Unique Multi-Use Building For
For Sale
$749,900
9435 E Cherry Bend Road, Traverse City, MI 49684
Versatile building suitable for office, agricultural, or commercial uses.
Property Size5,000 SF
Days on Market410
Property Features for 9435 E Cherry Bend Road
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Zoning
Agricultural
Taxes and HOA fees
Annual Taxes
$3,200
Building Details
Building Size
5,000 SF
Year Built
1975
Listing Agency:
REO-TCRandolph-233022
(231) 714-4787
Listed By:
Blake Bernard · License #T6501380347
(231) 714-4787
Source:
Phgrealty
Added: Jul 11, 2025
Changed: Aug 23
Last Checked: Aug 23 at 5:26AM
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 REO-TCRandolph-233022
Investment Insights
Based on property information with market context.
This unique property in Southern Leelanau County, close to Traverse City, is well-equipped for office, agricultural, or other uses. The partial two-story building features steel I-beam construction, three bathrooms, offices, and a large, clean warehouse space. The recently remodeled interior allows for separate spaces that can be leased to tenants, or an owner could use some and rent others. The building's interior is entirely new. Exterior features include a recently redone driveway, updated septic and well systems, a security system, large 14-foot doors, and a loading dock. Limited commercial use is possible, or agricultural zoning rules apply. This setup is suitable for various uses, and land contract options are available.
Key Highlights
- Versatile building suitable for office, agricultural, or commercial uses with potential for multiple tenants.
- Recently remodeled interior and updated septic/well systems.
- Steel I‑beam construction and large warehouse space.
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
$53,550
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
7.14%
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%
$1,071,000
$1.1M
Cap Rate 7%
$765,000
$765.0K
Cap Rate 9%
$595,000
$595.0K
Market Conditions
NOI Build-Up for 5,000 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
$84.0K $16.80/SF
− Vacancy
−$12.6K −$2.52/SF
EGI
$71.4K $14.28/SF
− OpEx
−$17.9K −$3.57/SF
NOI
$53.6K $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%
$1,071,000
Cap Rate 7%
$765,000
Cap Rate 9%
$595,000
Alternative Uses
Best Use
Office B
$765.0K
$669.4K – $892.5K
NOI $53,550 @ 7.0% cap · market cap 7.14%
Second Best
Warehouse
$568.4K
$497.4K – $663.2K
NOI $39,790 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$1.09M
$950.4K – $1.27M
NOI $76,032 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
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?
Warehouse - Versatile building suitable for office, agricultural, or commercial uses.
Where is this warehouse located?
The property is located at 9435 E Cherry Bend Road Traverse City, MI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Versatile building suitable for office, agricultural, or commercial uses with potential for multiple tenants.; Recently remodeled interior and updated septic/well systems.; Steel I‑beam construction and large warehouse space.
