Contiguous Flex Space
For Sale
Under Contract
$495,000
807 Lake Avenue, Traverse City, MI 49684
Multi-Family, 1 Story, Traverse City, MI
Property Size4,927 SF
Lot Size0.22 Acres
Price / SF$100.47
Days on Market54
Property Features for 807 Lake Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school district
Traverse City Area Public Schools
Middle school district
Traverse City Area Public Schools
High school district
Traverse City Area Public Schools
Directions
Cass Street to 11th Street, go east on 11th street one block and subject property is on the east side of road.
Subdivision
Grand Traverse
Standard status
Active Under Contract
Size
4,927 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
LOT 10 BLK 19 HANNAH LAY & CO'S 2ND ADD
Legal Description
LOT 10 BLK 19 HANNAH LAY & CO'S 2ND ADD
Building Details
Year built
1985
Floors in Building
1
Number of units
1
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Charlevoix Properties
Listed By:
Gary Strange
(231) 536-3300
Added: Aug 13
Changed: Sep 16
Last Checked: Oct 5 at 8:06PM
MLS# 1949270
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 offering includes three contiguous commercial properties at 807 Lake Avenue in Traverse City. The buildings have supported commercial, professional office, and warehouse uses over several decades, providing a mix of workspace and storage functionality. The improvements feature frame construction, asphalt roofing, and a 1985 build year. R-3 zoning is identified for the property.
A walking trail borders the southern boundary, with access toward Boardman Lake. The adjoining eastern property is owned by MDOT and the City of Traverse City and extends toward the lake. Downtown Traverse City is within walking distance, providing access to restaurants and shopping.
A walking trail borders the southern boundary, with access toward Boardman Lake. The adjoining eastern property is owned by MDOT and the City of Traverse City and extends toward the lake. Downtown Traverse City is within walking distance, providing access to restaurants and shopping.
Key Highlights
- Three individual commercial properties are contiguous at 807 Lake Avenue
- Prior uses include commercial, professional office, and warehouse operations
- R‑3 zoning is identified for the property
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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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
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- Cordwood BBQ — 448 E Front St, Traverse City, MI 49686
Frequently Asked Questions
What type of property is this?
Flex space - Three adjoining commercial properties support office, warehouse, and other flex-space configurations.
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 individual commercial properties are contiguous at 807 Lake Avenue; Prior uses include commercial, professional office, and warehouse operations; R‑3 zoning is identified for the property
