New Mixed-Use Commercial
For Sale
$654,750
232 E State St Unit B Traverse, Traverse City, MI 49684
Flexible downtown space supports retail and professional office uses in a newly constructed commercial condominium.
Property Size2,034 SF
Days on Market243
Property Features for 232 E State St Unit B Traverse
General Information
Standard status
Active
Size
2,034 SF
Class
A
Property subtype
Multi Tenant Office
Building Details
Building Size
2,034 SF
Year Built
2025
Properties For Sale
at 232 E State St Unit B Traverse
232 E State St, Unit B
Size
2,034 SF
Lease Type
NNN
Listing Agency:
Three West LLC
Listed By:
Kevin Endres · License #6505352968
(231) 929-2955
Source:
Thebrokerlist
Added: Feb 18
Changed: Oct 16
Last Checked: Oct 19 at 3:19AM
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.
Unit B is a 2,182.5-square-foot commercial condominium completed in 2025. The space is positioned for a combination of retail and professional office functions, offering a flexible mixed-use format for an owner-user or commercial occupant.
The property is located in downtown Traverse City on the south side of E State St, between Cass St and Park St. Its central setting places the unit within the city’s established downtown environment and supports both customer-facing and office-oriented operations.
The property is located in downtown Traverse City on the south side of E State St, between Cass St and Park St. Its central setting places the unit within the city’s established downtown environment and supports both customer-facing and office-oriented operations.
Key Highlights
- 2,182.5 SF commercial condominium space
- Constructed in 2025
- Mixed‑use format suitable for retail or professional office use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,150
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$503,000
$503.0K
Cap Rate 7%
$359,286
$359.3K
Cap Rate 9%
$279,444
$279.4K
Market Conditions
NOI Build-Up for 2,034 SF
Gross rent
$39.1K $19.20/SF
− Vacancy
−$3.1K −$1.54/SF
EGI
$35.9K $17.66/SF
− OpEx
−$10.8K −$5.30/SF
NOI
$25.2K $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%
$503,000
Cap Rate 7%
$359,286
Cap Rate 9%
$279,444
Alternative Uses
Best Use
Retail
$359.3K
$314.4K – $419.2K
NOI $25,150 @ 7.0% cap · market cap 3.84%
Second Best
Office B
$311.2K
$272.3K – $363.1K
NOI $21,784 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$441.9K
$386.6K – $515.5K
NOI $30,930 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property 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
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible downtown space supports retail and professional office uses in a newly constructed commercial condominium.
Where is this mixed-use property located?
The property is located at 232 E State St Unit B Traverse Traverse City, MI.
What is the asking price?
The asking price for this property is $654,750.
What are key features of this property?
This property features: 2,182.5 SF commercial condominium space; Constructed in 2025; Mixed‑use format suitable for retail or professional office use
