Renovated Neighborhood Retail
1025 Hannah Avenue Traverse City, MI 49686
New
For Sale
$430,000
COMMERCIAL - Traverse City, MI
Property Size2,432 SF
Lot Size0.26 Acres
Price / SF$176.81
Days on Market4
Property Features for 1025 Hannah Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Parking Lot
Exterior features
Block
Standard status
Active
Size
2,432 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
LOTS 98 97 & W 10 FT OF LOT 96 OAK HEIGHTS ADD
Building Details
Building materials
Block
Roof type
Membrane, Asphalt
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Added: Jul 27
Changed: Jul 30
Last Checked: Jul 30 at 8:06AM
MLS# 1948474
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated retail building offers a front reception area along with two restrooms and a kitchenette. Updates include new HVAC and refreshed interior finishes, with a security system included. The layout is set up to support storefront-facing customer entry and everyday office or service functions.
The property is located in-town on Hannah Ave., just west of Garfield Ave., with on-site parking plus additional street parking. It is close to the TART recreational trail, and it benefits from its proximity to adjoining retail businesses including RPM Records and Wild Card Cycle Works.
Zoned C-2 Neighborhood Center, the building is positioned for a variety of uses including retail, office, restaurant, and business services.
The property is located in-town on Hannah Ave., just west of Garfield Ave., with on-site parking plus additional street parking. It is close to the TART recreational trail, and it benefits from its proximity to adjoining retail businesses including RPM Records and Wild Card Cycle Works.
Zoned C-2 Neighborhood Center, the building is positioned for a variety of uses including retail, office, restaurant, and business services.
Key Highlights
- 2,432 SF retail building renovated in 2020 with new HVAC, updated interior, and custom wood finishes
- Front reception area plus two restrooms and kitchenette area
- Security system included
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.7k | $19.20 |
| − Vacancy | −$3.7k | −$1.54 |
| EGI | $43.0k | $17.66 |
| − OpEx | −$12.9k | −$5.30 |
| NOI | $30.1k | $12.36 |
2,432 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$429.6K
$375.9K – $501.2K
NOI $30,071 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$528.3K
$462.3K – $616.4K
NOI $36,982 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Renovated retail building with reception, two restrooms, kitchenette, and on-site parking in a C-2 Neighborhood Center zone.
Where is this retail space located?
The property is located at 1025 Hannah Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: 2,432 SF retail building renovated in 2020 with new HVAC, updated interior, and custom wood finishes; Front reception area plus two restrooms and kitchenette area; Security system included
