Contiguous Flex Space
For Sale
$395,000
Pending
811 Lake Avenue, Traverse City, MI 49684
Three connected properties combine commercial office, warehouse, and storage configurations within an R-3 zoning district.
Property Size1,770 SF
Days on Market55
Property Features for 811 Lake Avenue
General Information
Standard status
Pending
Size
1,770 SF
Property subtype
Mixed Use
Building Details
Building Size
1,770 SF
Year Built
1985
Listing Agency:
Charlevoix Properties
Listed By:
Gary Strange
(231) 536-3300
Source:
Themittengroup
Added: Aug 13
Changed: Oct 4
Last Checked: Oct 5 at 10:10PM
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 comprises three individually deeded, contiguous properties with a combined mix of commercial, professional office, warehouse, and storage space. The improvements include over 9,000 square feet of warehouse area, 2,275 square feet of offices, and 4,800 square feet of storage within a 60-by-80-foot building. The properties date to 1985 and have supported commercial and office uses over several decades.
Located at 811 Lake Ave in Traverse City, the site totals over 38,000 square feet, or just under one acre. The eastern boundary adjoins property owned by MDOT and the City of Traverse City, while a walking trail runs along the southern boundary toward Boardman Lake. Downtown Traverse City is within walking distance, with restaurants and shopping nearby. The property is zoned R-3 and has a bike score of 69 and a walk score of 58.
Located at 811 Lake Ave in Traverse City, the site totals over 38,000 square feet, or just under one acre. The eastern boundary adjoins property owned by MDOT and the City of Traverse City, while a walking trail runs along the southern boundary toward Boardman Lake. Downtown Traverse City is within walking distance, with restaurants and shopping nearby. The property is zoned R-3 and has a bike score of 69 and a walk score of 58.
Key Highlights
- Three individually contiguous properties at 811 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
$18,957
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$379,140
$379.1K
Cap Rate 7%
$270,814
$270.8K
Cap Rate 9%
$210,633
$210.6K
Market Conditions
NOI Build-Up for 1,770 SF
Gross rent
$29.7K $16.80/SF
− Vacancy
−$4.5K −$2.52/SF
EGI
$25.3K $14.28/SF
− OpEx
−$6.3K −$3.57/SF
NOI
$19.0K $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%
$379,140
Cap Rate 7%
$270,814
Cap Rate 9%
$210,633
Alternative Uses
Best Use
Office B
$270.8K
$237.0K – $316.0K
NOI $18,957 @ 7.0% cap · market cap 4.80%
Second Best
Flex RnD
$260.5K
$227.9K – $303.9K
NOI $18,232 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$384.5K
$336.4K – $448.6K
NOI $26,915 @ 7.0% cap · market cap 6.81%
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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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 connected properties combine commercial office, warehouse, and storage configurations within an R-3 zoning district.
Where is this flex space located?
The property is located at 811 Lake Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three individually contiguous properties at 811 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
