Commercial Land With Existing
For Sale
$685,000
114 E Griffin Street, Traverse City, MI 49684
The parcel includes a 1962 block building that may be considered as part of a redevelopment or reuse project.
Property Size4,789 SF
Price / SF$143.04
Days on Market143
Property Features for 114 E Griffin Street
General Information
Standard status
Active
Size
4,789 SF
Property subtype
Commercial
Zoning
Commercial, Office, Residential
Taxes and HOA fees
Annual Taxes
$5,707
Building Details
Building Size
4,789 SF
Year Built
1962
Listing Agency:
REO-TCRandolph-233022
(231) 946-4040
Listed By:
Marty Stevenson · License #6501387018
(231) 342-8072
Source:
Carterassociatesrealty
Added: Jun 4
Changed: Oct 23
Last Checked: Oct 23 at 4:04PM
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 REO-TCRandolph-233022
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 0.32-acre commercial land parcel includes a 4,789-square-foot block building constructed in 1962. The property is presented for redevelopment or reuse, with the existing structure forming part of the site’s physical configuration.
The parcel is adjacent to the 14th Street corridor in Traverse City, Michigan.
The parcel is adjacent to the 14th Street corridor in Traverse City, Michigan.
Key Highlights
- 0.32‑acre commercial land parcel
- 4,789‑square‑foot block building constructed in 1962
- Adjacent to the 14th Street corridor in Traverse City
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,215
Cap Rate
8.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,184,300
$1.2M
Cap Rate 7%
$845,929
$845.9K
Cap Rate 9%
$657,944
$657.9K
Market Conditions
NOI Build-Up for 4,789 SF
Gross rent
$91.9K $19.20/SF
− Vacancy
−$7.4K −$1.54/SF
EGI
$84.6K $17.66/SF
− OpEx
−$25.4K −$5.30/SF
NOI
$59.2K $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%
$1,184,300
Cap Rate 7%
$845,929
Cap Rate 9%
$657,944
Alternative Uses
Best Use
Retail
$845.9K
$740.2K – $986.9K
NOI $59,215 @ 7.0% cap · market cap 8.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$910.3K – $1.21M
NOI $72,823 @ 7.0% cap · market cap 10.63%
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
602
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
7,650 visits/mo
0.1 miles
Mobil
Shops & Services
5,026 visits/mo
0.4 miles
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Commercial land - The parcel includes a 1962 block building that may be considered as part of a redevelopment or reuse project.
Where is this commercial land located?
The property is located at 114 E Griffin Street Traverse City, MI.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 0.32‑acre commercial land parcel; 4,789‑square‑foot block building constructed in 1962; Adjacent to the 14th Street corridor in Traverse City
