Tractor Supply-Leased Retail
For Sale
$4,985,222
2201 N US Highway 31, Petoskey, MI 49770
Retail storefront on US-31 leased to Tractor Supply Company, operated at the site since 2011.
Property Size19,532 SF
Days on Market98
Property Features for 2201 N US Highway 31
General Information
Standard status
Active
Size
19,532 SF
Property subtype
Commercial
Occupancy
100%
Lease Term
± 10.75 Years
Net Operating Income
$314,069
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
19,532 SF
Year Built
2011
Tenancy
Single
Listing Agency:
Matthews Real Estate Investment Services
Listed By:
Chad Kurz · License #01911198 (CA)
(949) 662-2252
Source:
Matthews
Added: Jul 19
Changed: Oct 6
Last Checked: Oct 24 at 1:23PM
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 Matthews Real Estate Investment Services
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Investment Insights
Based on property information with market context.
This retail storefront is leased to Tractor Supply Company and has been operated at the site since 2011. The property includes a long-term tenant commitment evidenced by an early lease extension for an additional 10 years.
The property is strategically positioned along US-31, described as the primary commercial corridor serving Petoskey and surrounding Northern Michigan communities, with downtown access and strong year-round consumer demand.
As a Tractor Supply location, the site aligns with the company’s focus on essential products for rural and lifestyle retail needs, including pet supplies, livestock feed, outdoor power equipment, home improvement, and agricultural products.
The property is strategically positioned along US-31, described as the primary commercial corridor serving Petoskey and surrounding Northern Michigan communities, with downtown access and strong year-round consumer demand.
As a Tractor Supply location, the site aligns with the company’s focus on essential products for rural and lifestyle retail needs, including pet supplies, livestock feed, outdoor power equipment, home improvement, and agricultural products.
Key Highlights
- Retail storefront on US‑31, the primary commercial corridor serving Petoskey and surrounding Northern Michigan communities
- Leased to Tractor Supply Company; tenant operates more than 2,500 locations nationwide
- Tractor Supply operates at this site since 2011 and recently extended the lease early for an additional 10 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$202,760
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,055,200
$4.1M
Cap Rate 7%
$2,896,571
$2.9M
Cap Rate 9%
$2,252,889
$2.3M
Market Conditions
NOI Build-Up for 19,532 SF
Gross rent
$302.4K $15.48/SF
− Vacancy
−$12.7K −$0.65/SF
EGI
$289.7K $14.83/SF
− OpEx
−$86.9K −$4.45/SF
NOI
$202.8K $10.38/SF
Area
Emmet County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,055,200
Cap Rate 7%
$2,896,571
Cap Rate 9%
$2,252,889
Alternative Uses
Best Use
Retail
$2.90M
$2.53M – $3.38M
NOI $202,760 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.42M
$3.87M – $5.16M
NOI $309,419 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Kilwin's
Dining
4,705 visits/mo
0.5 miles
Demographics for 49770, MI
17,643
Population
10,244
Households
1.7
Avg Household Size
44
Median Age
47%
College-Educated
97%
High-School Grad
109.4 sq mi
ZIP Area
161
Density / Sq Mi
$80,431
Median Household Income
$42,154
Median Earnings
$1,077
Median Rent
$309,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Retail storefront on US-31 leased to Tractor Supply Company, operated at the site since 2011.
Where is this retail space located?
The property is located at 2201 N US Highway 31 Petoskey, MI.
What is the asking price?
The asking price for this property is $4,985,222.
What are key features of this property?
This property features: Retail storefront on US‑31, the primary commercial corridor serving Petoskey and surrounding Northern Michigan communities; Leased to Tractor Supply Company; tenant operates more than 2,500 locations nationwide; Tractor Supply operates at this site since 2011 and recently extended the lease early for an additional 10 years
