Single-Story Office
For Sale
$150,000
920 S Garfield Avenue, Traverse City, MI 49686
Commercial, Traverse City, MI
Property Size727 SF
Lot Size0.62 Acres
Price / SF$206.33
Days on Market156
Property Features for 920 S Garfield Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial, Planned Unit Development
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
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
727 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Description
UNIT 7 - HERITAGE SQUARE CONDOMINIUM GTC CONDO SUB PLAN NO 50 0868-0382 MASTER DEED RECORDED DECEMBER 19, 1991. 2021C-00028 1ST AMENDMENT TO MASTER DEED FILED APRIL 30, 2021.
HOA Fee
$3,256 Annually
Legal Description
UNIT 7 - HERITAGE SQUARE CONDOMINIUM GTC CONDO SUB PLAN NO 50 0868-0382 MASTER DEED RECORDED DECEMBER 19, 1991. 2021C-00028 1ST AMENDMENT TO MASTER DEED FILED APRIL 30, 2021.
Amenities
individual HVAC
private rest room
reception area
open office pool area
basement storage
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: May 4
Changed: Sep 8
Last Checked: Oct 6 at 3:06AM
MLS# 1944635
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 727-square-foot office condominium occupies a single level and includes three private offices, a reception area, and an open office area. The suite also provides one private restroom, individual HVAC, and basement storage for additional workspace needs.
The property is located at 920 S Garfield Avenue in Traverse City, within a wooded office park removed from downtown traffic. On-site parking is available, and the building features frame construction, wood exterior materials, and an asphalt roof.
The property is located at 920 S Garfield Avenue in Traverse City, within a wooded office park removed from downtown traffic. On-site parking is available, and the building features frame construction, wood exterior materials, and an asphalt roof.
Key Highlights
- 727 SF office condominium at 920 S Garfield Avenue
- Three private offices plus reception and open office areas
- Individual HVAC serving the suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,786
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$155,720
$155.7K
Cap Rate 7%
$111,229
$111.2K
Cap Rate 9%
$86,511
$86.5K
Market Conditions
NOI Build-Up for 727 SF
Gross rent
$12.2K $16.80/SF
− Vacancy
−$1.8K −$2.52/SF
EGI
$10.4K $14.28/SF
− OpEx
−$2.6K −$3.57/SF
NOI
$7.8K $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 Rate 5%
$155,720
Cap Rate 7%
$111,229
Cap Rate 9%
$86,511
Alternative Uses
Best Use
Office B
$111.2K
$97.3K – $129.8K
NOI $7,786 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$157.9K
$138.2K – $184.3K
NOI $11,055 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
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 - 727-square-foot office condominium with private rooms, reception space, storage, and dedicated HVAC.
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 $150,000.
What are key features of this property?
This property features: 727 SF office condominium at 920 S Garfield Avenue; Three private offices plus reception and open office areas; Individual HVAC serving the suite
