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

    299 S US-31 Traverse City, MI 49685

    View on Map
    Pending
    $2,200 /Mo

    Manufacture/Warehouse,Retail Store - Traverse City, MI

    Property size:
    2,400 SF
    Added:
    Mar 3, 2026
    Days on Market:
    29
    Last Refresh:
    Apr 1 at 9:06 am

    Property Features for 299 S US-31

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    Commercial
    Bathrooms
    1
    Rooms
    Basement, Bathroom 1
    Basement Y/N
    1
    Standard status
    Pending
    Size
    2,400 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1964
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Marty Stevenson
    Marty Stevenson

    Listing agent Marty Stevenson

    Listing office EXIT Northern Shores-TC 515 W. Fourteenth Street, Traverse City, MI

    Listing date Mar 3, 2026

    MLS# 1942672 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.

    Overview

    Traverse City Retail/Warehouse Space

    This 2,400-sqft pole building is available for lease and offers highway visibility at the corner of US-31S and Foster Drive. The property is located in the Chums Corners area, within a business corridor that includes sales floors, restaurants, and personal and professional services. The Blair Township's CM zoning allows a variety of commercial uses. The corner lot and high traffic count of over 25,000 cars per day provide exposure for a business.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    R & S Tobacco ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Building Supply Auto Repair Shop Accounting Firm

    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
    -85.655422
    Latitude
    44.681121

    Nearby Similar for Lease

    • Contact for pricing

      Traverse City Industrial Flex Space

      Functional industrial space with warehouse and office areas for lease.
      1364 Trade Centre Drive, Traverse City, MI 49696
      View Details
    • Contact for pricing

      Professional Office Space For Rent

      Professional office space in central Traverse City location.
      2240 South Airport Road, Traverse City, MI 49684
      View Details
    • Contact for pricing

      Commercially Zoned House on Front

      Commercially-zoned house on West Front Street available for lease!
      824 W Front Street, Traverse City, MI 49684
      View Details
    • $30/mo

      Downtown Traverse City Retail/Office Space

      Remodeled retail/office space in downtown Traverse City with parking.
      440 E Front Street, Traverse City, MI 49684
      View Details
    • Contact for pricing

      Refurbished Office Space Available

      Move-in ready office with modern upgrades and convenient location.
      3291 Racquet Club Drive, Traverse City, MI 49684
      View Details
    • Contact for pricing

      Traverse City Office Suite

      Professional office suite for rent in Traverse City, Michigan.
      830 E Front Street, Traverse City, MI 49686
      View Details
    • Contact for pricing

      Traverse City Retail/Service Space

      Freestanding building suitable for retail or service business.
      836 Hastings Street, Traverse City, MI 49686
      View Details
    • Contact for pricing

      Traverse City Office Space Available

      815 SF office space for rent in Traverse City.
      3054 Cass Road, Traverse City, MI 49684
      View Details
    • Contact for pricing

      Traverse City Commercial Space For Rent

      Commercial space for rent in high-traffic Traverse City area.
      2751 N US-31 S, Traverse City, MI 49684
      View Details
    • Contact for pricing

      Functional Industrial Space Available

      4,860 SF industrial space with high power capacity.
      1416 Industry Drive, Traverse City, MI 49696
      View Details
    • Contact for pricing

      Traverse City Office Space For Rent

      Office suite for rent in Traverse City, Michigan.
      1001 Bay Street, Traverse City, MI 49684
      View Details
    • $13/mo

      Versatile Facility with Full-Size Gymnasium

      8,600 SF facility suitable for recreational, educational, or religious use.
      4975 E Traverse Highway, Traverse City, MI 49684
      View Details

    FAQs

    What type of property is this?
    Retail space - 2400 sqft commercial space with high visibility available for lease.
    Where is this retail space located?
    The property is located at 299 S US-31 Traverse City, MI.
    What is the lease rate?
    The lease rate is $2,200 /Mo.
    What are key features of this property?
    This property features: High traffic count (over 25,000 cars/day) ensures maximum business exposure.; Highway visibility at the corner of US‑31S and Foster Drive.; **2,400‑sqft pole building** suitable for various business needs.
    (231) 342-8072
    We can help!
    Listing Contact
    Marty Stevenson
    Marty Stevenson
    Real Estate License ID: 6501387018
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!