Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    232 E State St Traverse City, MI 49684

    View on Map
    Sponsored
    For Lease
    $22 SF/Yr ($5,223 /Mo)

    Commercial

    Property size:
    2,849 SF
    Lot size:
    0.16 Acres
    Days on Market:
    37
    Last Refresh:
    Mar 7 at 12:06 am

    Property Features for 232 E State St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    Rooms
    Basement
    Basement Y/N
    1
    Size
    2,849 SF
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2025
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    Kevin Endres
    Kevin Endres

    Three West, LLC (231) 929-2955

    Listing agent Kevin Endres (231) 929-2955

    Listing date Jan 30, 2026

    MLS# 1930412 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Downtown Traverse City Retail/Office Condo

    This 2,849.4 square foot commercial condo space is located in downtown Traverse City, Michigan. Constructed in 2025, the property offers an opportunity for retail or professional office use. The property, situated on a 0.16-acre lot, is zoned commercial and offers high visibility. This property presents an exceptional prospect for those looking to capitalize on the dynamic landscape of Traverse City.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Building Supply Law Firm Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.619517
    Latitude
    44.762601

    Nearby Similar for Lease

    • New
      $2,200 /Mo
      2,400 SF

      Traverse City Retail/Warehouse Space

      2400 sqft commercial space with high visibility available for lease.
      299 S Us Highway 31, Traverse City, MI 49685
      View Details
    • New
      $2,458 /Mo
      3,470 SF

      Traverse City Industrial Flex Space

      Functional industrial space with warehouse and office areas for lease.
      1364 Trade Center Dr, Traverse City, MI 49696
      View Details
    • New
      $1,499 /Mo
      1,000 SF

      Professional Office Space For Rent

      Professional office space in central Traverse City location.
      2240 South Airport Rd, Traverse City, MI 49684
      View Details
    • New
      $1,300 /Mo
      1,000 SF

      Traverse City Office Space Available

      Office building with road exposure, parking, and nature view.
      2240 South Airport Rd, Traverse City, MI 49684
      View Details
    • New
      $1,399 /Mo
      1,000 SF

      Traverse City Office Space Available

      Office space for lease in Traverse City, Michigan.
      1001 Bay St, Traverse City, MI 49684
      View Details
    • New
      $1,500 /Mo
      763 SF

      Traverse City Commercial Space For Rent

      Commercial space for rent in high-traffic Traverse City area.
      2751 N Us Highway 31 S, Traverse City, MI 49684
      View Details
    • New
      $1,410 /Mo
      1,092 SF

      Refurbished Office Space Available

      Move-in ready office with modern upgrades and convenient location.
      3291 Racquet Club Dr, Traverse City, MI 49684
      View Details
    • $450 /Mo
      110 SF

      Traverse City Office Space Available

      Single-room office space for rent with shared amenities.
      1015 Noteware Dr, Traverse City, MI 49686
      View Details
    • $450 /Mo
      110 SF

      Single-Room Office For Rent

      Single-room office space with shared amenities in Traverse City.
      1015 Noteware Dr, Traverse City, MI 49686
      View Details
    • $450 /Mo
      110 SF

      Traverse City Office Space Available

      Single-room office space for rent with shared amenities.
      1015 Noteware Dr, Traverse City, MI 49686
      View Details
    • $24 SF/Yr
      815 SF

      Downtown Traverse City Retail Space

      Prime retail space in downtown Traverse City, Michigan.
      113 Park St, Traverse City, MI 49684
      View Details
    • $22 SF/Yr
      2,182 SF

      Downtown Traverse City Retail/Office Condo

      New commercial condo in downtown Traverse City, available 2025.
      232 E State St, Traverse City, MI 49684
      View Details

    FAQs

    What type of property is this?
    Retail space - 2,849.4 SF commercial condo in the heart of Traverse City.
    Where is this retail space located?
    The property is located at 232 E State St Traverse City, MI.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: - Prime downtown Traverse City location.; - Newly constructed in 2025.; - Versatile space suitable for retail or office use.
    (231) 929-2955
    Request Owner's contact information
    232 E State St Traverse City, MI 49684
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    232 E State St
    Traverse City, MI 49684
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    232 E State St Traverse City, MI 49684
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Kevin Endres
    Kevin Endres
    Real Estate License ID: 6505352968
    (231) 929-2955 (231) 534-5225
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!