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 Market242
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 3, Bathroom 1, Bathroom 2
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) 947-8200
Added: Feb 5
Changed: Sep 17
Last Checked: Oct 5 at 6:06PM
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.
Investment Insights
Based on property information with market context.
This single-floor office condominium combines 2 adjoining units within a 2,567-square-foot configuration. The layout includes several private offices, a conference room, reception area, 4 restrooms, and an open office pool area. Each unit has its own HVAC system, while the basement provides additional storage. Frame construction, wood exterior materials, and an asphalt roof complete the physical improvements.
The property occupies 0.62 acres in a wooded office park in Traverse City, with onsite parking and separation from downtown traffic. Its office-focused layout and multiple work areas provide a practical setting for an owner-user or office operation, subject to applicable requirements.
The property occupies 0.62 acres in a wooded office park in Traverse City, with onsite parking and separation from downtown traffic. Its office-focused layout and multiple work areas provide a practical setting for an owner-user or office operation, subject to applicable requirements.
Key Highlights
- 2,567‑square‑foot office condominium comprising 2 adjoining units
- Single‑floor layout with several private offices and an open office pool area
- Conference room, reception area, and 4 restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,493
Cap Rate
4.07%
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 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
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Single-level professional office setting with private rooms, shared work area, conference space, 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 comprising 2 adjoining units; Single‑floor layout with several private offices and an open office pool area; Conference room, reception area, and 4 restrooms
