Updated Office Suite with
For Sale
$599,000
830102 Cottageview Drive, Traverse City, MI 49684
Move-in ready office suite with seven private offices, reception, conference room, and a kitchenette.
Property Size2,703 SF
Price / SF$221.61
Days on Market395
Property Features for 830102 Cottageview Drive
General Information
Standard status
Active
Size
2,703 SF
Property subtype
Office
Additional Details
Furnished
Yes
Amenities
free onsite parking
Central Air, Electric
3
Asphalt
Parking.
Shared Driveway, Paved Driveway, Lot.
183x93 - see documents
Business Park, Close To Shops, Asphalt.
Building Details
Year Built
1886
Year Renovated
2022
Listing Agency:
Wentworth Real Estate Group
(231) 218-9810
Listed By:
Shelby Newhouse
(231) 218-9810
Source:
Xome
Added: Jul 26, 2025
Changed: Aug 12
Last Checked: Aug 23 at 3:23AM
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 Wentworth Real Estate Group
Investment Insights
Based on property information with market context.
This updated office suite is move-in ready and designed for functional day-to-day operations. The layout includes seven private offices, a large open bull-pen area with new cubicles and stand-up desks, a conference room, a reception area, and a kitchenette. Updates since 2022 include new carpet, refinished hardwood floors, fresh paint throughout, a new dishwasher, and all-new cubicle systems and furniture. Large 8-foot windows provide abundant natural light.
The suite is located within Grand Traverse Commons at 830–102 Cottageview Drive, Unit 102. Free onsite parking is available.
The space is currently configured with one tenant occupying only 400 square feet, and it may offer flexibility for owner-users or investors. HOA regulations state that residential use is only permitted on upper levels, and this space must remain commercial.
The suite is located within Grand Traverse Commons at 830–102 Cottageview Drive, Unit 102. Free onsite parking is available.
The space is currently configured with one tenant occupying only 400 square feet, and it may offer flexibility for owner-users or investors. HOA regulations state that residential use is only permitted on upper levels, and this space must remain commercial.
Key Highlights
- Move‑in ready commercial office suite in Grand Traverse Commons with 7 private offices, reception area, conference room, and kitchenette
- Updated since 2022 with new carpet, refinished hardwood floors, fresh paint, new dishwasher, and all‑new cubicle systems and furniture
- Large open bull‑pen area with new cubicles and stand‑up desks included
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
$28,949
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
4.83%
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%
$578,980
$579.0K
Cap Rate 7%
$413,557
$413.6K
Cap Rate 9%
$321,656
$321.7K
Market Conditions
NOI Build-Up for 2,703 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 $16.80/SF
− Vacancy
−$6.8K −$2.52/SF
EGI
$38.6K $14.28/SF
− OpEx
−$9.6K −$3.57/SF
NOI
$28.9K $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%
$578,980
Cap Rate 7%
$413,557
Cap Rate 9%
$321,656
Alternative Uses
Best Use
Office B
$413.6K
$361.9K – $482.5K
NOI $28,949 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.2K
$513.8K – $685.1K
NOI $41,103 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,494
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 - Move-in ready office suite with seven private offices, reception, conference room, and a kitchenette.
Where is this office units located?
The property is located at 830102 Cottageview Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Move‑in ready commercial office suite in Grand Traverse Commons with 7 private offices, reception area, conference room, and kitchenette; Updated since 2022 with new carpet, refinished hardwood floors, fresh paint, new dishwasher, and all‑new cubicle systems and furniture; Large open bull‑pen area with new cubicles and stand‑up desks included
