Single-Floor Office
For Sale
$675,000
920 S Garfield Avenue, Traverse City, MI 49686
Single-floor office condo with two adjoining units, private offices, conference room, reception, and basement storage.
Property Size3,294 SF
Price / SF$204.92
Days on Market201
Property Features for 920 S Garfield Avenue
General Information
Standard status
Active
Size
3,294 SF
Property subtype
Business Opportunities
Amenities
Central Air
3
Asphalt
Building Details
Year Built
1990
Listing Agency:
Spectra Real Estate LLC
(231) 649-2116
Listed By:
Doug Meteyer · License #6504206525
(231) 649-2116
Source:
Xome
Added: Feb 3
Changed: Aug 15
Last Checked: Aug 23 at 3:14AM
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 Spectra Real Estate LLC
Investment Insights
Based on property information with market context.
Quality-built, single-floor office condominium includes two adjoining units, each with its own HVAC. The layout offers several private offices, a conference room, a reception area, and an open office pool area.
The space includes four restrooms and additional basement storage. It is located in a wooded office park in Traverse City, positioned to avoid downtown traffic while providing on-site parking.
The space includes four restrooms and additional basement storage. It is located in a wooded office park in Traverse City, positioned to avoid downtown traffic while providing on-site parking.
Key Highlights
- Quality‑built single‑floor office condominium includes 2 adjoining units
- Each adjoining unit has its own HVAC, with central air and heating
- Floor plan features several private offices, a conference room, and a reception area
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
$35,279
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
5.23%
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%
$705,580
$705.6K
Cap Rate 7%
$503,986
$504.0K
Cap Rate 9%
$391,989
$392.0K
Market Conditions
NOI Build-Up for 3,294 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
$55.3K $16.80/SF
− Vacancy
−$8.3K −$2.52/SF
EGI
$47.0K $14.28/SF
− OpEx
−$11.8K −$3.57/SF
NOI
$35.3K $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%
$705,580
Cap Rate 7%
$503,986
Cap Rate 9%
$391,989
Alternative Uses
Best Use
Office B
$504.0K
$441.0K – $588.0K
NOI $35,279 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$715.6K
$626.1K – $834.8K
NOI $50,090 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
961
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Single-floor office condo with two adjoining units, private offices, conference room, reception, and basement storage.
Where is this office units located?
The property is located at 920 S Garfield Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Quality‑built single‑floor office condominium includes 2 adjoining units; Each adjoining unit has its own HVAC, with central air and heating; Floor plan features several private offices, a conference room, and a reception area
