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    Property profile & analytics

    4040 Creekside Dr Traverse City, MI 49684

    • Commercial real estate
    • 11.40 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2513440
    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 4040 Creekside Dr

    Lot size
    11.40 lot acres
    Property type
    Commercial real estate
    APN
    0501602900

    Description

    This exceptional 11.4-acre parcel in Traverse City, Michigan, presents a remarkable opportunity for multi-family residential development. Located at 4040 Creekside Dr, 49684, this property boasts a prime location less than two miles from downtown, offering residents convenient access to urban amenities while maintaining a tranquil setting. Zoned for residential use (APN: 0501602900), the land features scenic views and is ideally situated adjacent to the Grand Traverse YMCA, Kids Creek Park, and numerous hiking trails. Existing infrastructure includes central water and sewer access nearby, facilitating a low-density development. The property includes a small caretaker's home and a 30x30 pole barn. While creek features limit building to the front portion, preliminary site plans for a 70+ unit development are available upon request. The property is currently generating income from a long-term tenant in a single-family home on the site. Previously approved for a 77-unit development, this land offers significant potential for a high-return residential project. This is a private ownership opportunity priced at $850,000.

    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
    -85.653585
    Latitude
    44.733217

    Comparable in this City

    • $227,500
      917 SF

      Cozy Condo Near Downtown

      Two-bedroom condo near beaches, trails, restaurants, and shopping.
      515 Georgetown Dr, Traverse City, MI 49684
      View Details
    • $699,000
      1,768 SF

      Grand Traverse Commons Top Floor Condo

      Luxury condo with views, updated kitchen, and versatile loft.
      800 Cottageview Dr, Traverse City, MI 49684
      View Details
    • $799,000
      3,700 SF

      Two Homes, One Lot

      Two homes on one lot in Traverse City.
      628 6Th St, Traverse City, MI 49684
      View Details
    • $369,900
      950 SF

      Renovated Condo Overlooking Boardman River

      Downtown condo with private balcony and Boardman River views.
      641 Riverine Dr, Traverse City, MI 49684
      View Details
    • $565,000
      995 SF

      Downtown Traverse City Condo

      Furnished condo with rooftop deck and West Bay views.
      138 Gillis St, Traverse City, MI 49684
      View Details
    • $384,900
      1,252 SF

      Updated Home in Traverse City

      Updated 3 bed, 1.5 bath home in downtown Traverse City.
      111 W 14Th St, Traverse City, MI 49684
      View Details

    Similar Nearby for Sale

    • $227,500
      917 SF

      Cozy Condo Near Downtown

      Two-bedroom condo near beaches, trails, restaurants, and shopping.
      515 Georgetown Dr, Traverse City, MI 49684
      View Details
    • $565,000
      995 SF

      Downtown Traverse City Condo

      Furnished condo with rooftop deck and West Bay views.
      138 Gillis St, Traverse City, MI 49684
      View Details
    • $1,240,500
      3,000 SF

      Traverse City Investment Opportunity

      Six fully rented condo units near downtown Traverse City.
      918 W Front St, Traverse City, MI 49684
      View Details
    • $384,900
      1,252 SF

      Updated Home in Traverse City

      Updated 3 bed, 1.5 bath home in downtown Traverse City.
      111 W 14Th St, Traverse City, MI 49684
      View Details
    • $699,000
      1,768 SF

      Grand Traverse Commons Top Floor Condo

      Luxury condo with views, updated kitchen, and versatile loft.
      800 Cottageview Dr, Traverse City, MI 49684
      View Details
    • $799,000
      3,700 SF

      Two Homes, One Lot

      Two homes on one lot in Traverse City.
      628 6Th St, Traverse City, MI 49684
      View Details

    Similar Nearby for Lease

    • $2,962 /Mo

      New Traverse City Townhomes

      Modern 2-3 bedroom townhomes with upscale amenities near downtown.
      6028 Traverse Edge Way, Traverse City, MI 49684
      View Details
    • Contact for pricing
      5,903 SF

      Traverse City Retail Strip Center

      High-Visibility Retail Space Available
      3375 South Airport Rd, Traverse City, MI 49684
      View Details
    • $16 SF/Yr
      3,753 SF

      Traverse City Office Space Available

      Office suites in a desirable Traverse City location for lease.
      600 E Front St, Traverse City, MI 49684
      View Details
    • $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
    • $650 /Mo
      158 SF

      Downtown Traverse City Office Space

      Office space in downtown Traverse City with river views.
      309 E Front St, Traverse City, MI 49684
      View Details
    • $24 SF/Yr
      2,971 SF

      Downtown Traverse City Retail Condo

      Retail condo in downtown Traverse City, completion scheduled for June 2026.
      137 Pine St, Traverse City, MI 49684
      View Details
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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.

    More about this property
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