$49.1K $9.96/SF
− Vacancy
−$2.9K −$0.60/SF
EGI
$46.1K $9.36/SF
− OpEx
−$6.9K −$1.40/SF
NOI
$39.2K $7.96/SF
Area
Grand Traverse County, MI
Vacancy
6.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$784,180
Cap Rate 7%
$560,129
Cap Rate 9%
$435,656
Alternative Uses
Best Use
Office B
$753.8K
$659.6K – $879.5K
NOI $52,768 @ 7.0% cap · market cap 10.66%
Second Best
Flex RnD
$725.0K
$634.4K – $845.9K
NOI $50,751 @ 7.0% cap · market cap 10.25%
Theoretical Best
Office A
$1.07M
$936.5K – $1.25M
NOI $74,922 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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 buildings combine warehouse, office, and storage space with flexible commercial use potential.
Where is this flex space located?
The property is located at 807 Lake Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Three contiguous properties with over 38,000 sq ft of property, totaling just under 1 full acre; 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
