Single-Floor Office Condo with
For Sale
$285,000
Pending
920 S Garfield Avenue, Traverse City, MI 49686
COMMERCIAL - Traverse City, MI
Property Size1,386 SF
Lot Size0.62 Acres
Days on Market200
Property Features for 920 S Garfield Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Planned Unit Development
Exterior features
Wood
Lot features
Business Park
Directions
West side of Garfield Avenue between Centre St. and Kinross St.
Subdivision
Grand Traverse
Standard status
Pending
Size
1,386 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Description
UNIT 5 - HERITAGE SQUARE CONDOMINIUM GTC CONDO SUB PLAN NO 50 0868-0382 MASTER DEED RECORDED DECEMBER 19, 1991
HOA Fee
$5,288 Annually
Legal Description
UNIT 5 - HERITAGE SQUARE CONDOMINIUM GTC CONDO SUB PLAN NO 50 0868-0382 MASTER DEED RECORDED DECEMBER 19, 1991
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Spectra Real Estate LLC
(231) 649-2116
Listed By:
Doug Meteyer · License #6504206525
(231) 649-2116
Added: Feb 5
Changed: Aug 4
Last Checked: Aug 24 at 5:06AM
MLS# 1942101
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.
Investment Insights
Based on property information with market context.
This single-floor office condominium is quality built and includes a private entrance. The interior is arranged with a reception area, seven private offices, and two restrooms, providing a functional layout for professional teams. Dedicated HVAC supports year-round comfort, and there is a partial basement that can be used for additional storage needs.
The property is located in a wooded office park in Traverse City, with convenient access while avoiding downtown traffic. The listing also notes ample onsite parking for visitors and staff.
For buyers or owner-operators seeking an efficient, move-in ready office configuration, the combination of dedicated HVAC, multiple enclosed offices, and an on-site reception area supports a range of office uses. The private entrance can be appealing for tenant privacy and day-to-day operations, while the partial basement adds practical space for items that do not need to be in the main work area.
The property is located in a wooded office park in Traverse City, with convenient access while avoiding downtown traffic. The listing also notes ample onsite parking for visitors and staff.
For buyers or owner-operators seeking an efficient, move-in ready office configuration, the combination of dedicated HVAC, multiple enclosed offices, and an on-site reception area supports a range of office uses. The private entrance can be appealing for tenant privacy and day-to-day operations, while the partial basement adds practical space for items that do not need to be in the main work area.
Key Highlights
- Single‑floor office condominium with a private entrance
- Dedicated HVAC, seven private offices, and a reception area
- Two restrooms 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
$14,844
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
5.21%
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%
$296,880
$296.9K
Cap Rate 7%
$212,057
$212.1K
Cap Rate 9%
$164,933
$164.9K
Market Conditions
NOI Build-Up for 1,386 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
$23.3K $16.80/SF
− Vacancy
−$3.5K −$2.52/SF
EGI
$19.8K $14.28/SF
− OpEx
−$4.9K −$3.57/SF
NOI
$14.8K $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%
$296,880
Cap Rate 7%
$212,057
Cap Rate 9%
$164,933
Alternative Uses
Best Use
Office B
$212.1K
$185.6K – $247.4K
NOI $14,844 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$301.1K
$263.5K – $351.3K
NOI $21,076 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
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
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Frequently Asked Questions
What type of property is this?
Office units - Standalone office condominium with seven private offices, reception, dedicated HVAC, and onsite parking.
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 $285,000.
What are key features of this property?
This property features: Single‑floor office condominium with a private entrance; Dedicated HVAC, seven private offices, and a reception area; Two restrooms included
