Office and Warehouse Mixed-Use
811 Lake, Traverse City, MI 49684
For Sale
$395,000
Three adjoining parcels combine office and warehouse space under R-3 zoning.
Property Size2,275 SF
Price / SF$173.63
Days on Market92
Property Features for 811 Lake
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Office Build-Out
Property Use
Building Details
Year Built
Listing Agency:
Charlevoix Properties
Listed By:
Gary Strange
(231) 536-3300
Source:
Jabachler
Added: Aug 13
Changed: Nov 11
Last Checked: Nov 12 at 1:07AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The offering comprises three contiguous properties with more than 9,000 square feet of warehouse area and 2,275 square feet of office space. One building measures 60X80 and includes 4,800 sq. ft. of storage. The combined site exceeds 38,000 sq. ft., just under one acre, and is zoned R-3. The properties have supported commercial, office, and warehouse uses over time.
A walking trail runs along the southern boundary, with Boardman Lake nearby. The eastern boundary adjoins land owned by MDOT and the City of Traverse City. Downtown Traverse City is described as a short walk from the properties.
A walking trail runs along the southern boundary, with Boardman Lake nearby. The eastern boundary adjoins land owned by MDOT and the City of Traverse City. Downtown Traverse City is described as a short walk from the properties.
Key Highlights
- Three contiguous properties offered together
- Over 9,000 sq ft of warehouse space
- 2,275 sq ft of office space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,409
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,180
$388.2K
Cap Rate 7%
$277,271
$277.3K
Cap Rate 9%
$215,656
$215.7K
Market Conditions
NOI Build-Up for 2,275 SF
Gross rent
$34.1K $15.00/SF
− Vacancy
−$3.1K −$1.35/SF
EGI
$31.1K $13.65/SF
− OpEx
−$11.6K −$5.12/SF
NOI
$19.4K $8.53/SF
Area
Grand Traverse County, MI
Vacancy
9.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,180
Cap Rate 7%
$277,271
Cap Rate 9%
$215,656
Alternative Uses
Best Use
Mixed Use
$277.3K
$242.6K – $323.5K
NOI $19,409 @ 7.0% cap · market cap 4.91%
Second Best
Warehouse
$258.6K
$226.3K – $301.8K
NOI $18,105 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$494.2K
$432.4K – $576.6K
NOI $34,595 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
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
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three adjoining parcels combine office and warehouse space under R-3 zoning.
Where is this mixed-use property located?
The property is located at 811 Lake 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 contiguous properties offered together; Over 9,000 sq ft of warehouse space; 2,275 sq ft of office space
