Class A Office
For Sale
Contact for pricing
607 Randolph St Unit 101, Traverse City, MI 49684
Prime investment in thriving Traverse City, fully leased.
Property Size1,768 SF
Price / SF$284.07
Days on Market770
Property Features for 607 Randolph St Unit 101
General Information
Standard status
Active
Size
1,768 SF
Property subtype
Office
Zoning
Commercial C-2
Building Details
Year Built
2015
Listing Agency:
Three West LLC
Listed By:
Kevin Endres · License #MI 6505352968
(231) 929-2955
Source:
Crexi
Added: Sep 10, 2024
Changed: Oct 17
Last Checked: Oct 19 at 3:56AM
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 Three West LLC
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Investment Insights
Based on property information with market context.
This Class A professional office space, constructed in 2015, is located in the heart of Traverse City, steps away from West Grand Traverse Bay. Zoned Commercial C-2, the 1,768 square foot property offers 100% occupancy. The contemporary design and focus on modern functionality provide an ideal setting for office space, catering to the needs of today's business environment. This fully leased asset is positioned for success and offers stability through full occupancy, representing a compelling opportunity to secure a high-performing asset in a sought-after location. The tenant's initial lease term ends in March of 2026 and includes two 3-year options to renew.
Key Highlights
- Prime location in the heart of Traverse City, steps from West Grand Traverse Bay
- Fully leased, providing immediate income and stability
- Class A professional office space with contemporary design and modern functionality
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,935
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$378,700
$378.7K
Cap Rate 7%
$270,500
$270.5K
Cap Rate 9%
$210,389
$210.4K
Market Conditions
NOI Build-Up for 1,768 SF
Gross rent
$29.7K $16.80/SF
− Vacancy
−$4.5K −$2.52/SF
EGI
$25.2K $14.28/SF
− OpEx
−$6.3K −$3.57/SF
NOI
$18.9K $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%
$378,700
Cap Rate 7%
$270,500
Cap Rate 9%
$210,389
Alternative Uses
Best Use
Office B
$270.5K
$236.7K – $315.6K
NOI $18,935 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$384.1K
$336.1K – $448.1K
NOI $26,885 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,571
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Prime investment in thriving Traverse City, fully leased.
Where is this office unit located?
The property is located at 607 Randolph St Unit 101 Traverse City, MI.
What is the asking price?
The asking price for this property is $502,230.
What are key features of this property?
This property features: Prime location in the heart of Traverse City, steps from West Grand Traverse Bay; Fully leased, providing immediate income and stability; Class A professional office space with contemporary design and modern functionality
