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    333 Traverse City Mi Traverse City, MI 49684
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    333 Traverse City Mi, Traverse City, MI 49684

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    • Office Spaces
    • 1,947 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 333 Traverse City Mi

    Year built
    2002
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional 1,947 square foot office condominium, located in Traverse City, Michigan's prestigious Harbour View Centre, presents a unique investment opportunity. Situated on the second floor, this unit boasts breathtaking, unobstructed views of West Grand Traverse Bay from its private balcony. Part of a Class A mixed-use building, it shares ample on-site parking (160 spaces) with anchor tenants including Independent Bank and Merrill Lynch. The building, constructed in 2002 and renovated in 2017, is conveniently located near the Warehouse District, within walking distance of downtown. This suite is currently configured as an executive, medical, or traditional office space, but with condominium association approval, it could be converted to residential use (excluding short-term rentals). The sale includes one condominium unit (Unit 3B, to be created) and is subject to revisions and amendments to the condominium documents and associated Exhibit B drawings. Note that use exclusions exist for financial institutions. A virtual tour showcasing similar units (201, 202, and 203) is available. The asking price for this prime commercial property is $681,000. The property is zoned for commercial use.

    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
    -85.6282
    Latitude
    44.766

    Comparable in this City

    • Value Estimation by Request
      1,947 SF

      333 Grandview Pkwy Unit

      Medical Office Space
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      1,768 SF

      607 Randolph St

      Medical Office Space
      607 Randolph St, Traverse City, MI 49684
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      1,952 SF

      333 Grandview Pkwy

      Medical Office Space
      333 Grandview Pkwy, Traverse City, MI 49684
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    • Value Estimation by Request
      1,210 SF

      333 Grandview Pkwy Unit

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

      333 Grandview Pkwy Unit 3D -

      Medical Office Space
      333 Grandview Pkwy Unit 3D -, Traverse City, MI 49684
      View Details
    • Value Estimation by Request
      6,544 SF

      5085 Anna Dr

      MEDICAL BUILDING
      5085 Anna Dr, Traverse City, MI 49684-7475
      View Details

    Similar Nearby for Sale

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      Copper Ridge Office Building Opportunity

      Approved 30,000 SF office building site near Munson Hospital.
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      Approved Office Building Pad

      Approved 30,000 SF office building pad in Traverse City.
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    Similar Nearby for Lease

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      Downtown Traverse City Office Building

      Renovated office building with bay views in downtown Traverse City.
      250 E Front St, Traverse City, MI 49684
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    • $495 /Mo
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      Professional Office Space Available

      Single office units with shared amenities in Traverse City, MI.
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      Class A Office Space Available

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      Downtown Traverse City Office Space

      Historic office building in downtown Traverse City for lease.
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    • $950 /Mo

      Downtown Traverse City Office Space

      Office suite in downtown Traverse City with excellent views.
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    Traverse City, MI 49684
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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.

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