Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    333 2 & 5 Traverse City, MI 49684
    Back to Search
    Property profile & analytics

    333 2 & 5 Traverse City, MI 49684

    View on Map
    • Office Spaces
    • 16,186 SF
    • 1.65 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 333 2 & 5

    Year built
    2002
    Lot size
    1.65 lot acres
    Property size
    16,186 SF
    Property type
    Office Spaces

    Description

    This exceptional investment opportunity presents three condominium units (Units 1, 2, and 5) totaling 16,186 square feet within the prestigious Harbour View Centre building in Traverse City, Michigan. Located at 333 W Grandview Pkwy, this Class A mixed-use property boasts unobstructed views of West Grand Traverse Bay, offering tenants and occupants stunning waterfront vistas. Some units feature private balconies, enhancing the already impressive appeal. Situated conveniently near the Warehouse District, it's a short walk to downtown Traverse City. The building benefits from ample on-site parking (160 spaces), catering to tenants and visitors alike. Built in 2002 and renovated in 2017, this property is well-maintained and features high-quality finishes. The units are currently occupied by established anchor tenants, including Independent Bank and Merrill Lynch, providing a stable income stream. The sale includes three first and third-floor units, situated on a 1.65-acre lot (APN: 28-51-708-001-00, 11, 32). The asking price is $4,990,000, translating to $308.29 per square foot. This presents a rare chance to acquire a piece of Traverse City's premier commercial real estate.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.6283
    Latitude
    44.766

    Comparable in this City

    • Value Estimation by Request
      23,983 SF

      121 Front St

      Individual retail properties • 23,983 SF
      121 Front St, Traverse City, MI 49684
      View Details
    • Value Estimation by Request
      5,610 SF

      140 Front St

      Office Spaces • 5,610 SF
      140 Front St, Traverse City, MI 49684
      View Details
    • Value Estimation by Request
      3,705 SF

      333 Grandview Pkwy Unit 3D -

      Medical Office Space • 3,705 SF
      333 Grandview Pkwy Unit 3D -, Traverse City, MI 49684
      View Details
    • Value Estimation by Request
      230 SF

      123 Front St

      Land • 230 SF
      123 Front St, Traverse City, MI 49684
      View Details
    • Value Estimation by Request
      285 SF

      123 Front St

      Land • 285 SF
      123 Front St, Traverse City, MI 49684
      View Details
    • Value Estimation by Request
      4,789 SF

      Griffin St

      Individual retail properties • 4,789 SF
      0 Griffin St, Traverse City, MI 49684
      View Details

    Similar Nearby for Sale

    • $299,000
      1,276 SF

      1,276 SF Premium Office Condo For Sale

      1,276 SF Premium Office Condo For Sale
      13919 S West Bay Shore , MI, Traverse City, MI 49684
      View Details
    • $1,100,000
      17,540 SF

      17,540 SF Medical Office on Prime 0.91 AC Lot For Sale/Lease

      17,540 SF Medical Office on Prime 0.91 AC Lot For Sale/Lease
      224 Circle Drive, Traverse City, MI 49684
      View Details
    • $2,950,000
      9,045 SF

      Iconic Wurzburg Building For Sale

      Mixed-use building in downtown Traverse City with commercial/residential zoning.
      118 E Front St, Traverse City, MI 49684
      View Details
    • New
      $685,000
      4,789 SF

      Traverse City Redevelopment Opportunity

      Redevelopment or re-use project in bustling Traverse City!
      114 E Griffin St, Traverse City, MI 49684
      View Details
    • $899,000
      2,983 SF

      Remodeled Office Building in Old Town

      2,983 SF office building in high-traffic Old Town Traverse City.
      410 S Union St, Traverse City, MI 49684
      View Details
    • $950,000
      2,270 SF

      Traverse City Commercial Condo Investment

      Tenant-occupied commercial condo in downtown Traverse City with long-term lease.
      232 E State St, Traverse City, MI 49684
      View Details

    Similar Nearby for Lease

    • $495 /Mo
      105 SF

      Professional Office Space Available

      Single office units with shared amenities in Traverse City, MI.
      1212 Veterans Dr, Traverse City, MI 49684
      View Details
    • $30 SF/Yr
      4,620 SF

      Downtown Traverse City Retail/Office Space

      Remodeled retail/office space in downtown Traverse City with parking.
      440 E Front St, Traverse City, MI 49684
      View Details
    • $20 SF/Yr
      7,500 SF

      Downtown Traverse City Office Building

      Renovated office building with bay views in downtown Traverse City.
      250 E Front St, Traverse City, MI 49684
      View Details
    • $28 SF/Yr
      Pending

      Downtown Traverse City Office Suite

      Class A office space in a prime downtown location.
      125 S Park St, Traverse City, MI 49684
      View Details
    • Contact for pricing

      Traverse City Event Venue Space

      Top floor venue with panoramic West Bay views available 2026.
      12935 West Bay Shore Dr, Traverse City, MI 49684
      View Details
    • $1,094 /Mo
      1,458 SF

      Traverse City Industrial/Office Space

      Affordable industrial and office space centrally located in Traverse City.
      2419 Sybrandt Rd, Traverse City, MI 49684
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    333 2 & 5
    Traverse City, MI 49684
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    333 2 & 5, Traverse City, MI, 49684
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!