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    333 Grandview Pkwy Unit Traverse City, MI 49684
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    Property profile & analytics

    333 Grandview Pkwy Unit, Traverse City, MI 49684

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    • Office Spaces
    • 1,210 SF
    • 1.65 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jay Tompkins / Foster Care Service / Social Service Agency
    • Merrill Lynch Wealth Management / Financial Advisor
    • Home Service Delivery LLC / Trucking Company
    • Merrill Lynch Wealth Management Advisor Rick Simonton / Financial Advisor
    • Traverse City State Bank / Bank / Loan Service

    Property Details for 333 Grandview Pkwy Unit

    Year built
    2002
    Lot size
    1.65 lot acres
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional 1,210 square foot Class A office condo is situated on the third floor of the Harbour View Centre in Traverse City, Michigan. Boasting a prime location at 333 West Grandview Parkway, Unit 4-Ste 301, this "white box" space offers unparalleled flexibility for build-out to suit your specific business needs. The unit features large windows offering abundant natural light and impressive views of West Grand Traverse Bay. High ceilings enhance the spacious feel. Built in 2002, this property is zoned Commercial PUD and sits on a 1.65-acre lot (APN: 28-51-708-001-31). The asking price is $375,000, translating to $309.92 per square foot. Monthly condo association dues are $330.63. The Harbour View Centre is a professional mixed-use building with ample private parking, high visibility, high traffic volume, and easy ingress and egress. Note that use exclusions exist for financial institutions, and residential short-term rentals are prohibited. This private owner offering presents a unique opportunity to establish a thriving business in a desirable Traverse City location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    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
      1,947 SF

      333 Grandview Pkwy Unit

      Medical Office Space
      333 Grandview Pkwy Unit, Traverse City, MI 49684
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      1,768 SF

      607 Randolph St

      Medical Office Space
      607 Randolph St, Traverse City, MI 49684
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    • Value Estimation by Request
      1,952 SF

      333 Grandview Pkwy

      Medical Office Space
      333 Grandview Pkwy, Traverse City, MI 49684
      View Details
    • Value Estimation by Request
      1,947 SF

      333 Traverse City Mi

      Medical Office Space
      333 Traverse City Mi, Traverse City, MI 49684
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    • 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

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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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