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    Property profile & analytics

    2624 Hartman Rd Traverse City, MI 49685

    • Commercial real estate
    • 5.25 lot acres
    For Sale
    View listing
    $795,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2373943
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 2624 Hartman Rd

    Lot size
    5.25 lot acres
    Property type
    Commercial real estate

    Description

    Exceptional investment opportunity: 5.25 acres of vacant land in Traverse City, Michigan, zoned R-3. Located at 2624 Hartman Rd, 49685, this property presents a unique chance for developers to capitalize on the rapidly growing Cass/Hartman corridor, just outside the city limits. The R-3 zoning allows for a variety of multi-unit residential projects, including multi-family complexes, duplexes, or other creative developments. Detailed zoning information is available, outlining setbacks, building height restrictions, and other relevant guidelines. This prime location offers easy access to downtown Traverse City's amenities, shopping, and dining, ensuring high demand for any developed units. The property's excellent accessibility simplifies construction, making it an attractive proposition for builders. With its substantial size and strategic location, this vacant land is poised for significant returns, representing a compelling investment in Traverse City's booming real estate market. The asking price is $1,250,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.628797104351
    Latitude
    44.715474022925

    Comparable in this City

    • New
      $795,000
      5.25 Acres

      Traverse City Multifamily Development Opportunity

      Land with R-3 zoning, potential for 20-24 apartment units.
      2624 Hartman Rd, Traverse City, MI 49685
      View Details
    • $499,900

      Effortless Condo Living Near Traverse

      Beautifully designed condo with main-floor living and walk-out lower level.
      5227 Hazelnut Ct, Traverse City, MI 49685
      View Details
    • $84,900
      Pending

      Traverse City Building Site

      1.10 acre wooded lot ready to build on.
      21 Cascade Trl, Traverse City, MI 49685
      View Details
    • $124,900
      Pending

      Wooded Lot in Traverse City

      1.52 acre wooded lot near Traverse City amenities.
      4655 Leaning Birch Dr, Traverse City, MI 49685
      View Details
    • $79,900
      Pending

      Serene Residential Lot in Traverse

      Secluded 1.01-acre lot near Traverse City amenities.
      8753 Hemlock Hl Dr, Traverse City, MI 49685
      View Details
    • $39,900
      1.20 Acres

      Traverse City Wooded Residential Land

      Wooded 1.2 acre lot near Traverse City and state land.
      Tbd Hoosier Flt Rd, Traverse City, MI 49685
      View Details

    Similar Nearby for Sale

    • New
      $795,000
      5.25 Acres

      Traverse City Multifamily Development Opportunity

      Land with R-3 zoning, potential for 20-24 apartment units.
      2624 Hartman Rd, Traverse City, MI 49685
      View Details
    • $499,900

      Effortless Condo Living Near Traverse

      Beautifully designed condo with main-floor living and walk-out lower level.
      5227 Hazelnut Ct, Traverse City, MI 49685
      View Details
    • $84,900
      Pending

      Traverse City Building Site

      1.10 acre wooded lot ready to build on.
      21 Cascade Trl, Traverse City, MI 49685
      View Details
    • $124,900
      Pending

      Wooded Lot in Traverse City

      1.52 acre wooded lot near Traverse City amenities.
      4655 Leaning Birch Dr, Traverse City, MI 49685
      View Details
    • $79,900
      Pending

      Serene Residential Lot in Traverse

      Secluded 1.01-acre lot near Traverse City amenities.
      8753 Hemlock Hl Dr, Traverse City, MI 49685
      View Details
    • $39,900
      1.20 Acres

      Traverse City Wooded Residential Land

      Wooded 1.2 acre lot near Traverse City and state land.
      Tbd Hoosier Flt Rd, Traverse City, MI 49685
      View Details

    Similar Nearby for Lease

    • $2,000 /Mo
      1,600 SF

      Retail/Office Space on US-31

      Versatile retail or office space with high visibility and parking.
      308 S Us-31, Traverse City, MI 49685
      View Details
    • $2,000 /Mo

      High-Traffic Retail/Office Space Available

      Versatile space with high visibility and private parking.
      308 S Us-31, Traverse City, MI 49685
      View Details
    • $1,400 /Mo
      775 SF

      Traverse City Retail/Office Space

      Retail or office space with highway visibility in Traverse City.
      305 S Us-31, Traverse City, MI 49685
      View Details
    • $895 /Mo
      843 SF

      Traverse City Commercial Space For Lease

      Unique opportunity in a cooperative environment with vibrant modern business setting.
      7738 N Long Lake Rd, Traverse City, MI 49685
      View Details
    • $12,700 /Mo
      8,250 SF

      Traverse City Retail/Warehouse Space

      Highly visible retail/warehouse space with ample parking and frontage.
      274 N Us-31 S, Traverse City, MI 49685
      View Details
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    2624 Hartman Rd
    Traverse City, MI 49685
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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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