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    Commercial Building on Long Lake Title is generated by Realmo AI

    9947 N Long Lake Rd, Traverse City, MI 49685

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    For Lease
    $2,000/Mo $10 SF/Yr (calc)

    Commercial building for lease with flexible layout and storage space.

    Type:Commercial
    Property size:
    2,400 SF
    Lot size:
    1.12 Acres
    Added:
    May 15, 2026
    Days on Market:
    18
    Last Refresh:
    May 15 at 12:14 am

    Property Features for 9947 N Long Lake Rd

    General Information

    Standard status
    Active
    Size
    2,400 SF
    Lot size
    1.12 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    Alex MacKenzie
    Alex MacKenzie

    Listing agent Alex MacKenzie License #650649241

    Listing office Coldwell Banker Commercial Schmidt, Realtors Traverse City

    Listing date May 15, 2026

    Source Elliman

    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 Coldwell Banker Commercial Schmidt, Realtors Traverse City

    HighLights

    • High‑visibility location on well‑traveled N Long Lake Road
    • Flexible 2,400 SF layout suitable for diverse commercial uses
    • Full, unfinished walkout lower level with overhead door access
    • Zoned Local Business on a 1.12‑acre parcel with room for storage or outdoor use
    • Ample frontage and paved parking
    • Conveniently located minutes from downtown Traverse City, Long Lake, and residential areas

    Overview

    This commercial building is available for lease and is located on N Long Lake Road in Long Lake Township. The property is situated on a 1.12-acre parcel zoned Local Business. It offers visibility, frontage, paved parking, and additional room for storage or outdoor use. The building includes approximately 2,400 total SF, with 1,200 SF on the main level and a full unfinished walkout lower level featuring overhead door access. The flexible layout is suited for a variety of uses including retail, convenience store or market use, professional office or clinic space, contractor operations, personal service businesses, showroom/studio space, restaurant or food service, and other neighborhood commercial uses. The lower level provides storage, workshop, inventory, or additional operational space. The property is located minutes from downtown Traverse City, Long Lake public access, Gilbert Park, and surrounding residential neighborhoods. The location is in a growing corridor. The bike score is 18, indicating it is somewhat bikeable, and the walk score is 10, indicating it is car-dependent.
    Location Intelligence

    Current Use by Public Records

    Long Lake Artisans ... Art Gallery

    Suggested Use

    Real Estate Agency Kitchen & Bath Showroom Food Market Storage Facility Grocery & Convenience Store Electrical Service Clothing & Fashion Store Veterinary Clinic Plumbing Service Carpet & Flooring Store

    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
    -85.77587
    Latitude
    44.733414

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    FAQs

    What type of property is this?
    Storefront property - Commercial building for lease with flexible layout and storage space.
    Where is this storefront property located?
    The property is located at 9947 N Long Lake Rd Traverse City, MI.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: High‑visibility location on well‑traveled N Long Lake Road; Flexible 2,400 SF layout suitable for diverse commercial uses; Full, unfinished walkout lower level with overhead door access
    (231) 499-0529
    We can help!
    Listing Contact
    Alex MacKenzie
    Alex MacKenzie
    Real Estate License ID: 650649241
    Learn More
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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    9947 N Long Lake Rd, LongLakeTownship_GrandTraverse, MI 49685
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