Medical Office Suite with
For Sale
$448,000
830-204 Cottageview Dr, Traverse City, MI 49684
Suite features two entrances, seven offices, and an open area with high ceilings and transom windows.
Property Size1,743 SF
Price / SF$257.03
Days on Market435
Property Features for 830-204 Cottageview Dr
General Information
Standard status
Active
Size
1,743 SF
Property subtype
Office
Amenities
Central Air, Electric
3
Asphalt
Parking.
Paved Driveway, Shared Driveway, Lot.
Building Details
Year Built
1886
Listing Agency:
Union St Tc
(231) 288-7676
Listed By:
Remax Bayshore
Source:
Xome
Added: Jun 4, 2025
Changed: Aug 8
Last Checked: Aug 12 at 4:07AM
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 Union St Tc
Investment Insights
Based on property information with market context.
Grand Traverse Commons offers an office suite in a historic building with two entrances and a flexible layout. The unit includes seven individual offices plus a large open area suitable for a variety of office configurations. Interior highlights include 8’ high transom windows for natural light, 13’ high ceilings, and original maple floors.
The suite overlooks the historic front lawn and the back of the building. Building amenities include elevator access, two public restrooms, and a large common area balcony. Exterior signage is available along Cottageview Drive, and free permitted parking is provided.
Unit 204 is currently leased to ATI Physical Therapy through October 31, 2025.
The suite overlooks the historic front lawn and the back of the building. Building amenities include elevator access, two public restrooms, and a large common area balcony. Exterior signage is available along Cottageview Drive, and free permitted parking is provided.
Unit 204 is currently leased to ATI Physical Therapy through October 31, 2025.
Key Highlights
- Office suite in historic building (built 1886) with two entrances, seven individual offices, and a large open area
- 13’ high ceilings with original maple floors plus 8’ high transom windows for natural light
- Exterior signage along Cottageview Drive and elevator access
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
$24,918
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
5.56%
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%
$498,360
$498.4K
Cap Rate 7%
$355,971
$356.0K
Cap Rate 9%
$276,867
$276.9K
Market Conditions
NOI Build-Up for 1,743 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
$45.4K $26.04/SF
− Vacancy
−$3.9K −$2.21/SF
EGI
$41.5K $23.83/SF
− OpEx
−$16.6K −$9.53/SF
NOI
$24.9K $14.30/SF
Area
Grand Traverse County, MI
Vacancy
8.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$498,360
Cap Rate 7%
$355,971
Cap Rate 9%
$276,867
Alternative Uses
Best Use
Healthcare Medical
$356.0K
$311.5K – $415.3K
NOI $24,918 @ 7.0% cap · market cap 5.56%
Second Best
Office B
$266.7K
$233.4K – $311.1K
NOI $18,668 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$378.6K
$331.3K – $441.8K
NOI $26,505 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,399
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Suite features two entrances, seven offices, and an open area with high ceilings and transom windows.
Where is this medical office space located?
The property is located at 830-204 Cottageview Dr Traverse City, MI.
What is the asking price?
The asking price for this property is $448,000.
What are key features of this property?
This property features: Office suite in historic building (built 1886) with two entrances, seven individual offices, and a large open area; 13’ high ceilings with original maple floors plus 8’ high transom windows for natural light; Exterior signage along Cottageview Drive and elevator access
