Renovated Retail Storefront
1025 Hannah Ave Traverse City, MI 49686
New
For Sale
$430,000
Renovated 2,432 SF storefront with new HVAC, reception, restrooms, kitchenette, and on-site parking in C-2 zoning.
Property Size2,432 SF
Price / SF$176.81
Days on Market3
Property Features for 1025 Hannah Ave
General Information
Standard status
Active
Size
2,432 SF
Property subtype
Commercial
Building Details
Year Built
1946
Listing Agency:
Three West, LLC
(231) 620-2128
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Source:
Elliman
Added: Jul 28
Changed: Jul 30
Last Checked: Jul 30 at 2:23AM
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
Investment Insights
Based on property information with market context.
Renovated retail storefront building in-town on Hannah Ave just west of Garfield Ave. The 2,432 SF building was renovated in 2020 with new HVAC, updated interior finishes, and custom wood finishes. Interior layout includes a front reception area, two restrooms, and a kitchenette area, along with a security system. On-site parking is available, with additional street parking nearby.
The property is in C-2 Neighborhood Center zoning, which allows for a variety of uses including retail, office, restaurant, and business services. The building is close to the TART recreational trail. Adjoining retail businesses include RPM Records and Wild Card Cycle Works.
Built in 1946, this is a well-suited option for retailers, office users, or service-focused businesses seeking a turnkey interior with the key operational components already in place.
The property is in C-2 Neighborhood Center zoning, which allows for a variety of uses including retail, office, restaurant, and business services. The building is close to the TART recreational trail. Adjoining retail businesses include RPM Records and Wild Card Cycle Works.
Built in 1946, this is a well-suited option for retailers, office users, or service-focused businesses seeking a turnkey interior with the key operational components already in place.
Key Highlights
- 2,432 SF retail building renovated in 2020 with new HVAC
- Front reception area plus two restrooms
- Kitchenette area and security system
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
Location Intelligence
Current Use
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 - Renovated 2,432 SF storefront with new HVAC, reception, restrooms, kitchenette, and on-site parking in C-2 zoning.
Where is this storefront property located?
The property is located at 1025 Hannah Ave 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; Front reception area plus two restrooms; Kitchenette area and security system
