New Downtown Retail/Office
232 E State Street Traverse City, MI 49684
232 E State Street, Traverse City, MI, 49684
$854,000
For Sale
$854,000
COMMERCIAL - Traverse City, MI
Property Size2,849 SF
Lot Size0.16 Acres
Price / SF$299.75
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
- 2,849 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 9:06 pm
MLS# 1945008
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 2,849 SF commercial condo space was constructed in 2025 and offers a fresh, adaptable layout for either retail or professional office use. The property is offered as a condo, providing an opportunity for an owner-occupant or investor to control a defined commercial footprint in a newly built commercial setting.
Located at 232 E State Street in Traverse City, Michigan, the space sits in the downtown area. The listing highlights downtown placement, supporting walkable, mixed-use surroundings typical of a central business district.
The combination of recent construction and flexible use makes the space practical for businesses that want to establish operations without retrofitting from an older build-out. Tenants and buyers seeking a dedicated commercial condo for a retail concept or a professional office environment should find the size and current configuration well-aligned with everyday storefront or office requirements. For anyone evaluating a downtown retail/office property, this condo provides a defined, modern option with straightforward positioning within Traverse City’s commercial core.
Located at 232 E State Street in Traverse City, Michigan, the space sits in the downtown area. The listing highlights downtown placement, supporting walkable, mixed-use surroundings typical of a central business district.
The combination of recent construction and flexible use makes the space practical for businesses that want to establish operations without retrofitting from an older build-out. Tenants and buyers seeking a dedicated commercial condo for a retail concept or a professional office environment should find the size and current configuration well-aligned with everyday storefront or office requirements. For anyone evaluating a downtown retail/office property, this condo provides a defined, modern option with straightforward positioning within Traverse City’s commercial core.
Key Highlights
- 2,849 SF commercial condo space in downtown Traverse City, MI
- Constructed in 2025 and currently under construction
- Brick exterior with steel construction materials
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 | $54.7k | $19.20 |
| − Vacancy | −$4.4k | −$1.54 |
| EGI | $50.3k | $17.66 |
| − OpEx | −$15.1k | −$5.30 |
| NOI | $35.2k | $12.36 |
2,849 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$503.2K
$440.3K – $587.1K
NOI $35,227 @ 7.0% cap · market cap 4.12%
Second Best
Office B
$435.9K
$381.4K – $508.6K
NOI $30,513 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$618.9K
$541.5K – $722.1K
NOI $43,323 @ 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 - A 2025-constructed commercial condo suited for either retail or professional office use in downtown Traverse City.
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 $854,000.
What are key features of this property?
This property features: 2,849 SF commercial condo space in downtown Traverse City, MI; Constructed in 2025 and currently under construction; Brick exterior with steel construction materials
