Single-Floor Office
S 920 S Garfield Avenue Unit SourceFi Traverse City, MI 49686
S 920 S Garfield Avenue Unit SourceFi, Traverse City, MI, 49686
$675,000
For Sale
$675,000
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 Market168
Property Features for S 920 S Garfield Avenue Unit SourceFi
General Information
- Standard status
- Active
- Size
- 3,294 SF
- Property subtype
- Business Opportunities
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 Updated: Jul 18 at 3:39AM Checked: Jul 21 at 3:10AM
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $55.3k | $16.80 |
| − Vacancy | −$8.3k | −$2.52 |
| EGI | $47.0k | $14.28 |
| − OpEx | −$11.8k | −$3.57 |
| NOI | $35.3k | $10.71 |
3,294 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ford Insurance Inc
Insurance Agency
Similar For Sale Nearby
FAQs
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 S 920 S Garfield Avenue Unit SourceFi 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
