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1323 S Cass Street 1323 Cass St 1,792 SF Office Building Traverse City, MI 49684 $975,000 ($544.08/SF) 7.65% Cap Rate
Investment Highlights
- Two-level building with turnkey professional office on main floor and renovated residential apartment above.
- ADA-compliant main floor configured for healthcare or professional office uses.
- Buildable second lot with potential for additional dwellings or duplex development.
- Upper-level studio includes luxury finishes, in-floor heating, and custom storage throughout.
- Outdoor deck overlooks Boardman Lake with adjacent fenced flex-space for client or personal use.
- High-visibility positioning near downtown, the TART Trail system, and local breweries and retail.
Executive Summary
A rare Live/Work opportunity just outside of downtown Traverse City. This 1,792 sq ft building sits on a 165-foot Cass Street frontage and offers a turnkey professional office on the main level with a fully renovated studio apartment above, completely gut-renovated in 2018 down to the framing, with new electrical, plumbing, flooring, and a second level added.
The main floor (896 sq ft) is ADA compliant and configured for professional use currently operating as a chiropractic office with three treatment/private rooms, a half bath, and a reception area with a built-in wooden desk. Similar professional uses such as medical, dental, legal, wellness are permitted under the property's grandfathered commercial status. Prospective buyers should verify permitted use with the City of Traverse City prior to closing.
The building is fully sprinklered with a fire alarm system, features a metal roof and metal siding, natural gas, an outdoor irrigation system, a digital outdoor sign, and an outdoor deck with Boardman Lake views. A fenced outdoor area currently used as a fire pit space offers additional flexibility usable as a dog pen, lounge area, or client outdoor space.
The second lot, currently a 16-space parking lot, is buildable. A second dwelling is permitted, and there is potential for two duplexes, representing meaningful upside for the right buyer.
Upstairs, an 896 sq ft studio apartment with high-end finishes is fully furnished and move-in or rental ready. The bathroom features marble tile, a custom shower, and in-floor radiant heat. The kitchen is fully equipped. A large custom walk-in closet with built-in storage adds practical luxury. A PVC block wall creates a defined, private sleeping area separate from the main living space. Washer and dryer included.
The property sits within easy reach of the Boardman Lake Loop Trail, next to Right Brain Brewery and the TART Trail network, a genuine amenity for any owner-occupant or tenant.
The main floor (896 sq ft) is ADA compliant and configured for professional use currently operating as a chiropractic office with three treatment/private rooms, a half bath, and a reception area with a built-in wooden desk. Similar professional uses such as medical, dental, legal, wellness are permitted under the property's grandfathered commercial status. Prospective buyers should verify permitted use with the City of Traverse City prior to closing.
The building is fully sprinklered with a fire alarm system, features a metal roof and metal siding, natural gas, an outdoor irrigation system, a digital outdoor sign, and an outdoor deck with Boardman Lake views. A fenced outdoor area currently used as a fire pit space offers additional flexibility usable as a dog pen, lounge area, or client outdoor space.
The second lot, currently a 16-space parking lot, is buildable. A second dwelling is permitted, and there is potential for two duplexes, representing meaningful upside for the right buyer.
Upstairs, an 896 sq ft studio apartment with high-end finishes is fully furnished and move-in or rental ready. The bathroom features marble tile, a custom shower, and in-floor radiant heat. The kitchen is fully equipped. A large custom walk-in closet with built-in storage adds practical luxury. A PVC block wall creates a defined, private sleeping area separate from the main living space. Washer and dryer included.
The property sits within easy reach of the Boardman Lake Loop Trail, next to Right Brain Brewery and the TART Trail network, a genuine amenity for any owner-occupant or tenant.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
1,792 SF
Building Class
C
Year Built/Renovated
1978/2018
Price
$975,000
Price Per SF
$544.08
Cap Rate
7.65%
NOI
$74,625
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
896 SF
Building FAR
0.14
Lot Size
0.29 AC
Zoning
R1B - R1B with special use permit
Parking
25 Spaces (13.95 Spaces per 1,000 SF Leased)
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 51-878-066-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $248,900 |
Property Taxes
Parcel Number
51-878-066-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$248,900
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1323 S Cass Street | 1323 Cass St