Office Condominium with Full
920 S Garfield Avenue, Traverse City, MI 49686
For Sale
$550,000
Commercial, Traverse City, MI
Property Size2,567 SF
Lot Size0.62 Acres
Price / SF$214.26
Days on Market279
Property Features for 920 S Garfield Avenue
General Information
Property type
Property subtype
Zoning description
Bathrooms
Full bathrooms
Rooms
Exterior features
Lot features
Directions
Subdivision
Standard status
Size
Lot size
Taxes and HOA fees
Tax Description
HOA Fee
Legal Description
Amenities
individual HVAC
private offices
conference room
reception area
open office pool area
full basement for storage
Building Details
Building materials
Roof type
Listing Agency:
Spectra Real Estate LLC
Listed By:
Doug Meteyer · License MI #6504206525
(231) 649-2116
Added: Feb 5
Changed: Oct 22
Last Checked: Nov 10 at 12:06PM
MLS# 1942100
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,567-square-foot office condominium is arranged on one level, with several private offices, a conference room, reception area and an open work area. Two restrooms and individual HVAC serve the suite, while a full basement provides additional storage space.
The property is within a wooded office park in Traverse City, set away from downtown traffic. On-site parking is available.
The property is within a wooded office park in Traverse City, set away from downtown traffic. On-site parking is available.
Key Highlights
- 2,567‑square‑foot office condominium
- Several private offices, conference room, reception area and open work area
- Individual HVAC and two restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,493
Cap Rate
5.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,860
$549.9K
Cap Rate 7%
$392,757
$392.8K
Cap Rate 9%
$305,478
$305.5K
Market Conditions
NOI Build-Up for 2,567 SF
Gross rent
$43.1K $16.80/SF
− Vacancy
−$6.5K −$2.52/SF
EGI
$36.7K $14.28/SF
− OpEx
−$9.2K −$3.57/SF
NOI
$27.5K $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 Rate 5%
$549,860
Cap Rate 7%
$392,757
Cap Rate 9%
$305,478
Alternative Uses
Best Use
Office B
$392.8K
$343.7K – $458.2K
NOI $27,493 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$557.6K
$487.9K – $650.6K
NOI $39,035 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open 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
$295,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Office Units in Traverse City, MI
Properties on Market for Office Units in Traverse City
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - A multi-room office suite includes private work areas, a conference room, reception space and two restrooms.
Where is this office unit 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 $550,000.
What are key features of this property?
This property features: 2,567‑square‑foot office condominium; Several private offices, conference room, reception area and open work area; Individual HVAC and two restrooms
