Historic Office Suite with High
New
For Sale
$398,000
830 Cottageview Dr Ste 204 Traverse, Traverse City, MI 49684
Five private offices, reception space, and an open area support a flexible workplace layout.
Property Size1,731 SF
Days on Market3
Property Features for 830 Cottageview Dr Ste 204 Traverse
General Information
Standard status
Active
Size
1,731 SF
Class
B
Elevators
Yes
Property subtype
Multi Tenant Office
Additional Details
Floor
2
Amenities
shared kitchenette
grand balconies
exterior signage
shops and restaurants in lower level
Building Details
Building Size
1,731 SF
Year Built
1886
Listing Agency:
Coldwell Banker Commercial Schmidt Realtors
(231) 633-0432
Listed By:
Dan Stiebel · License #6506040160
(231) 633-0432
Source:
Thebrokerlist
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 4:39AM
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 Coldwell Banker Commercial Schmidt Realtors
Investment Insights
Based on property information with market context.
Office Suite 204 is located on the second floor of Building 50 at the Village of Grand Traverse Commons, a historic property built in 1886. The suite has two entrances, five individual offices, a reception area, and a large open section suitable for multiple workplace configurations. Thirteen-foot ceilings and 8-foot windows on both sides provide natural light, with views toward the front lawn and the rear of the building.
The suite includes access to a shared kitchenette equipped with a refrigerator, microwave, and coffee sink. Additional shared amenities include grand balconies, an elevator, two public restrooms, and parking. Exterior signage is available along Cottageview Drive. Shops and restaurants occupy the lower level of the building, adding on-site commercial activity within the Village community.
The suite includes access to a shared kitchenette equipped with a refrigerator, microwave, and coffee sink. Additional shared amenities include grand balconies, an elevator, two public restrooms, and parking. Exterior signage is available along Cottageview Drive. Shops and restaurants occupy the lower level of the building, adding on-site commercial activity within the Village community.
Key Highlights
- Five individual offices plus reception and a large open area
- 13' high ceilings and 8' tall windows on both sides of the suite
- Two entrances provide access to Office Suite 204
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
$18,539
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
4.66%
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%
$370,780
$370.8K
Cap Rate 7%
$264,843
$264.8K
Cap Rate 9%
$205,989
$206.0K
Market Conditions
NOI Build-Up for 1,731 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
$29.1K $16.80/SF
− Vacancy
−$4.4K −$2.52/SF
EGI
$24.7K $14.28/SF
− OpEx
−$6.2K −$3.57/SF
NOI
$18.5K $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%
$370,780
Cap Rate 7%
$264,843
Cap Rate 9%
$205,989
Alternative Uses
Best Use
Office B
$264.8K
$231.7K – $309.0K
NOI $18,539 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$376.0K
$329.0K – $438.7K
NOI $26,322 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
21
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Five private offices, reception space, and an open area support a flexible workplace layout.
Where is this office units located?
The property is located at 830 Cottageview Dr Ste 204 Traverse Traverse City, MI.
What is the asking price?
The asking price for this property is $398,000.
What are key features of this property?
This property features: Five individual offices plus reception and a large open area; 13' high ceilings and 8' tall windows on both sides of the suite; Two entrances provide access to Office Suite 204
