Renovated Retail Building Near
New
For Sale
$430,000
1025 Hannah Avenue, Traverse City, MI 49686
COMMERCIAL - Traverse City, MI
Property Size2,432 SF
Lot Size0.26 Acres
Price / SF$176.81
Days on Market6
Property Features for 1025 Hannah Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Block
Lot features
Freestanding
Directions
North side of Hannah between Garfield Ave and Fern St.
Subdivision
Grand Traverse
Standard status
Active
Size
2,432 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
LOTS 98 97 & W 10 FT OF LOT 96 OAK HEIGHTS ADD
Legal Description
LOTS 98 97 & W 10 FT OF LOT 96 OAK HEIGHTS ADD
Amenities
front reception area
two restrooms
kitchenette area
security system
Building Details
Building materials
Block
Roof type
Asphalt, Membrane
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Added: Jul 27
Changed: Aug 1
Last Checked: Aug 1 at 8:06AM
MLS# 1948474
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.
Renovated retail building in Traverse City with a desirable in-town location on Hannah Ave, just west of Garfield Ave. The 2,432 SF building was renovated in 2020 and includes new HVAC, updated interior finishes, and custom wood finishes. Interior layout features a front reception area, two restrooms, and a kitchenette area, along with a security system.
The property includes on-site parking with additional street parking available. Exterior construction is block, with an asphalt and membrane roof, and parking is provided via a parking lot. It is close to the TART recreational trail and is in C-2 Neighborhood Center zoning, which allows for a variety of uses including retail, office, restaurant, and business services. Adjoining retail businesses include RPM Records and Wild Card Cycle Works.
With its renovated interior improvements and flexible C-2 zoning, the space is well suited for a tenant looking for an in-town location with established nearby retail activity.
The property includes on-site parking with additional street parking available. Exterior construction is block, with an asphalt and membrane roof, and parking is provided via a parking lot. It is close to the TART recreational trail and is in C-2 Neighborhood Center zoning, which allows for a variety of uses including retail, office, restaurant, and business services. Adjoining retail businesses include RPM Records and Wild Card Cycle Works.
With its renovated interior improvements and flexible C-2 zoning, the space is well suited for a tenant looking for an in-town location with established nearby retail activity.
Key Highlights
- 2,432 SF retail building renovated in 2020 with new HVAC and updated interior
- Block construction with asphalt and membrane roof
- Front reception area plus kitchenette, and two restrooms
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 | $46.7k | $19.20 |
| − Vacancy | −$3.7k | −$1.54 |
| EGI | $43.0k | $17.66 |
| − OpEx | −$12.9k | −$5.30 |
| NOI | $30.1k | $12.36 |
2,432 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
988
Businesses Nearby
31k
Monthly Visits Nearby
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated 2,432 SF retail building with new HVAC, reception, two restrooms, and on-site parking in C-2 zoning.
Where is this retail space 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 SF retail building renovated in 2020 with new HVAC and updated interior; Block construction with asphalt and membrane roof; Front reception area plus kitchenette, and two restrooms
