Two-Unit Office
For Sale
$675,000
920 S Garfield Avenue, Traverse City, MI 49686
COMMERCIAL - Traverse City, MI
Property Size2,567 SF
Lot Size0.62 Acres
Price / SF$262.95
Days on Market198
Property Features for 920 S Garfield Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office, Planned Unit Development
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 1
Exterior features
Wood
Lot features
Business Park
Directions
West side of Garfield Avenue between Centre St. and Kinross St.
Subdivision
Grand Traverse
Standard status
Active
Size
2,567 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Description
UNIT 6 & 7 - HERITAGE SQUARE CONDOMINIUM GTC CONDO SUB PLAN NO 50 0868-0382 MASTER DEED RECORDED DECEMBER 19, 1991.
HOA Fee
$12,567 Annually
Legal Description
UNIT 6 & 7 - 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 11
Last Checked: Aug 22 at 2:06AM
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.
Investment Insights
Based on property information with market context.
This 2,567-square-foot office condominium comprises two adjoining units within a single-level configuration. Each unit has its own HVAC system. The interior includes several private offices, a conference room, reception space, an open office area, and four restrooms. A basement provides additional storage, while wood-frame construction and an asphalt roof complete the improvements.
The property occupies 0.62 acres at 920 S Garfield Avenue in Traverse City, Michigan. It is situated within a wooded office park outside the downtown traffic area, with on-site parking serving the property. The combination of separated office rooms, meeting space, reception functions, restrooms, open workspace, and storage supports a range of professional office arrangements.
The property occupies 0.62 acres at 920 S Garfield Avenue in Traverse City, Michigan. It is situated within a wooded office park outside the downtown traffic area, with on-site parking serving the property. The combination of separated office rooms, meeting space, reception functions, restrooms, open workspace, and storage supports a range of professional office arrangements.
Key Highlights
- 2,567‑square‑foot office condominium with two adjoining units
- Separate HVAC system serving each unit
- Several private offices plus conference and reception areas
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
$27,493
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
4.07%
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%
$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
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
$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 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%
$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 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$557.6K
$487.9K – $650.6K
NOI $39,035 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Single-level professional office layout with private rooms, shared work areas, and dedicated 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: 2,567‑square‑foot office condominium with two adjoining units; Separate HVAC system serving each unit; Several private offices plus conference and reception areas
