Office Suite with
For Sale
Contact for pricing
808 S Garfield Avenue, Traverse City, MI 49686
The layout includes a separate entry, reception space, two offices, a restroom, and a coffee area.
Property Size733 SF
Price / SF$1.36
Days on Market26
Property Features for 808 S Garfield Avenue
General Information
Standard status
Active
Size
733 SF
Property subtype
Commercial
Additional Details
Condition
Move-in Ready
Office Units
1
Property Use
Office
Amenities
professional on-site management
signage
Building Details
Year Built
1978
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Source:
Goodhomemi
Added: Oct 12
Changed: Nov 5
Last Checked: Nov 5 at 7:45AM
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 Three West, LLC
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Investment Insights
Based on property information with market context.
This 733-square-foot office unit is arranged with a reception area, two offices, a restroom, and a coffee area. A 256-square-foot office occupies the upper-level loft, and the suite has its own entrance. The property was built in 1978 and is part of the Garfield Courts office complex, which has professional on-site management.
The suite is at 808 S Garfield Avenue in Traverse City, with parking available on site. Signage near the entrance may be visible from Garfield Avenue. The gross lease covers charges other than phone, internet, and janitorial service.
The suite is at 808 S Garfield Avenue in Traverse City, with parking available on site. Signage near the entrance may be visible from Garfield Avenue. The gross lease covers charges other than phone, internet, and janitorial service.
Key Highlights
- 733‑square‑foot office suite with a 256‑square‑foot upper‑level loft office
- Private entry, reception area, two offices, restroom, and coffee area
- Gross lease excludes phone, internet, and janitorial service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,850
Suggested Prices Based on Cap Rates
Cap Rate 5%
$157,000
$157.0K
Cap Rate 7%
$112,143
$112.1K
Cap Rate 9%
$87,222
$87.2K
Market Conditions
NOI Build-Up for 733 SF
Gross rent
$12.3K $16.80/SF
− Vacancy
−$1.8K −$2.52/SF
EGI
$10.5K $14.28/SF
− OpEx
−$2.6K −$3.57/SF
NOI
$7.9K $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%
$157,000
Cap Rate 7%
$112,143
Cap Rate 9%
$87,222
Alternative Uses
Best Use
Office B
$112.1K
$98.1K – $130.8K
NOI $7,850 @ 7.0% cap · market cap 788.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$159.2K
$139.3K – $185.8K
NOI $11,146 @ 7.0% cap · market cap 1,120.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - The layout includes a separate entry, reception space, two offices, a restroom, and a coffee area.
Where is this office unit located?
The property is located at 808 S Garfield Avenue Traverse City, MI.
What are key features of this property?
This property features: 733‑square‑foot office suite with a 256‑square‑foot upper‑level loft office; Private entry, reception area, two offices, restroom, and coffee area; Gross lease excludes phone, internet, and janitorial service
