Flex Space with Secure
For Sale
$869,900
Pending
820 Duell Road, Traverse City, MI 49686
Commercial, Traverse City, MI
Property Size3,200 SF
Lot Size0.75 Acres
Days on Market102
Property Features for 820 Duell Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Industrial, Manufacture/Warehouse
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Parking features
Parking Lot
Exterior features
Brick, Steel
Lot features
Freestanding
Directions
GARFIELD TO DUELL RD JUST SOUTH OF AIRPORT RD.
Subdivision
Grand Traverse
Standard status
Pending
Size
5,632 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Description
PART OF SW 1/4 OF SW 1/4 SEC 13 T27N R11W COM 330' S & 856' E OF NW COR TH S 165' TH E 200' TH N 165' TH W 200' TO POB SEC 13 T27N R11W EXC RD R/W.
Legal Description
PART OF SW 1/4 OF SW 1/4 SEC 13 T27N R11W COM 330' S & 856' E OF NW COR TH S 165' TH E 200' TH N 165' TH W 200' TO POB SEC 13 T27N R11W EXC RD R/W.
Building Details
Building materials
Brick, Steel
Roof type
Composition, Asphalt
Listing Agency:
Five Star Real Estate - Front St TC
(231) 778-1200
Listed By:
Sam Abood · License #6504216686
(231) 218-5130
Added: May 29
Changed: Sep 6
Last Checked: Sep 7 at 1:06PM
MLS# 1945869
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 flex property at 820 Duell Road includes two commercial buildings totaling 5,632 square feet on 0.75 acres. The 2,432-square-foot office building is currently leased, while the 3,200-square-foot warehouse and shop provides a separate operational component. The shop is heated and includes an interior office, bathroom, four overhead doors, and a fenced yard for outdoor storage.
The property is located in Traverse City, Michigan, within Grand Traverse County. Building exteriors feature brick and steel, with composition and asphalt roofing. A parking lot serves the site, and the two-building layout provides a combination of office, shop, and secured outdoor storage functions.
The property is located in Traverse City, Michigan, within Grand Traverse County. Building exteriors feature brick and steel, with composition and asphalt roofing. A parking lot serves the site, and the two-building layout provides a combination of office, shop, and secured outdoor storage functions.
Key Highlights
- 5,632 SF across two commercial buildings on 0.75 acres
- 2,432 SF office building is currently leased
- 3,200 SF heated warehouse/shop building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$60,319
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,206,380
$1.2M
Cap Rate 7%
$861,700
$861.7K
Cap Rate 9%
$670,211
$670.2K
Market Conditions
NOI Build-Up for 5,632 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$94.6K $16.80/SF
− Vacancy
−$14.2K −$2.52/SF
EGI
$80.4K $14.28/SF
− OpEx
−$20.1K −$3.57/SF
NOI
$60.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,206,380
Cap Rate 7%
$861,700
Cap Rate 9%
$670,211
Alternative Uses
Best Use
Office B
$861.7K
$754.0K – $1.01M
NOI $60,319 @ 7.0% cap · market cap 6.93%
Second Best
Flex RnD
$828.8K
$725.2K – $966.9K
NOI $58,013 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,642 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- west bay catering — 767 A Duell Rd, Traverse City, MI 49686
Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property combines leased office space with a heated shop and fenced outdoor storage area.
Where is this flex space located?
The property is located at 820 Duell Road Traverse City, MI.
What is the asking price?
The asking price for this property is $869,900.
What are key features of this property?
This property features: 5,632 SF across two commercial buildings on 0.75 acres; 2,432 SF office building is currently leased; 3,200 SF heated warehouse/shop building
