NNN-Leased Retail
For Sale
$950,000
232 E State Street # A, Traverse City, MI 49684
A tenant-occupied commercial condominium is secured by a long-term NNN lease with renewal options.
Property Size2,270 SF
Price / SF$418.50
Days on Market172
Property Features for 232 E State Street # A
General Information
Standard status
Active
Size
2,270 SF
Property subtype
Retail
Additional Details
Tenant in Place
Yes
Building Details
Building Size
2,270 SF
Year Built
2025
Tenancy
Single
Listing Agency:
Three West, LLC
Listed By:
Kevin Endres · License #6505352968
(231) 534-5225
Source:
Leelanaurealtors
Added: May 12
Changed: Oct 27
Last Checked: Oct 30 at 12:34AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,270-square-foot retail condominium was constructed in 2025 and is occupied by a tenant under a NNN lease. The current term began in November 2025 and runs for 10 years, with two renewal options.
The property is at 232 E State Street in Traverse City, Michigan.
The property is at 232 E State Street in Traverse City, Michigan.
Key Highlights
- 2,270‑square‑foot retail condominium
- Constructed in 2025
- Tenant occupancy under a 10‑year NNN lease beginning November 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,068
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$561,360
$561.4K
Cap Rate 7%
$400,971
$401.0K
Cap Rate 9%
$311,867
$311.9K
Market Conditions
NOI Build-Up for 2,270 SF
Gross rent
$43.6K $19.20/SF
− Vacancy
−$3.5K −$1.54/SF
EGI
$40.1K $17.66/SF
− OpEx
−$12.0K −$5.30/SF
NOI
$28.1K $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%
$561,360
Cap Rate 7%
$400,971
Cap Rate 9%
$311,867
Alternative Uses
Best Use
Retail
$401.0K
$350.9K – $467.8K
NOI $28,068 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$493.1K
$431.5K – $575.3K
NOI $34,519 @ 7.0% cap · market cap 3.63%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,085
Businesses Nearby
40k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Hotels & Casinos 35%
Dining 11%
Groceries 6%
Delamar Traverse City
Hotels & Casinos
8,479 visits/mo
0.4 miles
Chase Bank
Shops & Services
6,517 visits/mo
0.0 miles
Hotel Indigo Traverse City
Hotels & Casinos
5,501 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
5,224 visits/mo
0.3 miles
Shell
Shops & Services
4,298 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - A tenant-occupied commercial condominium is secured by a long-term NNN lease with renewal options.
Where is this retail space located?
The property is located at 232 E State Street # A Traverse City, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,270‑square‑foot retail condominium; Constructed in 2025; Tenant occupancy under a 10‑year NNN lease beginning November 2025
