Newly Built Retail/Office
232 E State Street Traverse City, MI 49684
232 E State Street, Traverse City, MI, 49684
$610,000
For Sale
$610,000
Commercial condo built in 2025 with space suited for retail or professional office uses.
Property Size2,034 SF
Price / SF$299.90
Days on Market71
Property Features for 232 E State Street
General Information
- Standard status
- Active
- Size
- 2,034 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2025
Listing agency
Three West, LLC
(231) 534-5225
Listed by
Kevin L Endres · License #6505352968
(231) 534-5225
Source
Carolbollo
Added: May 12 Updated: Jul 20 at 2:22AM Checked: Jul 20 at 2:22AM
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.
Available for sale, this 2,034 SF commercial condo was constructed in 2025 and offers a flexible interior canvas for either retail or professional office use. The space is positioned as a high-visibility downtown offering, suitable for occupiers or investors seeking a newer build.
Located at 232 E State Street in Traverse City, Michigan, the property benefits from a central retail/office setting. The combination of recent construction and downtown visibility supports a wide range of tenant or buyer concepts within a compact, dedicated condo configuration.
Located at 232 E State Street in Traverse City, Michigan, the property benefits from a central retail/office setting. The combination of recent construction and downtown visibility supports a wide range of tenant or buyer concepts within a compact, dedicated condo configuration.
Key Highlights
- Commercial condo space in downtown Traverse City, MI
- 2,034 SF commercial condo built in 2025
- Space is suited for retail or professional office use
Local 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 | $39.1k | $19.20 |
| − Vacancy | −$3.1k | −$1.54 |
| EGI | $35.9k | $17.66 |
| − OpEx | −$10.8k | −$5.30 |
| NOI | $25.2k | $12.36 |
2,034 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$359.3K
$314.4K – $419.2K
NOI $25,150 @ 7.0% cap · market cap 4.12%
Second Best
Office B
$311.2K
$272.3K – $363.1K
NOI $21,784 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$441.9K
$386.6K – $515.5K
NOI $30,930 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Commercial condo built in 2025 with space suited for retail or professional office uses.
Where is this office units located?
The property is located at 232 E State Street Traverse City, MI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Commercial condo space in downtown Traverse City, MI; 2,034 SF commercial condo built in 2025; Space is suited for retail or professional office use
