Downtown Office
For Sale
$854,000
232 E State Street, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size2,849 SF
Lot Size0.16 Acres
Price / SF$299.75
Days on Market150
Property Features for 232 E State Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Exterior features
Brick
Lot features
Inside Lot
Directions
South side of E State St between Cass St and Park St.
Subdivision
Grand Traverse
Standard status
Active
Size
2,849 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Part of UNIT 92 - BOARDWALK CONDO GTC CONDO SUB PLAN NO 517 2023C-00057 MASTER DEED FILED DECEMBER 12, 2023. SPLIT/COMBINED ON 12/15/2023 FROM 28-51-794-088-00 CREATING CHILDREN 28-51-164-000-00 THRU 28-51-164-092-00;
Legal Description
Part of UNIT 92 - BOARDWALK CONDO GTC CONDO SUB PLAN NO 517 2023C-00057 MASTER DEED FILED DECEMBER 12, 2023. SPLIT/COMBINED ON 12/15/2023 FROM 28-51-794-088-00 CREATING CHILDREN 28-51-164-000-00 THRU 28-51-164-092-00;
Building Details
Building materials
Steel, Under Construction
Roof type
Membrane
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Kevin Endres · License #6505352968
(231) 534-5225
Added: May 12
Changed: Sep 1
Last Checked: Oct 8 at 1:06AM
MLS# 1945008
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,849-square-foot commercial condominium provides a flexible setting for retail or professional office operations. The property includes brick exterior construction, steel structural materials, and a membrane roof. It was associated with 2025 construction, although the source also identifies the improvements as under construction, so no completed construction status is stated here.
The property is located at 232 E State Street in downtown Traverse City, Michigan, within Grand Traverse County. The site is identified as 0.16 acres, and the address carries a 49684 ZIP Code.
The property is located at 232 E State Street in downtown Traverse City, Michigan, within Grand Traverse County. The site is identified as 0.16 acres, and the address carries a 49684 ZIP Code.
Key Highlights
- 2,849‑square‑foot commercial condominium
- Suitable for retail or professional office use
- Located at 232 E State Street in downtown Traverse City
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,227
Cap Rate
4.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,540
$704.5K
Cap Rate 7%
$503,243
$503.2K
Cap Rate 9%
$391,411
$391.4K
Market Conditions
NOI Build-Up for 2,849 SF
Gross rent
$54.7K $19.20/SF
− Vacancy
−$4.4K −$1.54/SF
EGI
$50.3K $17.66/SF
− OpEx
−$15.1K −$5.30/SF
NOI
$35.2K $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%
$704,540
Cap Rate 7%
$503,243
Cap Rate 9%
$391,411
Alternative Uses
Best Use
Retail
$503.2K
$440.3K – $587.1K
NOI $35,227 @ 7.0% cap · market cap 4.12%
Second Best
Office B
$435.9K
$381.4K – $508.6K
NOI $30,513 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$618.9K
$541.5K – $722.1K
NOI $43,323 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,085
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Brick commercial condominium suitable for retail or professional office use in downtown Traverse City.
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 $854,000.
What are key features of this property?
This property features: 2,849‑square‑foot commercial condominium; Suitable for retail or professional office use; Located at 232 E State Street in downtown Traverse City
