Downtown Retail Office
232 E State Street Traverse City, MI 49684
232 E State Street, Traverse City, MI, 49684
$610,000
For Sale
$610,000
COMMERCIAL - Traverse City, MI
Property Size2,034 SF
Lot Size0.16 Acres
Price / SF$299.90
Days on Market67
Property Features for 232 E State Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Exterior features
- Brick
- Standard status
- Active
- Size
- 2,034 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Description
- Part of UNIT 92 - BOARDWALK CONDO GTC CONDO SUB PLAN NO 517 2023C-00057 MASTER DEED FILED DECEMBER 12, 2023. SPLIT/COMBINED ON 12/15/2023 FROM 28-51-794-088-00 CREATING CHILDREN 28-51-164-000-00 THRU 28-51-164-092-00;
Building Details
- Building materials
- Steel, Under Construction
- Roof type
- Membrane
Listing Agency
Three West, LLC
(231) 929-2955
1131 E Eighth Street, Traverse City, MI
Listed by
Kevin Endres · License #6505352968
(231) 534-5225
Added: May 12 Checked: Jul 17 at 10:06 pm
MLS# 1945007
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 2,034 SF commercial condo space was constructed in 2025 and is offered for sale as a downtown retail/office opportunity. The unit is designed to accommodate either retail use or professional office use, making it a flexible option for an owner-occupant or an investor seeking a convertible space.
Located at 232 E State Street in Traverse City, Michigan, the property benefits from high-visibility placement within the downtown setting.
The offering consists of a purpose-built commercial condo unit with modern construction, providing a turnkey baseline for a range of retail or office configurations.
Located at 232 E State Street in Traverse City, Michigan, the property benefits from high-visibility placement within the downtown setting.
The offering consists of a purpose-built commercial condo unit with modern construction, providing a turnkey baseline for a range of retail or office configurations.
Key Highlights
- 2,034 SF commercial condo space in downtown Traverse City, Michigan
- Built in 2025 (under construction), with exterior brick and steel construction
- Membrane roof
Local 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 | $39.1k | $19.20 |
| − Vacancy | −$3.1k | −$1.54 |
| EGI | $35.9k | $17.66 |
| − OpEx | −$10.8k | −$5.30 |
| NOI | $25.2k | $12.36 |
2,034 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$359.3K
$314.4K – $419.2K
NOI $25,150 @ 7.0% cap · market cap 4.12%
Second Best
Office B
$311.2K
$272.3K – $363.1K
NOI $21,784 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$441.9K
$386.6K – $515.5K
NOI $30,930 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Newly constructed commercial condo space built in 2025, sized for retail or professional office use.
Where is this office units located?
The property is located at 232 E State Street Traverse City, MI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: 2,034 SF commercial condo space in downtown Traverse City, Michigan; Built in 2025 (under construction), with exterior brick and steel construction; Membrane roof
