Renovated Storefront Retail
For Sale
$430,000
1025 Hannah Avenue, Traverse City, MI 49686
Commercial zoning supports retail, office, restaurant, and business service uses.
Property Size2,432 SF
Price / SF$176.81
Days on Market90
Property Features for 1025 Hannah Avenue
General Information
Standard status
Active
Size
2,432 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Property Use
Retail
Amenities
front reception area
two restrooms
kitchenette area
security system
on-site parking
Building Details
Building Size
2,432 SF
Year Built
1946
Year Renovated
2020
Buildings
1
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Source:
Carterassociatesrealty
Added: Jul 27
Changed: Oct 23
Last Checked: Oct 23 at 5:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Three West, LLC
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Investment Insights
Based on property information with market context.
Built in 1946, this 2,432-square-foot storefront was renovated in 2020. Improvements include new HVAC, refreshed interior finishes, and custom woodwork. The layout features a reception area, two restrooms, a kitchenette, and a security system. On-site parking is available, with additional parking on the street.
At 1025 Hannah Avenue in Traverse City, the property is just west of Garfield Avenue and near the TART recreational trail. Nearby retail businesses include RPM Records and Wild Card Cycle Works. C-2 Neighborhood Center zoning supports retail, office, restaurant, and business service uses.
At 1025 Hannah Avenue in Traverse City, the property is just west of Garfield Avenue and near the TART recreational trail. Nearby retail businesses include RPM Records and Wild Card Cycle Works. C-2 Neighborhood Center zoning supports retail, office, restaurant, and business service uses.
Key Highlights
- 2,432‑square‑foot storefront building
- Renovated in 2020 with new HVAC and updated interior
- Reception area, two restrooms, kitchenette, and security system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,071
Cap Rate
6.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$601,420
$601.4K
Cap Rate 7%
$429,586
$429.6K
Cap Rate 9%
$334,122
$334.1K
Market Conditions
NOI Build-Up for 2,432 SF
Gross rent
$46.7K $19.20/SF
− Vacancy
−$3.7K −$1.54/SF
EGI
$43.0K $17.66/SF
− OpEx
−$12.9K −$5.30/SF
NOI
$30.1K $12.36/SF
Area
Grand Traverse County, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$601,420
Cap Rate 7%
$429,586
Cap Rate 9%
$334,122
Alternative Uses
Best Use
Retail
$429.6K
$375.9K – $501.2K
NOI $30,071 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$528.3K
$462.3K – $616.4K
NOI $36,982 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
988
Businesses Nearby
31k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Groceries 48%
Family Fare
Groceries
14,551 visits/mo
0.3 miles
The UPS Store
Shops & Services
8,527 visits/mo
0.2 miles
AutoZone
Shops & Services
4,120 visits/mo
0.1 miles
PNC Bank
Shops & Services
2,489 visits/mo
0.3 miles
Precision Tune Auto Care
Shops & Services
919 visits/mo
0.1 miles
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- Cherryland Floral And Gifts, Inc. — 1208 S Garfield Ave, Traverse City, MI 49686
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial zoning supports retail, office, restaurant, and business service uses.
Where is this storefront property located?
The property is located at 1025 Hannah Avenue Traverse City, MI.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: 2,432‑square‑foot storefront building; Renovated in 2020 with new HVAC and updated interior; Reception area, two restrooms, kitchenette, and security system
