274 N US-31 S Traverse City, MI 49685
COMMERCIAL - Traverse City, MI
Property Features for 274 N US-31 S
General Information
- Property type
- Commercial Sale
- Property subtype
- Retail
- Parking features
- Parking Lot
- Exterior features
- Steel
- Standard status
- Active
- Size
- 8,250 SF
- Lot size
- 2.90 Acres
Taxes and HOA fees
- Tax Description
- COM W1/4 COR SEC 33 T27N R11W TH S 1000 TO POB TH S 414' TH E 305' TH N 414' TH W 305' TO POB EXC HWY ROW
Utilities
- Water source
- Private
Building Details
- Building materials
- Frame
- Roof type
- Asphalt
Listing agent David Frost License #6501203019 (231) 929-2955
Listing office Three West, LLC 1131 E Eighth Street, Traverse City, MI (231) 929-2955
Listing date Jan 12, 2024
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.
The site is a 2.89-acre parcel with 414 feet of frontage on US 31 South and 304 feet on Sundowner Drive, providing straightforward ingress and egress for customers and deliveries. US 31 South recorded 25,600 cars per day in 2023. The property is currently leased to two tenants, with one tenant leaving and the remaining tenant able to be moved.
For buyers, the configuration supports owner-occupied or multi-tenant retail use with office space positioned to oversee the sales floor. For prospective tenants, the combination of prominent highway frontage, flexible sales layout, rear overhead doors, and substantial on-site parking is well-suited to retailers that need efficient customer access and practical loading capability.
Key Highlights
- 2.89‑acre parcel with 414 ft of frontage on US 31 South and 304 ft on Sundowner Drive
- 8,250 SF retail building with 7,104 SF main level plus 1,146 SF second level
- Four 14' x 14' overhead doors at the rear and 16' ceiling height
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 | $158.4k | $19.20 |
| − Vacancy | −$12.7k | −$1.54 |
| EGI | $145.7k | $17.66 |
| − OpEx | −$43.7k | −$5.30 |
| NOI | $102.0k | $12.36 |
