Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Building on US-31 South Title is generated by Realmo AI

    274 N US-31 S, Traverse City, MI 49685

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $9,850/Mo $14 SF/Yr (calc)

    Highly visible retail building with ample parking and display space.

    Type:Rental
    Property size:
    8,250 SF
    Lot size:
    2.90 Acres
    Added:
    Feb 22, 2025
    Days on Market:
    454
    Last Refresh:
    May 20 at 1:55 am

    Property Features for 274 N US-31 S

    General Information

    Standard status
    Active
    Size
    8,250 SF
    Lot size
    2.90 Acres
    Property subtype
    Rental

    Building Details

    Year Built
    1983

    We can help!

    Listing Contact
    David J Frost
    David J Frost

    Listing agent David J Frost License #6501203019

    Listing office Three West, LLC

    Listing date Feb 22, 2025

    Source Exitrealty

    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

    HighLights

    • Highly visible 2.89 acre parcel with 414 feet of frontage on US 31 South.
    • Large open retail building with 8,250 Sq Ft of total space.
    • Excellent accessibility with easy ingress/egress on US‑31.
    • High traffic count: 25,600 cars per day on US 31 South (2023).
    • Features four 14' X 14' overhead doors.
    • Ample parking and tremendous space for outside display.

    Overview

    This highly visible retail building is situated on a 2.89-acre parcel with 414 feet of frontage on US 31 South and 304 feet on Sundowner Drive. The building features 7,104 square feet of space with an additional 1,146 square feet on the second level, totaling 8,250 square feet. The property includes four 14-foot by 14-foot overhead doors in the rear of the building and a 16-foot ceiling height. Mezzanine offices overlook the sales floor. The building has been remodeled and offers ample parking with space for outside display. US 31 South had a traffic count of 25,600 cars per day in 2023.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

    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
    -85.657938
    Latitude
    44.682153

    Nearby Similar for Lease

    • $28 SF/Yr
      2,586 SF

      Downtown Traverse City Commercial Space

      First floor commercial space in the heart of downtown.
      117 Union Street, Traverse City, MI 49684
      View Details
    • $999/Mo
      1,000 SF

      Professional Office Space For Rent

      Professional office space in central Traverse City location.
      2240 South Airport Road, Traverse City, MI 49684
      View Details
    • $695/Mo
      272 SF

      Downtown Traverse City Office Space

      Renovated office space in downtown Traverse City for lease.
      216 E Front Street, Traverse City, MI 49684
      View Details
    • $1,250/Mo
      850 SF

      Downtown Traverse City Office Space

      Renovated office space in downtown Traverse City for lease.
      216 E Front Street, Traverse City, MI 49684
      View Details
    • $1,199/Mo
      800 SF

      Traverse City Office Suite

      Professional office suite for rent in Traverse City, Michigan.
      830 E Front Street, Traverse City, MI 49686
      View Details
    • $3,500/Mo
      3,112 SF

      Remodeled Office Space in Traverse

      Recently remodeled 3,112 SF office space in Traverse City.
      3639 Cass Road, Traverse City, MI 49685
      View Details
    • $4,500/Mo
      1,674 SF

      Restaurant/Retail Space on E Front

      Freestanding building with high visibility and traffic count.
      810 E Front Street, Traverse City, MI 49686
      View Details
    • $24 SF/Yr
      5,475 SF

      Renovated Flex Space in Traverse

      Versatile commercial space suitable for various businesses in Traverse City.
      707 Parsons Road, Traverse City, MI 49686
      View Details
    • $1,199/Mo
      1,000 SF

      Traverse City Office Space For Rent

      Office building in Traverse City's Slabtown neighborhood available for rent.
      1001 Bay Street, Traverse City, MI 49684
      View Details
    • $22 SF/Yr
      2,034 SF

      Downtown Traverse City Retail/Office Condo

      2,034 SF commercial condo in the heart of Traverse City.
      232 E State Street, Traverse City, MI 49684
      View Details
    • $1,099/Mo
      1,000 SF

      Traverse City Office Space For Rent

      Office suite in Slabtown with Bay views and parking.
      1001 Bay Street, Traverse City, MI 49684
      View Details
    • $22 SF/Yr
      2,849 SF

      Downtown Traverse City Retail/Office Condo

      2,849 SF commercial condo in the heart of Traverse City.
      232 E State Street, Traverse City, MI 49684
      View Details

    FAQs

    What type of property is this?
    Retail space - Highly visible retail building with ample parking and display space.
    Where is this retail space located?
    The property is located at 274 N US-31 S Traverse City, MI.
    What is the lease rate?
    The lease rate is $9,850 /Mo.
    What are key features of this property?
    This property features: Highly visible 2.89 acre parcel with 414 feet of frontage on US 31 South.; Large open retail building with **8,250 Sq Ft of total space.**; Excellent accessibility with easy ingress/egress on US‑31.
    (231) 620-5705
    We can help!
    Listing Contact
    David J Frost
    David J Frost
    Real Estate License ID: 6501203019
    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

    Thank You for Inquiry
    274 N US-31 S, Garfield Charter Township, MI 49685
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!