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    3 Mile Rd Traverse City, MI 49696

    Sponsored
    For Sale
    $158,000

    2.5-Acre Multi-Family Development Site

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 2.5-acre commercial land parcel in Traverse City, Michigan (APN 03-218-049-20), presents a remarkable development opportunity. Located on N Three Mile Rd, this high-visibility corner lot boasts excellent ingress/egress points off both Three Mile Road and South Airport, both public blacktop roads. The property is zoned for multi-family use and enjoys a high traffic count, as confirmed by the Michigan Department of Transportation. All essential utilities are readily available, including municipal water, sewer, and natural gas. The level lot offers significant advantages for construction. This unique location combines the convenience of city access with the unparalleled beauty of its natural surroundings. The property is bordered to the south by Mitchell Creek, a significant tributary to Grand Traverse Bay, and is situated near the 128-acre Mitchell Creek Nature Preserve. This preserve plays a vital role in maintaining the ecological health of the area, offering flood control, water filtration, and a rich habitat for diverse flora and fauna. The proximity to this natural sanctuary enhances the property's appeal and provides a unique selling point. This is a truly exceptional opportunity to develop a project that capitalizes on both urban convenience and the tranquility of nature. The asking price is $158,000. The zip code is 49696.

    Property Features for 0 3 Mile Rd

    General Information

    Property type
    Land
    Lot Size
    108,900 SF

    HighLights

    • $158,000 asking price for 2.5 acres of commercial land zoned for multi‑family development.
    • High‑traffic corner lot with excellent visibility on Three Mile Road and South Airport.
    • Level lot serviced by municipal water, sewer, and natural gas.
    • Convenient ingress/egress from public roads.
    • Exceptional location offering city amenities and proximity to Mitchell Creek and the Mitchell Creek Nature Preserve.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Auto Parts Store Garden Center Electrical Service Computer & Electronic Repair Coworking Space

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.5566624
    Latitude
    44.7065427

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    FAQs

    What type of property is this?
    Land - 2.5-Acre Multi-Family Development Site
    Where is this land located?
    The property is located at 3 Mile Rd Traverse City, MI.
    What is the asking price?
    The asking price for this property is $158,000.
    What are key features of this property?
    This property features: $158,000 asking price for 2.5 acres of commercial land zoned for multi-family development.; High-traffic corner lot with excellent visibility on Three Mile Road and South Airport.; Level lot serviced by municipal water, sewer, and natural gas.
    (231) 242-3576
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    3 Mile Rd Traverse City, MI 49696
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3 Mile Rd Traverse City, MI 49696
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