Medical Office Suite with
830-204 Cottageview Drive Unit 204 Traverse City, MI 49684
830-204 Cottageview Drive Unit 204, Traverse City, MI, 49684
$448,000
For Sale
$448,000
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 Market439
Property Features for 830-204 Cottageview Drive Unit 204
General Information
- Standard status
- Active
- Size
- 1,743 SF
- Property subtype
- Office
Building Details
- Year Built
- 1886
Listing agency
Union St Tc
(231) 288-7676
Listed by
Remax Bayshore
Source
Xome
Added: May 11, 2025 Updated: Jul 22 at 3:51PM Checked: Jul 23 at 4:03AM
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
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.4k | $26.04 |
| − Vacancy | −$3.9k | −$2.21 |
| EGI | $41.5k | $23.83 |
| − OpEx | −$16.6k | −$9.53 |
| NOI | $24.9k | $14.30 |
1,743 SF · lease $26.04/SF/yr · vacancy 8.50% · expense 40.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Medical Office Space
Similar For Sale Nearby
Similar Off Market Nearby
- Omnivet Veterinary Urgent Care — 3960 W Royal Dr, Traverse City, MI 49684
- BayWest Animal Clinic — 435 Bay St, Traverse City, MI 49684
FAQs
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 Drive Unit 204 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
